The biggest insurance services provider in East Africa, Kenyan-based Jubilee Insurance, plans to expand to the Democratic Republic of Congo, Ethiopia and undisclosed countries in West Africa, a top official said.
The insurance firm, which already operated in five African countries — Kenya, Tanzania, Uganda, Burundi and Mauritius — is seeking to expand the markets it operates in after posted good performance despite dampened activity on stock markets in the region.
It currently provides insurance services to more than 1.1 million clients in these five markets.
The company has already set up Jubilee Insurance Company in the Democratic Republic of Congo (DRC).
“I am pleased to announce that Jubilee Insurance has started our medical program in the DRC, awaiting our full entry into the DRC as soon as the legal barriers are removed,” Nizar Juma, Jubilee’s Chairman, told a press briefing attended by AFKInsider on Thursday.
Jubilee Insurance recorded a five percent rise in pre-tax profit to 4.15 billion shillings ($41.5 million) in 2015. It attributed the profits growth to market diversification efforts it has undertaken in recent years.
The company said it had paid about $3.4 million to Kenya’s Department Of Defense earlier this week as compensation to families of soldiers killed in El Adde, Somalia, in January during an Al Shabaab ambush on their camp.
This is the biggest insurance claim ever paid in the region so far.
Jubilee Insurance has also started a retail market policy, which is aimed at increasing its penetration in rural parts of the countries it operates in.