Kenya: KNCCI, Jubilee Unveil Plan to Support SME's

Nairobi — Jubilee Allianz General Insurance and Kenya National Chamber of Commerce and Industry (KNCCI) have unveiled insurance solutions aimed at providing a financial cushion to SMEs across the country.

SMEs who are members of KNCCI will be able to access simple insurance solutions with extended discounts and ability to pay in instalments without affecting cashflow.

The solution is part of the value adds to members by ensuring business continuity.

Under the arrangement, SMEs will be covered for risks such as Property insurance, Stock, Business income insurance, Liability insurance, Employee Insurances, among others.

These will be provided under the SME and Traders Package.

Other personal insurances like Motor, Home and Personal Accident will also be available.

Jubilee Allianz General Insurance (K) Limited CEO, Catherine Igathe noted that, insurance is a necessity for sustainable business operations that has largely been ignored by key stakeholders.

"Allianz main purpose is securing the future of our customers and stakeholders," said Igathe.

The partnership is aligned with KNCCI goal of ensuring members, who are mainly SME's, access credit as well as remain a going concern.

She added that the solution is also designed to have claims settled with speed to get the SME 'back in business as quickly as possible'.

Kenya National Chamber of Commerce and Industry President Richard Ngatia welcomed the move emphasizing that it will go a long way in ensuring that its members benefit from affordable insurance options.

"The COVID-19 period has had negative impact on SMEs where multiple businesses recorded massive losses with decreased profitability. Business insurance is therefore highly welcome to provide coverage for income in the case of future unforeseen interruption," said Ngatia.

The insurance solutions will be accessed through an online portal and members can visit their county chamber offices countrywide for support.

The partnership aims at providing insurance protection to over 45,000members and in turn reduce the risk of loan defaults, staff lay-offs and business closure.

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