This morning KNCCI in collaboration with Jubilee Allianz General Insurance Limited (JAGIL) have launched a number of Products that are customed to benefit KNCCI members. Jubilee -Allianz General Insurance Ltd, Allianz has become the major shareholder in Jubilee General Insurance Limited in Kenya, acquiring 66% stake in the company evidenced by 1,522,622 ordinary shares from Jubilee Holdings Limited.
KNCCI and Jubilee Insurance have enjoyed years of progressive and productive relationship. Jubilee is a Platinum member and valued partner of KNCCI. Jubilee Insurance continues to work closely with KNCCI county chamber chapters and has actively participated in County trade fairs and investment conferences.
Since the onset of the covid-19 pandemic, Jubilee Insurance has tremendously supported KNCCI in various initiatives that have enabled business recovery and resilience of SMEs. Jubilee Insurance was ready to partner with KNCCI to provide insurance options that specifically mitigate business risks currently faced by SMEs. We are excited to see that this promise has been delivered today.
SMEs Business Challenges
- The economic impact caused by the covid-19 pandemic cannot be understated. During the months of November and December 2020, KNCCI and the Center for International Private Enterprise (CIPE) conducted a national study to understand the impact of COVID-19 on business enterprises. The results of the survey indicated that Covid-19 had impacted general operations, staffing levels, sales, and supply chains among other aspects of business operations.
- A large percentage of Kenyans work in the informal sector, in micro businesses and in the Juakali sector. The sector has recorded massive job losses and supply-chain disruption, depletion of supply of stock, increase in commodity prices, and slowdown in production as well as limited mobility of factors of production.
- We appreciate Jubilee for recognizing the important contribution of SMEs to the growth of the Economy. Providing jobs to about 75% of the workforce in Kenya, SMEs are a major source of livelihood and national gross domestic product.
Insurance products for KNCCI Members
- Jubilee Allianz brings across five products for KNCCI members. The intervention is timely and appropriate. It comes at a time when SMEs are in dire need for urgent and immediate for flexible and affordable products and strategies that will serve their business requirements when increased operation costs and reduced sales threaten their existence
Some of the ways that SMEs can benefit from the Jubilee insurance products are as follows:
- Personal accident covers for employers and staff, especially those in the juakali sector who may be exposed to risk
- Staff medical cover to guarantee employee health care and wellness
- Indemnity for fire, burglary, theft of equipment and other damage to buildings, fittings and business infrastructure
- Indemnity for loss or damage of goods in transit
- Business income insurance to cover business slowdown and operational interruptions
- Professional liability insurance for protection against claims and lawsuits
We are happy to note that Jubilee is dynamic and the products continue to evolve to be bigger and better. We are looking forward to see the development of additional products that will meet the changing needs of SMEs with the unprecedented circumstances. Businesses are now looking forward to insurance products that will guarantee continuity of their operations in the case of economic interruptions such as that caused by the covid-19 pandemic. We are optimistic that the products availed by Jubilee today will go a long way in cushioning our members against business losses. They can now access affordable insurance options.
With this kind of support, SMEs will recover and thrive as major instruments for poverty reduction and inclusive economic growth.
We gladly welcome this partnership, and pledge to enhance strategic and coordinated support to enable economic bounce back of SMEs.
KNCCI was well represented by the Ms. Fatma Elmaawy, Chamber 2nd Vice President, Mr. Kariuki Theuri KNCCI Director Economic Diplomacy and Ms. Nancy Muthoni Vice Chairperson KNCCI Women in Business (WIB).
The product solutions for KNCCI members SME standard package/Traders package are ;
- Premier motor insurance
- Home insurance -Building and contents
- Personal accident cover
- Your stock
- Your business assets
- Loss of income
- Personal accident
- Your business assets
- Your stock
- Loss of income
- Goods in transit
- Your employees (WIBA)
- Public liability
- Personal accidents
- Personal cars
- Commercial vehicles
- Premier auto
- Your home
- Your home contents and valuables
- Your domestic workers
- Accidental death
- Accidental disability
- Accidental medical expenses
- Pay in installments -manage cash flow
- Business continuity -claims paid quickly
- Improve credit scoring -reduces chances of default
- Business and family stability -minimal diversion of business funds to attend to family emergencies
- Competitive terms and premium rates -benefit of being a member of KNCCI