July 22, 2011 - Jubilee scoops 12 insurance awards

Nairobi, July 22 – Jubilee Insurance has won 12 awards at the 2011 Insurance Awards. The most celebrated company at the awards for the second year running, Jubilee Group Chairman Nizar Juma also scooped the Life Time Achievement Award.

Jubilee was the overall winner: Composite Underwriter of the Year, Medical Insurer Underwriter of the Year, The Major Loss Award and The Risk Management Award. Jubilee Insurance Kenya, whose holding company Jubilee Holdings Ltd earlier in the year announced an expansion strategy that will see it present in 12 African markets by 2014, also won first runner up General Insurer of the Year, The ICT Award and The Socially Responsible Corporate Award. Jubilee was also second runner up Life Insurer of the Year, Marketing Initiative of the Year, Claims Settlement Award and The Training Award.

“This is an enormous recognition by the industry and every member of Jubilee is humbled,” said Mr Juma. “In the face of an increasingly competitive market, Jubilee has achieved major milestones and these awards are a testimony that we are headed in the right direction.”

By awarding it the best Composite Underwriter of the Year, the awards’ judging panel recognised Jubilee’s business performance, adoption of innovative and profitable underwriting strategies, a customer oriented approach and robust growth strategy.

The Life Time Achievement Award won by Mr Juma is a special award awarded to an individual voted by the CEOs of insurance companies, brokers and agencies as having made the greatest contribution to the growth of the insurance industry during their lifetime.

Mr Juma has served as the Chairman of Jubilee Holdings Ltd and its subsidiaries since July 2004, a period during which the company has seen enormous growth of its operations in Kenya, Uganda, Tanzania and last year opening in Burundi and Mauritius. Today, Jubilee serves over 300,000 clients across the region. It is the only ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi Stock Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange.

The Medical Insurer Underwriter of the Year recognised Jubilee’s position as the leading medical insurer in Kenya for over four years running, with a market share of 30 percent. Jubilee’s retail medical product J-Care, tailored to young families, has been well received in the market.

The Major Loss Award on the other hand was in recognition of Jubilee’s fast claim settlement track record even for large claims and customer care dedication. In awarding it The Risk Management Award, the judges found evidence of Jubilee’s contribution to the advancement of risk management within its operations, as well as application of new techniques, risk reduction, and development of creative risk financing strategies.

“Jubilee has now been the largest composite insurance company in East Africa for three years running and these awards challenge us to perform even better,” said Mr Juma.  

In 2010 Jubilee recorded 84 percent growth in pre-tax profits to Kshs2.1billion, supported by impressive operating results which included a 42 percent growth in underwriting profits. Jubilee Insurance Kenya’s pre-tax profits also grew by 87 percent from Ksh779 million in 2009 to Ksh1.460 billion in 2010.

The Insurance Awards, now in their second year, are organised by Think Business Ltd, a leading strategic business intelligence, research and publishing company in Kenya, specialising in the financial sector. The judging panel is composed of eminent professionals in Kenya’s corporate sector.

Think Business also runs the annual Banking Awards in Kenya for the past six years, and publishes the annual Surveys for the banking and insurance industries.
Ends..

About Jubilee Insurance  

Started in 1937, Jubilee Insurance has spread its sphere of influence throughout the region to become the largest composite insurer in Kenya, handling both long-term and short-term insurance. Today, Jubilee is also the number one insurer in East Africa with over 300,000 clients, and a network of offices spanning Kenya, Uganda, Tanzania, Burundi and Mauritius. It is the only ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi Stock Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange.

The Jubilee Group recorded an impressive 84% jump in pre-tax profit to Kshs2.1 billion in 2010, supported strong operating results which included a 42% growth in underwriting profits. Jubilee insurance starts its 75th year in business in 2010.

For further press information, please contact:
            
Catherine Ndioo on Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it or Office: +254 (020) 3281000 DL: +254 (020) 3281089 Cell: +254 720 805940

Website: www.jubileeholdings.com Media Center: www.jubileeholdings.com/media-centre/press-releases

PHOTOS

Photo caption: Jubilee Insurance Kenya CEO Patrick Tumbo receives the Composite Underwriter of the Year award from Think Business CEO Ochieng Oloo during the Insurance Awards 2011. Jubilee was the highest decorated company at the awards, scooping a total of 12 awards.

 Lydia Kibaara, the Jubilee Insurance General Manager Short term Business, is all smiles as she receives the Medical Insurer Underwriter of the Year award from Nairobi Stock Exchange (NSE) CEO Peter Mwangi at the 2011 Insurance Awards. Jubilee was the highest decorated company at the awards, scooping a total of 12 awards.