Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: UAP Insurance in New Product Deal with S&L for Mortgage customers

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Kenya: Press Releases: UAP Insurance in New Product Deal with S&L for Mortgage customers

Thursday, 01 October 2009

Nairobi, 01 October 2009 --- For the first time in Kenya, mortgage borrowers will now be covered against retrenchment and social risks. This follows a partnership deal signed today between UAP Insurance and leading mortgage company S&L to insure mortgage financed customers against more risks hitherto excluded.

These innovative insurance products known as Retrenchment and Social Perils covers respectively are designed to protect mortgage finance borrowers against retrenchment and other potential risks like malicious damage, civil unrest, terrorism and sabotage.

Speaking during an official signing ceremony in Nairobi, UAP Managing Director James Wambugu said that the two companies had forged the relationship to develop the new insurance covers for mortgage financed customers in response to rising demand for them.

“Mortgage financing is experiencing a boom in this country and we have witnessed growing appetite for these insurance products that will give people peace of mind in an environment of economic uncertainty,” he added

He explained that the Retrenchment Protection and Social Perils insurance covers were very timely especially against the background of a dynamic economy. In the event of a mortgage borrower being retrenched, UAP will take this up after two months within which a mortgagee would be expected to settle the due installments. From the third month, UAP will service the mortgage on behalf of the mortgage borrower for nine months.

S&L Managing Director Caroline Kariuki noted that the firm’s mortgage financed customers had become savvier and the new covers would help the company grow its customer base as demand continued to rise for the additional risks to be insured. “This solution will protect property ownership, which is important for wealth creation and economic development,” she added.

“S&L has simplified the process of owning property, be it residential or commercial and UAP are making it even simpler by eliminating the risks that come with these investments and enabling Kenyans to own property anywhere they want to”, she said.

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