Kenya’s ICEA Lion named best insurer

Catherine Igathe (centre) of AIG Insurance receives Life Achievement Award on behalf of Mr Japh Olende from Association of Kenya Insurers Executive Director Tom Gichuhi (left) and Ochieng Oloo founder and chief executive of Think Business Limited during the 2015 Insurance Awards organsed by Think Business and other partners. [PHOTO: EDWARD KIPLIMO/STANDARD]

NAIROBI: ICEA Lion has been named the Insurer of the year. The firm also emerged the General Insurer of the year during the Annual Think Business Insurance Awards held last Friday.

Britam emerged first runner-up while Madison Insurance second runner-up in the Insurer of the year category. Britam also won ICT award while Pan Africa Life was first runner-up and Jubilee Insurance second runner-up. The major loss award went to Jubilee Insurance with APA and CIC general Insurance coming second and third respectively.

Japh Olende, AIG Kenya managing director, received the Lifetime Achievement Award. The award goes to the most outstanding personality in the insurance industry with great contribution. Olende received the accolades for mentoring many players in the insurance sector.

College of Insurance CEO Ben Kajwang' said micro-insurance is the new frontier to reach more people and provide more products. “Kenya’s Insurance penetration is at 3.5 per cent and the world average is at 6.2 per cent,” Kajwang' said.

Marketing Initiative of the year went to Britam Insurance. Fraud detection and prevention initiative winner was APA Insurance and ICEA as runner-up. “Soon the industry will need an independent fraud detection,” said Ochieng' Oloo, CEO and Founder Think Business. “We need to diversify our insurance products into new areas like oil and gas discoveries,” said Rose Mwaura, managing partner at Deloitte.