Tuesday, April 16, 2024

Equity Group to start general and health insurance business by June

Equity Group is set to launch its general and health insurance business arm by the end of June 2024.

This will happen one year after the banking group received an approval in principle to set up a general insurance business. The initial approval was granted by the Insurance Regulatory Authority in May 2023.

According to Equity Group chief executive officer Dr. James Mwangi, the general insurance business will operate on a no-exclusion basis.

“We are projecting by the end of June 2024 to have life and general insurance, which will also have health, completing the entire offering so that we can protect lives and the wealth that we have helped to build,” said Dr. Mwangi.

“The supply side of the health insurance has been provided already by Equity Afya, so it is now a question of having to underwrite the policy.”

The general insurance unit will be operated under the Equity Insurance Group arm which currently operates the life insurance subsidiary known as Equity Life Assurance (Kenya) Limited (ELAK)

The application for a General Insurance business license had followed the successful launch of ELAK which has been running the Life Insurance business from 2022.

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“The impact of the early success of the Life Insurance business inspired the Group Board to seek the General Insurance business licence in the hope that Equity Insurance business will contribute in innovatively transforming the insurance industry for the betterment of our people, country and continent through insurance inclusion, affordability, reliability in protecting life, health and wealth,” the bank had said in its statement to Bizna Kenya.

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