Barclays enters Kenya's life insurance market

Source: Middle East Insurance Review | Jun 2015

Barclays Africa Group has partnered with businessmen Darshan Chandaria of Chandaria Industries and Ayisi Makatiani of Fanisi Capital to enter the Kenyan life insurance market. Barclays Africa will hold the majority share of 66.6% of the unit, Barclays Life Assurance Kenya.

Kenya is the fifth market in which Barclays Africa has set up life insurance business. Other markets include South Africa, Botswana, Mozambique and Zambia. Barclays Africa will use Kenya as its launch pad into the greater East African region.

Barclays Life Assurance Kenya will initially target Barclays Bank Kenya’s half a million customers through its 122 branches. The insurer will offer products such as education, credit life and personal accident. It will also offer funeral cover for immediate and extended family.

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