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Jubilee Insurance which operates in Uganda is to expand to 15 African countries by 2020

Jubilee Insurance said on Wednesday it plans to start operations in three new countries over the next two years, as it intensifies its expansion plans to reach 15 countries in Africa by 2020.

Jubilee said it aims to tap into diversified distribution channels such as bancassurance, mobile technology, micro insurance, retail outlets as well as on-line avenues to access and service clients effectively across its growing African network.

“Our strategy is to grow holistically: geographically, organically and product wise. We recently conducted in-depth market research across a number of African markets that confirmed the significant opportunities that economic growth and demographic trends offer to Jubilee as an established African insurance group, “ Chairman Nizar Juma said during the 75th Annual General Meeting (AGM) in Nairobi .

He said the research has confirmed that Jubilee has the capacity, customer understanding and product expertise that will support our ambition to expand into 10 new countries by 2020 to offer value to customers in these markets whilst increasing shareholder value.

The regional insurance company has embarked on an ambitious market and product penetration strategy that is set to increase the current customer base by 80 percent annually, leading to its providing insurance services and solutions to 2 million customers by 2020.

Bancassurance will increasingly become a driver in the growth of retail insurance penetration and Jubilee plans to be at the forefront of this important distribution development.

East Africa has a large banking sector with an extensive branch network across the region and this infrastructure provides an excellent platform for insurance companies to reach a wider network of potential customers.

“Jubilee Insurance will be focusing on building partnerships with quality banks which are looking to provide value added services to their customers and will also work to support the introduction of modern bancassurance regulatory frameworks in all of its markets,” added Juma.

Technology is also a major area of investment for Jubilee. The company’s CEO Patrick Tumbo noted that it was only a question of time before online insurance sales became common place in East Africa as is the case in a number of global markets.

“We have already introduced mobile payment services into our processes and we are exploring other mobile technology as well as internet based solutions to meet the demands of our customers, “Tumbo said.

Micro insurance has also played a vital role in penetrating insurance products and services to the lower income earners who are disproportionately affected by natural calamities and accidents, and provides a welcome reprieve to an otherwise strenuous situation.

Jubilee is committed to playing a leading role in the development of micro insurance and is working with a number of partners to introduce affordable products to rural communities across the region.

Jubilee, East Africa ’s largest insurer recorded an impressive 39 percent increase in Gross Written Premium to 190 million U.S. dollars in 2011.

To place this in perspective Jubilee has increased turnover to 189 million dollars from 18 million dollars in 2002.

However, growth has been linked to business quality and underwriting profits grew to 6.4 million dollars in 2011, boosted by strong underwriting performance in Kenya , Uganda and Tanzania and a continuing diversity of business lines which has allowed Jubilee to deal with cyclical trends which often impact the insurance sector.

The insurer increased its leadership in medical insurance by 49 percent to reach 45 million dollars which represents a third of the total market share in Kenya .

Life insurance demonstrated a strong growth of 35 percent to reach a record 20 million dollars compared to 14.6 million dollars in 2010.

Jubilee Insurance Tanzania grew by 84 percent, including an exceptional 341 percent growth in medical insurance, 211 percent growth in Pensions, 80% growth in Life insurance and 28 percent growth in General insurance.

“We are delighted with our performance; there is no doubt that in Tanzania we are now the clear market leaders in providing insurance, second to none,” said Jubilee Insurance Tanzania Chief Executive Officer Zipporah Mungai.

Jubilee insurance has continued to record impressive growth, which can be attributed to investment diversification in projects such as power, technology and reduced reliance on the stock market to manage market volatility and provide long term and consistent returns.

Comments for Jubilee Insurance which operates in Uganda is to expand to 15 African countries by 2020

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Jun 19, 2019
This is the best company
by: Joel lukyamuzi

This is the best company so far in Africa

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