Resolution Insurance has opened a regional branch in Thika, Kiambu County, as part of its expansion strategy. The 10th branch is based at Zuri Centre, 5th Floor, Kenyatta Highway in Thika town.
The expansion is part of the firm’s growth strategy that is hinged on growing its footprint across all the counties. It also supports efforts to enhance penetration while providing affordable insurance products.
Speaking during the opening ceremony, Resolution Insurance Managing Director Alice Mwai noted that the insurer is currently developing new products to meet customer tastes that have changed over the years. “The opening of the Thika branch will see more Kenyans access our insurance products and solutions at an affordable price tailor made to suit their needs,” she added.
The insurance sector in Kenya experiences low penetration of about 3 percent of the Gross Domestic Product (GDP) but has opportunities for growth among the expanding middle class and increased public education.
“We have a total of 49 insurance firms, which equates to about 1.1 insurance company for every one million Kenyans – a similar ratio to Kenya’s banking sector. However, penetration still remains lower than the average of 3.8 percent in Africa,” she added.
Resolution Insurance offers a number of products which Medical Plans, Travel Plans, Liability Plans, Property Covers, Motor Covers and all other classes of general insurance. By end of this year the company targets to hit the 100,000 market customer base.
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