Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: APA Insurance Launches BimaBamba Motor Insurance Cover

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Kenya: Press Releases: APA Insurance Launches BimaBamba Motor Insurance Cover

Thursday, 28 April 2011

Nairobi, 28 April 2011 --- APA Insurance has launched a comprehensive motor insurance cover, BimaBamba Motor Insurance, which can be paid in easy installments. Payments for the cover can be made through cash, M-PESA, Airtel Money and PesaPoint.

“Motor insurance unlike other covers is not optional. Unfortunately, the recent increase in motor insurance rates has almost doubled premiums, thereby increasing the burden as many individuals find it very difficult to cater for large one-off payments, as most individuals budget on a monthly, not on an annual basis” said APA Insurance CEO Ashok Shah during the launch of the product. “This innovative product provides a response to the challenge as it will ease the burden of looking for premiums as payments can now be made on a monthly basis.”

Additional features on the package includes: Cover of up to KES100,000 on hospitalisation following an accident, income supplement of KES1,000 per day in case of extended hospitalisation following an accident from day four up to 10 days, political violence and terrorism cover, excess protector, and subsidized tracking devices.

APA Insurance has been in the forefront of re-writing the insurance rule book by creating a new open approach to conducting insurance business. The approach seeks to bust the myths that make insurance unattractive to clients and as a result the firm has introduced industry breaking products such as the health cover with HIV benefit, and agricultural insurance that covers livestock and crops among others.

The firm is in a move to offer a one-stop investment solution through the group entities Apollo Life Assurance Ltd and Apollo Asset Management, which forms Apollo Investment Limited (AIL). AIL recently signed up a deal worth KES1.2bn with Leap Frog Investments, the world’s largest equity fund focused on insurance to under-served people and markets. The fund will be used to expand AIL’s micro insurance product portfolio, while LeapFrog will provide capital and expertise on micro insurance.

APA insurance has earned recognition as the largest insurer in the country with a gross written premium of over KES4.7bn as at December 2010.

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