Pan Africa Insurance launches low cost life insurance in partnership with Airtel Kenya
Pan Africa Insurance has launched a low cost life insurance product in partnership with Airtel Kenya to grow its market share of life insurance premiums. The product will provide life insurance cover for a range of between KES 25,000 – KES 100,000, at monthly premiums of between KES 60 and KES 180. The premiums will be payable via Airtel Kenya’s mobile money service Airtel Money, in a bid to tap the underpenetrated low income insurance market in Kenya. Pan Africa Insurance has the leading market share in the life insurance segment at 31.3%, and the low income insurance market is receiving increased interest given heightened competition in the middle and high income markets. Similarly, UAP Insurance, one of the foremost non-life insurers in Kenya which is 13.7% owned by Centum Investment, has launched a low-cost general insurance product in partnership with Uchumi Supermarkets. (Source; Business Daily, Kestrel Research)