This archive report was first published on 17 July 2019.
Kenya's ambitious infrastructure projects under Agenda 4 are poised to drive growth in the engineering insurance sector, according to Kenindia Assurance.
As the country embarks on upgrading old infrastructure and developing new industries, Kenindia's Deputy General Manager, Ms. Irene Owiti, notes that the demand for insurance is likely to increase.
"As a company, we are continuously relooking at how we can remain relevant in the market and the engineering insurance fits in perfectly with the Agenda 4," Ms. Owiti said.
Kenindia's engineering insurance offers tailored policy forms for businesses in the engineering, construction, manufacturing, and industrial sector. The company has expanded its coverage to cater for enterprises in construction, real estate, production, and processing, as well as electrical power, gas, and water production and supply.
According to a KPMG Global Construction Survey, 47 percent of 165 leaders in the construction and engineering industry plan to move into new geographies, with Africa being the most popular region. This presents an opportunity for Kenyan insurance entities to offer engineering insurance.
Locally, the Big Four agenda, which focuses on manufacturing, provides the insurance industry with the opportunity to increase and diversify its engineering insurance offerings.
"As a country, we are on an upward trajectory with the upgrading of old infrastructure, development of new industries, and urbanization of small towns. We believe that this will stimulate the construction industry and in essence the demand for insurance," Ms. Owiti added.
Kenindia's engineering insurance covers a range of risks, including contractors all risks, contractors plant and machinery, erection all risks, machinery breakdown, boiler and pressure vessel, electronic equipment, deterioration of stock, and business interruption insurance.
