INTRODUCTION

The Association of Kenya Insurers successfully organised an Insurers Open Day on Friday 15th and Saturday 16th August 2008 at KICC grounds. The Theme of the event was"Innovating to Secure the Future of Kenyans." The exhibition attracted 34 exhibitors i.e. 24 Insurance Companies and 10 other organisations.

This was the second event to be organised by the Association where providers of Insurance products and services met face to face with the public in an open forum. The objective of the Open Day was to serve as a channel of communication between the public and insurers. The event sought to demystify insurance, educate the public on the role of insurance in not only protecting their various investments against risks but also securing the future of their loved ones.

The exhibition was officially opened by Mr Mutua Kilaka, Financial Secretary, and Ministry of Finance. The event was also graced by Mr Steve Mainda, IRA Chairman, Mr S.M Makove, IRA CEO, Chief Executives of insurance companies and other distinguished guests.

In his speech, Mr Kilaka congratulated the Association for enhancing professionalism among the industry players, which in his view has led to relative stability over the last few years. Mr Kilaka noted that the industry overall premium income has increased substantially with a growth rate of 15% being registered last year at kshs 48 billion up from kshs 41 billion in 2006. This translated to the sectors contribution to the economy at 2.65% to the GDP.

Mr Kilaka commended the industry for standing up to assist clients in the recovery and rebuilding process of their business and lives after the post election violence witnessed early in the year. He requested underwriters to develop additional products that are suitable in the event of such unfortunate occurrences.

He encouraged the industry to undertake active public education programmes for the community and to use simple English in insurance contracts so that customers are able to understand products better. The Insurance Regulatory Authority was requested to give a lead in this process.

Mr Kilaka applauded the Cash & Carry mode of premium payment for all classes of insurance which was effective from 1st January 2008. He noted that this would improve the liquidity and solvency of insurance companies. He urged underwriters to reciprocate by rapidly settling claims lodged by clients. The industry was informed of the need to play a critical role in mobilization of savings for the country to attain the targeted growth of 10% under the Vision 2030.

In his remarks, the CEO of IRA Mr Sammy Makove urged the players to do a vigorous public education campaign to enlighten members of the public on the importance of taking insurance. He urged underwriters to emulate banks by moving out of their offices and market their products in the streets.

In his address, the AKI Chairman Mr. Nelson Kuria asked insurers to be responsive the client's needs by tailor making their products and services to meet customers' needs. The Chairman thanked the government for accepting to implement some of the proposals made by AKI. This gesture by the government, the Chairman noted, had gone a long way in ensuring stability and improvement of the insurance sector. He particularly highlighted the establishment of IRA and the government's acceptance to review the Insurance Act. He requested the government to effect changes to the Banking and Insurance Acts that would enable expansion of distribution channels for insurance products to enhance penetration. He further requested the government to consider giving more tax incentives on purchase of insurance as away of mobilising savings. The Chairman thanked the Secretariat and the PR consultants for organising the event and congratulated the exhibitors for making the event a success.

The Executive Director of AKI Mr T M Gichuhi thanked the participants for their valued support. He assured the participants that subsequent events would be bigger and more publicised to reach as many people as possible.

At the end of the two-day exhibition, exhibitors were hosted to an appreciation cocktail. During the cocktail, exhibitors were awarded certificates of participation.

PARTICIPATING COMPANIES

The following companies exhibited their products and services, at the Open Day:
1) Insurance Regulatory Authority
2) UAP Insurance
3) CFC Life
4) The Monarch Insurance
5) British American Insurance
6) Madison Insurance
7) Blue Shield Insurance
8) Kenya Orient Insurance
9) Lion of Kenya Insurance
10) Kenindia Assurance
11) Heritage Insurance
12) Old Mutual Life Assurance
13) Co-operative Insurance
14) Real Insurance
15) First Assurance
16) A I G Kenya Ltd
17) Jubilee Insurance
18) Standard Assurance
19) Pioneer Assurance
20) I.C.E.A
21) Metropolitan Life
22) Kenyan Alliance
23) Pan Africa Life
24) APA Insurance
25) Apollo Life
26) INSPAC
27) National Association of Kenya Investigators (NAKI)
28) Alexander Forbes Finances Services
29) Aimsoft Technologies
30) Kenya Re
31) Retirement Benefits Authority
32) National Hospital Insurance Fund (NHIF)
33) College of Insurance
34) Smoothtel Technologies

The second Insurers Open day was better organised and well promoted leading to better attendance.