APA Insurance has renewed support for Insurance agents in the country noting that they are key drivers to increasing insurance uptake in the coming year as the country reels in from effects of the pandemics.
“Insurance agents serve as the critical link between insurance companies and consumers both private and commercial,” APA Life Assurance Chief Executive Officer Catherine Karimi said.
In Kenya, insurance brokers and agents contribute to 53 percent of total premiums collected by underwriters.
“They are vital to achieve our core purpose of making people healthier and enhancing and protecting their lives,” she added.
APA Group, the main sponsor for the Insurance Agents conference which will take place from Tuesday November 30, 2021 at The Diani Reef Beach Resort & Spa, made a contribution of Sh200,000 to go towards catering to the conference costs.
The theme for this year’s conference will be ‘The future of agents and the insurance sales business in the midst of a pandemic’. The speakers are a selection of leading industry visionaries who aim to provide agents with the best practices for their future success.
Data by the Insurance Regulatory Authority reveals that as at December 2020 there were 204 licensed insurance brokerage firms as well as 11,138 licensed insurance agents in the country.
Brokers and agents in the underwriting industry are key players in the sector as they are responsible for identifying sales opportunities for different insurance offerings and overseeing client portfolios.
They are responsible for identifying risk management strategies, handling policy renewals and tracking claims.
According to IRA the general underwriting business took a hit during the first half of 2021 to report a loss of Sh1.46 billion compared to a Sh62.5 million profit recorded the previous year.
“This was mainly attributed to a high increase in loss ratios due to relaxation of restrictions that had been imposed on travel due to Covid-19 pandemic,” IRA said in their 2021 Second Quarter Industry report.
Insurance business has been on a decline since the Covid-19 pandemic hit with IRA reporting a decline in insurance penetration to 2.30 percent last year from 2.37 percent in 2019.