By Lola OkuloBARCLAYS Bank is seeking approval to conduct insurance business in Kenya.
Sources said the bank is eyeing life insurance business.
Insurance Regulatory Authority confirmed that the bank has applied for the licence but did not give further details on whether it is applying through the Kenyan subsidiary or as Barclays Plc.
In the UK, Barclays Plc runs a life insurance business called Barclays Insurance Services Limited whose covers are undewritten by Aviva Insurance.
If licensed, this will bring the number of insurance firms in Kenya to 23.
More banks in the country are eyeing a slice of the untapped insurance market mainly through setting up their own agencies to sell covers but not via a fully fledged underwriting business.
This is after a law on bancassurance was approved last year allowing lenders to sell covers on behalf of various underwriters to their clients.
Insurance market penetration in Kenya remains low at 3.2 per cent of the gross domestic product.
In developed markets, banks bring in the highest premiums under life businesses through the bancassurance model of sales.
Sources said the bank is eyeing life insurance business.
Insurance Regulatory Authority confirmed that the bank has applied for the licence but did not give further details on whether it is applying through the Kenyan subsidiary or as Barclays Plc.
In the UK, Barclays Plc runs a life insurance business called Barclays Insurance Services Limited whose covers are undewritten by Aviva Insurance.
If licensed, this will bring the number of insurance firms in Kenya to 23.
This is after a law on bancassurance was approved last year allowing lenders to sell covers on behalf of various underwriters to their clients.
Insurance market penetration in Kenya remains low at 3.2 per cent of the gross domestic product.
In developed markets, banks bring in the highest premiums under life businesses through the bancassurance model of sales.
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