Uganda Listed Jubilee Insurance plans to offer funeral cover
Jubilee Insurance plans to diversify its products offering with a new range of products particularly targeting the lower income groups. Among the products the insurer plans to put in the market include funeral and agricultural covers and affordable medical insurance.
Nizar Juma, the group chairman said they will spread these products across their markets of operations where insurance penetration has remained low. “You have seen people get in debt after borrowing money for funeral costs, we plan to offer a funeral cover for as low as Sh100,” said Juma in a briefing after the Annual General meeting.
APA Insurance has been offering funeral cover in the market. “But we need volumes so as to be able to price the products that every Kenya needs and can afford,” he said. In 2011, Jubilee saw a 39 per cent increase in its Gross premiums to Sh15.9 billion, it is targeting higher growth with the new micro-insurance products.
The group which is cross listed in Kenya, Uganda and Tanzania last year posted Sh2.14 billion in profit before tax. Jubilee which operates in Kenya, Uganda ,Tanzania, Burundi and Mauritius is looking to open subsidiaries in 12 more countries by 2020. Nazir said among the markets considered are Rwanda, South Sudan and others in the West Coast of Africa. The expansion will be financed by its retained profits.