Jubilee Allianz General Insurance and the Kenya National Chamber of Commerce and Industry (KNCCI) have jointly unveiled a range of insurance solutions aimed at cushioning Small and Medium-sized Enterprises (SMEs) across the country.
Under the arrangement, SMEs will be covered for risks such as property insurance, Stock, business income insurance, liability insurance, employee insurance, among others.
These will be provided under the SME and Traders Package. Other personal insurances like Motor, Home and Personal Accident will also be available.
Through the deal, at least 45,000 SMEs who are members of KNCCI will access simple insurance solutions with extended discounts and the ability to pay in installments without affecting cash flow.
“Allianz’ main purpose is securing the future of our customers and stakeholders. This partnership is aligned with KNCCI goal of ensuring members, who are mainly SME’s, access credit as well as remain a going concern. To grow the customer base, building wealth and protect assets, any business requires insurance and Jubilee Allianz has the right solutions and capability to respond to these business needs.” said Catherine Igathe, Jubilee Allianz General Insurance (Kenya) CEO.
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She added that the insurance solutions under the partnership have been designed to have claims settled with speed in order to enable SMEs to get “back in business as quickly as possible”.
KNCCI President, Mr. Richard Ngatia said the deal would go a long way in ensuring that its members benefit from affordable insurance options.
“The COVID-19 period has had negative impact on SMEs where multiple businesses recorded massive losses with decreased profitability. Business insurance is therefore highly welcome to provide coverage for income in the case of future unforeseen interruption,” said Mr. Ngatia.
The launch of the partnership comes against the realization that many SMEs fail due to diversion of funds to address risk events that would have otherwise been insured, such as Illness in family, theft of stock, fire/floods and accidents.
