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Bancassurance contributes Shs. 9.3Bn from Nine Banks..

Alhaj Kaddunabbi Ibrahim Lubega with IRA Officials handing over Bancassurance Agents License to Joram Kiarie, the Managing Director KCB bank recently at IRA offices.

The sale of insurance products through banks (Bancassurance) contributed Shs9.3bn to the insurance sector. The collection was from nine banks licensed since end of 2017. The performance as at end of June 2018 shows that a total of Shs442bn in gross written premium income was underwritten in the first half of this year compared to Shs358bn which was underwritten in the same period of 2017.

The performance was revealed by the Ag. Director Planning, Market Research and Development, Mr. Sande Protazio, at the handover ceremony of the 13th and 14th Bancassurance Agents licenses to KCB Bank and Opportunity Bank respectively, at the IRA offices.

Mr. Sande noted that, “Out of Shs9.3bn underwritten premiums generated through bancassurance, life business accounted for Sh7.5bn and non-life business was Shs1.8bn.”

The IRA Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega said, bancassurance is expected to give the much needed support to boost insurance penetration. “We believe that the commercial banks’ wide network, product innovation, technological advancement and platforms running in different banks, will provide an ideal niche or focused market for the insurance sector.”

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