19 July 2012

Kenya: UAP Bags Top Insurance Award

Insurance firm UAP emerged tops in a closely contested race for the best Insurance companies in Kenya by bagging the General Insurer of the Year 2012.

UAP's overall winning was cited by judges as the company that "had demonstrated the innovation in product offering, innovative applications of technology in generating new business and creating efficiency in service provision, response to customer needs and enhanced quality of service and overall strategy for future growth and development of general insurance."

UAP was also awarded as the ICT User of the Year and came away with first runner-up in Medical Underwriter of the Year category.

Speaking when accepting the award, UAP Insurance Managing Director James Wambugu said that the recognition was a great honour for the company especially since it had received to other international awards less than two months ago.

"This is our first time to participate actively in these awards, having submitted four categories. To receive the ultimate prize is a great achievement for us and a challenge for the team to do greater work for our clients and we recognize the responsibility is to improve from here," he explained.

Other winners included Aon Kenya -corporate lines brokerage and Training, CIC -claims settlement, corporate social responsibility, ICEA Lion -major loss, Resolution Health -medical insurance provision, Pan Africa Life -customer service.

The Lifetime Achievement Award went to Nelson Kuria of CIC Insurance Group. The winners were garlanded during a colourful ceremony held at the Intercontinental Hotel Wednesday night and graced by CEOs and top executives from Kenya's insurance industry.

The Insurance Awards, an annual fixture on the industry's calendar is organized by business intelligence, research and publishing house Think Business.

Industry statistics show that gross written premiums that stood at Sh48 billion in 2007 almost doubled to reach Sh80 billion by the end of 2011.

Total assets for the insurance industry were in tandem, reaching Sh237 billion as at the end of 2011, up from Sh146 billion in 2007, a growth of more than 60 percent.

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