NCBA Insurance targets Kenya’s underinsured SMEs with broader business cover
NCBA Insurance is expanding its business insurance offering in Kenya as small and medium-sized enterprises face increasing exposure to risks such as fire, theft, accidental damage, business interruption and cyber threats.
The insurer’s Package SME Insurance solution offers annual premiums starting from KES 15,000, with cover of up to KES 1 billion, depending on the business and level of protection required.
The policy covers key business assets, including buildings, machinery, equipment, stock, furniture and fixtures. Businesses can also obtain protection against risks such as fire, burglary, accidental damage, political violence, terrorism, electronic equipment breakdown and business interruption.
The move comes as insurance uptake among some small and growing businesses remains low. Research cited by NCBA Insurance indicates that approximately 53% of small and growing businesses surveyed in Nairobi do not have active insurance cover, leaving many enterprises exposed to potentially significant financial losses when disruptions occur.
NCBA Insurance said its business insurance solutions are designed to cater for enterprises of different sizes and can be adjusted as businesses grow. The company also offers other general insurance products, including cyber, marine, motor and travel insurance.
Speaking during an engagement with insurance agents in Nairobi, NCBA Insurance CEO and Managing Director Stella Njung’e said businesses need adequate protection to avoid having unexpected losses undermine years of investment and growth.
“Every business faces risks that can disrupt operations and reverse years of hard work; having the right insurance protection enables business owners to focus on growing their enterprises with confidence, knowing they are prepared for the unexpected.” She said.
The insurer is using its agency network to increase awareness of business insurance and help entrepreneurs assess the risks facing their businesses. NCBA Insurance said the engagement is designed to improve agents’ product knowledge and ability to advise customers on appropriate insurance solutions.
Ultimately, with many businesses operating with limited financial reserves, insurance can provide a financial buffer when major losses occur, helping enterprises recover and continue operating rather than absorbing the full cost of an unexpected event.
