ZAMBIA OFFICE LAUNCH AND INAUGURAL GOLF TOURNAMENT
The first Kenya Reinsurance Golf Day in Zambia was held at the celebrated Lusaka Golf Club on 9th November 2016, a day before the official Zambia regional office launch.
The event was hosted to promote the launch and expansion of Kenya Reinsurance business into Zambia. It attracted 111 players drawn from the insurance industry in Zambia, and created a less formal environment for brand interaction with high level decision makers within the reinsurance and B2B environment.
The golf tournament was a structured Four Ball. This is one of the most popular formats for team competitions. It is the chosen format for some of the biggest team tournaments in golf, including the Ryder Cup.
The exciting golfers day out culminated in a prize giving ceremony hosted by the Kenya Re team.
Speaking during the prize giving ceremony, the Managing Director of Kenya Re, Mr. Jadiah Mwarania, said that the tournament provided an opportunity for reconnection with acquaintances and initiation of new ones.
He added: “As the great Tiger Woods once said, ‘golf is a great sport for someone to learn discipline, responsibility and sportsmanship’. We need to apply this to our daily life. Let us be disciplined and responsible in our business practices in order to grow the insurance industry and economies in Africa. In doing so, we promote integrity, objectivity and good corporate citizenship in our economies.”
Master Scorer, Mr. Rodwell Chawatama, who organised the tournament, lauded Kenya Re for hosting the event, and invited the company’s management to install an annual golf tournament in Lusaka.
The well attended tournament provided a customer meet-and-greet day for Kenya Re team ahead of the regional office launch.
Zambia’s enabling business environment
When Kenya Re first conceived the idea of opening an office within Southern Africa, Zambia was prominent due to the prevalent enabling business environment, as well as its growing insurance sector.
Driven by an ambitious and dynamic vision, Kenya Re zeroed in on Zambia as a regional hub. The Zambia and Kenya Re teams developed an aggressive launch campaign culminating in a ceremony held at the Intercontinental Hotel Lusaka, and attended by the entire insurance actors in Zambia.
The Zambia launch, presided over by the Zambia Pensions and Insurance Authority, was a first in Lusaka, borrowing from Kenyan expertise while applying Zambia cultural norms.
With the Corporation’s footprint in the country, Zambia will benefit from an increase in reinsurance capacity and expertise.
The Corporation has progressively been on a growth path. As at June 2016, gross written premiums stood at ksh7.1 Billion (US$ 71 Million), up from Ksh6.2 Billion (US$ 6.2 Million) in June 2015. The pre-tax profit grew by four percent from Ksh2.1 Billion (US$ 2.1 Million) in June 2015 to Ksh2.2 Billion (US$ 2.2 Million) in June 2016. The profit after tax as well increased by four percent from Ksh1.5 Billion (US$ 1.5 Million) in June 2015 to Ksh1.6 Billion (US $ 1.6 million) in June 2016.
The new Kenya Re’s Zambia regional office is situated on Chila Road in Lusaka, from which we will serve the entire Southern African market, including Namibia, Zimbabwe, Zambia, Angola, Botswana, Lesotho and Swaziland. Through the regional hub, Kenya Re will offer distinguished expertise, experienced staff, and innovative insurance and risk management services.
Speaking at the launch, the Registrar and CEO of the Zambia Pension and Insurance Authority Martin Libinga, endorsed Kenya Re investment in Zambia, calling it a stamp on Zambia’s thriving economy.
“Kenya Re’s move to Zambia is an endorsement of the work it has been doing for the development of the African economy, and specifically the insurance sector. As the economies grow, there is a need for risk management tools to facilitate business continuity.
Mr. Libinga invited insurance players in Zambia to engage Kenya Re experience and expertise to ensure benefit for the people of Zambia.
According to Zambia Pension and Insurance Authority, the insurance industry recorded an overall increase of 18 percent in terms of Gross Written Premium (GWP) turnover during the year ended 31st December 2015.
In monetary terms, GWP increased to K2.10 billion in 2015 from K1.83 billion recorded in 2014. The Insurance Penetration Ratio (GWP to GDP ratio) stood at 0.67 percent in 2015 compared to 1.5 percent in 2014. The GWP in general insurance stood at K1.38 billion in 2015 from K1.21 billion in 2014. Under long term insurance, the GWP turnover as at December 2015 stood at K717 million from K650 million in 2014.
Celebrating the launch, Kenya Reinsurance Corporation Managing Director said the reinsurance firm growth path earmarked Zambia as the silver bullet to the southern region.
“We are inspired by the incredible economic achievements being experienced in Zambia. Our response is to design and present insurance and risk management packages that will shelter the new and existing investments. Our over 45 years’ experience in reinsurance accords us capabilities to reinsure existing insurance companies and to inspire and adopt new insurance providers for the overall industry development,” Mr. Mwarania said.
He noted that Kenya Re was committed to offering technical services for the development of manpower and knowledge within the insurance and reinsurance industry. To this end, Kenya Re launch was preceded by an engineering and bonds seminar attended by insurance providers in Zambia.
“We know that a one-size-fits-all approach in building reinsurance products and solutions will not work. In this regard, we are committed to creating solutions tailored to address diverse insurance needs,” added Mr. Mwarania.
The Kenya Re’s Southern African growth will be delivered through a strategy anchored on five key pillars, namely maintaining financial stability, innovative business processes, continued business development, effective risk management and increased institution capacity. Further, the Kenya Re plans to cement existing client relationships, while forging new opportunities for business growth.