Mauritius Union Assurance (MUA Ltd), an insurer that owns subsidiaries in East Africa, is adding its investment in Kenya’s insurance sector by increasing 36% on from its previous investment.
Five years on from a Ksh2.2 billion investment, the insurer is injecting Ksh3 billion into the sector ‘the company’s single biggest investment in the country’.
“This will mark another key milestone in our group’s commitment in this fast-growing region and is a sign of MUA’s confidence in the Kenyan economy and the greater East African region,” said Bertrand Casteres, Group CEO of MUA.
Casteres says the firm that is listed in the Stock Exchange of Mauritius in terms of market capitalisation, aims to significantly increase that figure over the next 3 years. “This investment will strengthen our position in Kenya and ultimately gain market share to 45% from 1%.”
Bertrand Casteres insists that MUA can find the right balance between its traditional approach to insurance and positioning itself as a disruptive player in Kenya, offering innovative digital insurance products and services with a strong focus on their retail clients.
“The dual potentials of a young population and rapidly moving technology reinforce the region’s ability to leapfrog more traditional insurance markets. We are able to offer solutions for more specialised insurance risks, including cyber risks, coupled with a professional service and holistic approach to risk assessment.”
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In Kenya, six companies are listed on the Nairobi Securities Exchange, under the insurance sector, with Jubilee Holdings joined by Sanlam Kenya, Kenya Re-Insurance Corporation (Kenya-Re), Liberty Kenya Holdings, Britam Holdings, and CIC Insurance Group.
MUA competes in Mauritius with companies including Swan General Ltd, Mauritian Eagle Insurance Company and two State-owned operators.
