Jubilee Insurance Kenya Chief Executive Patrick Tumbo is Africa CEO of the Year in the recently concluded 42nd Conference and General Assembly of Africa Insurance Organisation (AIO)

Jubilee Kenya boss named Africa CEO of the year

By MUGAMBI MUTEGI  Posted  Tuesday, June 2  2015 at  21:18 @Businessdailyafrica

 

 

Jubilee Insurance Kenya CEO Patrick Tumbo. PHOTO | FILE 

The Jubilee Insurance Kenya CEO Patrick Tumbo has been named chief executive officer of the year at an award ceremony in which 362 member companies from across the continent participated.

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Mr Tumbo got the recognition at the recently concluded 42nd Conference and General Assembly of Africa Insurance Organisation (AIO) in Tunisia.

Organisers of the awards said the winner was selected based on successful product development, excellent service delivery and introducing innovative distribution channels targeting grassroots customers.

“We need to listen to our customers and develop products that serve specific customer needs. That way, the insurance sector will experience a revolutionary change for the better,” said Mr Tumbo.

Nigeria’s Mutual Benefits Insurance won the Innovation of the Year award while the Insurance Company of the Year award went to Misr Insurance Company of Egypt.

Increased premiums

Jubilee Holdings reported a 24 per cent jump in net profit for the year ended December to Sh3.1 billion, helped mainly by increased premiums, with Kenya being its biggest contributing business unit.

Gross premiums increased 30 per cent to Sh30.3 billion, making the company Kenya’s largest in both general and life insurance business.
The insurer recorded double-digit growth in all its insurance operations, including pensions and medical.

The AIO is made up of member insurers across 55 countries in Africa.

The awards are meant to promote growth of the insurance sector through good corporate governance, insurance practice, leadership and risk management.

“Sharing and dissemination of new successful and practical ideas in the industry can be a great tool to fast-track the development of insurance in the continent,” said AIO secretary-general Prisca Soraes.

The conference, which took place between May 24 and May 27, focused on the rise of political risk in the continent and the need for new risk pools to respond to natural catastrophic risk.