Insurance firm Britam eyes regional expansion

Regional insurance firm Britam on Wednesday said it is exploring the possibility of entering Ethiopian and Nigeria markets in the future.
Britam Group Managing Director Benson Wairegi told an investor briefing in Nairobi these two markets have a huge and unexploited insurance needs.
"However, we are currently in the midst of concentrating on consolidating our presence in east and central Africa," Wairegi said.
"We have just concluded, the acquisition of Real Insurance which gives us a presence in Tanzania, Malawi and Mozambique," he said.
Britam operates in other African countries including Kenya, Uganda, South Sudan and Rwanda. He added Britam wants to tap the growing demand for financial services by the rapidly expanding African middle class.

According to Wairegi, the group also recorded a 28 percent growth in gross revenues as they reached 67.8 million dollars compared to 53.1 million dollars reported in 2013.

The Kenyan business was the biggest contributor to the revenues, as it contributed 59.9 million dollars.

Source: Xinhua