SPEECH BY MR. PATRICK TUMBO, CEO, JUBILEE INSURANCE COMPANY
OF KENYA DURING THE LAUNCH OF ‘TUMAINI YA JAMII
Nairobi City County Governor- Dr. Evans Kidero
Regional Coordinator Nairobi City County- Mr. Njoroge Ndirangu
Hon. Lee Kinyanjui- Chairman, National Transport and Safety Authority
(NTSA)
County Police Commander- Mr. Benson Kibui
Commissioner of Insurance/IRA CEO- Mr. Sammy MutuaMakove
CITADEL CEO-Mr. Elvis Ackel
Matatu Welfare Association Chairman –Mr. Dickson Mbugua
Members of the Fourth Estate
Distinguished Guests
Ladies and Gentlemen and all protocols observed
Good Morning,
It is my great pleasure to be with you today to witness the momentous
beginning of a great journey in Insurance. As you might be aware, Jubilee
Insurance partnered with CITADELMicro Insurance to enable us provide
affordable insurance solutions to Kenyans without a steady income. We have
also partnered with Safaricom Kenya who will offer the payment platform for
the premiums through M-pesa.Today we welcome on board The Matatu
Welfare Association (MWA) and the members to get access to insurance.
I am delighted to note that our partnership with MWA has finally born fruit.
Today we are gathered here to launch theTumainiyaJamii Insurance
Package.The TumainiyaJamiiInsurance Package is specifically designed to
enable Kenyan families in peri-urban areas cope with the majority of risks
affecting them. It is very sad for any family to be woken up by sudden fire outbreaks and lose their hard earned property in a split second. We at Jubilee
Insurance believe that every Kenyan deserves a quality life, certainty of the
unforeseen risks and the peace of mind that comes with knowing that their
future is protected.
TumainiyaJamiicovers Family Funeral Expenses, Permanent Disability,
Domestic Fire, Material Damage. The life covers minimum entry age is 3
months to 70 years. The sum assured ranges from Ksh 10,000 to Ksh 100,000
with premiums of Ksh 450to Ksh 4,200 annually.
Ladies and gentlemen,
Jubilee Insurance is the first locally incorporated insurer and has been in
existence for 76 years now.We have over the years gained financial strength
and stability through the support of our stakeholders.Jubilee is the leading
Composite Insurance Company in East Africa and we have the strength to
withstand adverse economic climate and pay claims.
Jubilee Insurance is committed to providing affordable insurance solutions to
ensure that majority of the population is guaranteed stability through
compensation in case of losses.
Insurance penetration in Kenya remains low at 3.04% as a result of poor
perception, lack of trust and highly priced premiums. Jubilee Insurance has
been working tirelessly to develop insurance solutions that are accessible to
Kenyans of all walks of life; andeventually increase Insurance penetration.
In 2012, Jubilee Insurance was voted the best claims settlement Insurer by the
Association of Insurance Brokers of Kenya. This humbling award is an
endorsement that we are an Insurer that you can trust. We offer Life
insurance, property and motor insurance, retirement benefits and education
related insurances among others.
Last year, we launched the Fanaka Life and Career Life products to ensure that
Kenyans can now access quality and affordable alternatives to savings for
their children’s education through the bancassurance distribution channel,
these covers are also available directly. It is in that same spirit that today we
present to you theTumainiyaJamiiinsurance package,to ensure that the
Insurance needs all income earnerscan be met from all walks of lives.
Ladies and gentlemen,
Our Life Insurance team will work with our partners;the Matatu Welfare
Association and CITADEL micro insurance to ensure that Insurance products
can be accessed by all Kenyans despite their financial status. We will ensure
that low income earners can access that which has for a long time been seen
as a preserve of the well off to enable them live free.
Thank you very much and God bless you!