Kenya Re expands its life reinsurance business to Africa

Kenya Reinsurance Corporation has today launched its life reinsurance products into the international markets with a promise to grow the business by over 50 per cent in the first year.

According to Kenya Re Group Managing Director, Dr Hillary Wachinga, the motivation to foray into the global life reinsurance arena had been driven by many factors key among them the initial uptake of the unit within life.

Wachinga said Kenya Re performance has had outstanding performance on the non-life products at the global arena and wants to leverage on it to expand its life reinsurance products.

Speaking during the launch in Nairobi, Wachinga said other factors that motivates to go into the international markets include the good customer service, its well skilled workforce, their trust /integrity, risk assessment and management of the products.

“The expansion is significant milestone that marks a new chapter in the Kenya Re expansion strategy as it stamps its authority as formidable reinsurer in the global arena,” Wachinga said.

He said Kenya Re expansion into the international markets would start from 82 countries where they have been underwriting non-life products. He said the life business, which is now being rolled out internationally, has been domiciled in Kenya.

He said the immediate targeted market lies in African countries where they have most of their non-life market. “Our expansion into international markets means greater security and support for families everywhere,” he said.

He said the life reinsurance business is growing very fast in Africa and that’s why they want to grow it beyond Kenyan borders. “At Kenya Reinsurance Corporation, we are committed to protecting lives, both locally and globally,” he said.

Life and health reinsurance are critical in the contemporary world as businesses seek to grow and improve their position in the ever-evolving world. Businesses continue to face shortcomings due to changing demographics and encounter disruptions, primarily due to the changing scenarios in medicine and data science.

Therefore, we offer businesses a chance to actualize digital doors opening up while we stimulate new pathways to our customers. We are continually looking for ways to overcome traditional shortcomings that reduce businesses’ efficiency by offering a life and health insurance plan that compares to none in terms of efficiency.

Kenya Re is primarily set up to help businesses in the continually evolving world overcome health and life challenges by actualising the ever-growing pools of information while helping companies retain efficient ties with their customers.

Alice Mbutu, acting general manager, Reinsurance Operations, said the company offers tailored risk and capital management solutions that seek to deal with the complexity of firms’ individual needs by offering life and health reinsurance solutions.

She said innovation was key in the reinsurance sector and it’s time to deliver value for customers. Mbutu said insurance solutions seek to protect people from any health shortcomings they may encounter, and we are on the frontline in helping people.