Kenya Orient allowed to operate life insurance

Kenya: The Insurance Regulatory Authority has licensed Kenya Orient Life Assurance Limited to operate life assurance business. The company is a sister company to Kenya Orient Insurance Limited, which has been offering general insurance.

The new company will now venture into the growing and potentially large long-term life insurance business.

Kenya Orient Life Assurance Ltd General Manager Tom Omiti said the company would offer both individual and group based products ranging from School Fees Policy, pure Endowment Policy, Group Life, Group Credit Life Policy and Mortgage Protection Policy.

The company, he said, was also in the process of developing micro-insurance products and will use bancassurance as the main distribution channel.

“We have developed other technology driven products that offer easier, affordable and convenient access, ‘do-it-yourself’ to cater for the largely uninsured low end market segment,” says Mr Omiti.

He added, “We are also focusing on the pensions business and we are in the process of registering as a pensions administrator with the Retirement Benefits Authority.” -Nicholas Waitathu