As the leading insurance service provider in East Africa, we consider it our responsibility to provide you with topical updates.
We have received information regarding premium rates contemplated for 2021.
One of the leading reinsurers has already notified reinsurance intermediaries in Kenya of these changes.
Fire and allied perils will be ranging from 0.12% – 0.45% (depending on the occupation) with loading for various risk factors and add on covers. An interesting feature is a discount of 15% for an option of paying premium for three years.
Topically, communicable diseases will be excluded probably in response to the impact of COVID-19.
Reinsurers intend to take greater control of claims management by enhancing claims cooperation, which empowers them to participate.
There are many other changes contemplated. Business Interruption, Contractors All Risks / Erection All Risks, Bonds are similarly affected by the above changes.
Please do not hesitate to contact us or visit our office for professional guidance on the suitable approach to provide continuous protection against your risks.