Kenya: Press Releases: UAP Targets Travel Agencies with New Policy

Monday, 29 June 2009

Nairobi, 29 June 2009 --- Leading composite insurer UAP Insurance has developed a new cover for travel agents known as the Default Insurance Policy.  UAP Managing Director James Wambugu unveiled the new insurance product in an address to delegates during the Kenya Association of Travel Agents (KATA) 30th anniversary celebration and annual general meeting held in Naivasha.  It is a requirement for all agencies that are members of the global International Association of Travel Agents (IATA) to take out an insurance policy against the potential loss of proceeds from sale of air tickets.  Wambugu said that UAP had designed the product after assessing the requirements of local travel agents and holding consultations with KATA.  He explained that travel agents had previously gone for bank guarantees in order for them to obtain a stock of air tickets from airlines, but this had proved expensive and cumbersome.  “Being in the business of managing risk we feel better positioned to provide an alternative solution to this problem,” said Wambugu, adding that UAP had also initiated cooperation with KATA member agencies to act as outlets for travel related insurance products.  Noting that time had come for travel agents to reinvent their businesses for the changing environment, Wambugu offered that they were in a unique position to distribute policies relevant to the travel industry such as travel insurance.  Comments (0) Subscribe to this comment's feed Write comment Show/Hide comment form Name Email Title Comment smaller | bigger Subscribe via email (Registered users only) I have read and agree to the Terms of Usage. Add Comment