BARCLAYS ENTERS KENYAN INSURANCE MARKET VIA AON MINET

UK-based Barclays Bank has entered the Kenyan insurance market through a deal with insurance broker Aon Minet. Under the agreement, Barclays will first offer its customers various insurance products and then refer likely customers to Aon Minet. Josephat Macharia, who is regional director of Aon Minet, noted that the partnership would enable the broker to reach a wider clientele. “There is a big gap in the distribution of insurance and other financial services in Kenya. This new product will go a long way in addressing such concerns”. Barclays expects to offer buildings and contents insurance, mortgage protection and funeral cover. The bank said that a policy had been developed in association with Pan Africa Insurance Co to offer funeral insurance, with sums assured ranging from KS10,000 to KS100,000.