Jubilee Insurance has pledged to serve its low income customers with more affordable insurance rates. According to a press release from the company, Jubilee intends to increase its customer base by 80%. The company, which is East Africa’s largest insurer, has branches in Kenya, Tanzania, Uganda, Burundi and Mauritus. It plans to expand its reach to 10 more countries, a move that will see the company increase its market share.
Speaking during the company’s 75th Annual General Meeting, Group Chairman Nizar Juma said that the expansion will enable Jubilee to provide its customers with value-added services as well as increase its shareholder value.
The company, which turned 75 last week, also announced plans to develop its micro insurance initiative. This will enable the insurer to introduce affordable services to rural communities and low income earners across the region. Mr Juma believes that shareholders can expect more returns depending on how the venture pans put.