Tourism, increased urbanization to drive coastal insurance earnings

Wednesday, May 10th, 2017: Insurance industry has seen a steady growth in the coastal region with the quick uptake of Motor insurance, travel insurance, and medical corporate insurance with products such as SME insurance showing great promise within the region. Increased urbanization and tourism revival are seen as key industry growth masterminds.

In addition Marine Insurance presents a greater potential in the market due to its mandatory implementation in Kenya. Due to the proximity of the port, shippers & clearing agents in the region the county’s income basket will continue to grow as more insurance providers tap into the marine insurance offering. Eyeing this development Resolution Insurance has now moved to match the growing insurance needs with innovative products and services.

With an increase in prompt claims payment, discounts & creation of virtual offices Resolution Insurance will remain as a trusted comprehensive insurance solutions provider while penetrating more into the coastal market.

Speaking at the Resolution Insurance awards ceremony held in Mombasa at White Sands earlier today Resolution Group CEO, Mr. Peter Nduati, mentioned the need for insurance companies to grow their value to the traditional and emerging insurance consumers with the aim of securing Kenyan’s future.

“As the insurance market grows, it becomes necessary to match innovative markets with capable brokers and agents who will counsel customers to take the right products and in good time. These awards are designed to recognize their capabilities as well as transformative passion for the industry, he said.

Mr. Nduati further noted that the award scheme is aimed at standardizing and growing industry capacity by encouraging healthy competition while recognizing best performance.

Lifecare International Insurance Brokers were named the winner of the Resolution Insurance annual Mombasa Broker Awards for exceptional contribution to the general insurance category sales last year.

Kenol Insurance Brokers, winners of the 2015 Broker awards emerged first runners- up being recognized for achieving exceptional performance towards Resolution Insurance sales revenue in Mombasa County as Hentracey Insurance agency clinched the second runners up in the same category.

Last month Resolution Insurance held a similar event in Nairobi to recognize the top insurance brokers and agencies in the county.  Resolution Insurance has pledged to host an all East Africa award event in the future.