Mayfair Insurance is set to open a new branch in Uganda as it seeks to expand its footprints in the region.
The company, which was started 13 years ago in Nairobi, has a footprint in Rwanda, Tanzania and Zambia. It also boasts of two branches in Mombasa and Eldoret.
Mr Peter Kenneth, the founding chairman, said their recent credit rating from Johannesburg-based Global Credit Ratings (GCR) had shown that the firm had the strong ability to pay claims.
“Insurance is about claims and how fast you settle them. We have maintained good business ethics that is why we have been in Zambia, Tanzania, Rwanda and we will soon be in Uganda and in years to come Ethiopia because we want to be a real Pan-African financial house,” added Mr Kenneth.
GCR recently upgraded the national scale claims paying ability rating of the insurer to A (KE) from A— (KE), according its stable outlook. The rating expires in June next year.
It said the insurer sustained good earnings capacity with the three-year underwriting margin of 18 per cent up from 17 per cent in 2017. Investment returns averaged eight per cent over the last three years.
Vishal Patel, Mayfair chairman, also disclosed that they were keen to leverage on the use of technology to grow market share by taking advantage of sporting events in the North Rift.
“We are working to introduce a day-to-day insurance product for every participant during sports’ events like marathons and this will be launched soon,” said Patel.
“We are also aware of the low penetration especially of the general insurance in our region which accounts for about 3 per cent and are working to tap technology and make it available in small bits,” he added.