Britam Kenya Insurance Limited
Britam is one of the leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the Eastern and Southern Africa region, with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi. The group offers a wide range of financial products and services in Insurance, Asset management, Banking, and Property.
Britam Kenya Insurance Limited has offices in Kenya, Uganda, Rwanda, and South Sudan, and a presence in Mozambique, Malawi, and Tanzania, following the acquisition of Real Insurance Company in 2014. The Group has a long heritage in providing financial services since 1920 when it was incorporated in the Bahamas. The Kenya operation was established in 1965 and has close to 50 years of service in the market. The Britam Kenya Insurance Limited has grown tremendously from a small home-based service insurance company to the leading diversified financial services provider in the region, with an asset base of over Kshs. 55 billion, as of June 30, 2014.
The human resource has also grown from 29 employees and 50 agents in 1980 to about 548 employees and 1,946 financial advisors as of 2014. Britam Kenya Insurance Limited is committed to providing clients with great service and competent financial expertise to help them meet their financial goals. British-American Insurance Company (Kenya) Limited was incorporated as a private limited liability company in 1979.
Owing to organic growth and the incorporation of other subsidiary companies within the company, British-American Investments Company (Kenya) Ltd was incorporated as a holding company in 1995. As part of a bigger plan to diversify its financial services offering in the Kenyan market, British American Asset Management Company was incorporated as an asset management arm of the group in 2004. The Britam Kenya Insurance Limited offers investment funds structured as Unit Trusts and Discretionary Portfolio Management to both institutions and private clients.
In 2007, Britam Kenya Insurance Limited acquired a strategic stake of 10.1 percent in Equity Bank, and a 21.6
percent shareholding in Housing Finance. In 2010, Britam Kenya Insurance Limited regional expansion started with the group venturing into Uganda with the incorporation of Britam Insurance Company (Uganda) Limited. In 2012, the group rebranded from Britak to Britam, creating a new fresh identity. In 2013, Britam Kenya Insurance Limited entered into a strategic partnership with the Acorn Group, a leading real estate firm as part of its wider strategy to venture into the property market.
Britam Kenya Insurance Limited
Britam Insurance Company (Rwanda) Limited was incorporated and licensed in 2013 by the National Bank of Rwanda. In 2014, Britam issued its first Corporate Bond through the NSE which raised Kshs. 6 billion to fund future strategic initiatives including real estate opportunities, private equity, local and regional expansion, and ICT development. The Group has a long heritage, providing financial services since 1920. Companies within the group have been successful in providing investment products and services and are market leaders.
Britam Kenya Insurance Limited Products | Services
Life Insurance
Individual:
Msingi Poa – Nguzo ya elimu bora
The Msingi Poa Education Plan is a Britam product that provides an annual income for payment of education expenses while offering insurance protection.
Benefits include:
♦ Four (4) guaranteed cash payouts in the last four years of the policy term, each equal to 100% of the sum assured.
♦ A lump sum cash payout on death equal to 100% of the sum assured.
♦ In the event of death of the policy owner, premium payment stops.
♦ The guaranteed cash payouts will be paid out in the last four years of the policy term.
♦ Premiums are not payable in the last three (3) years of the policy term.
♦ The policy is available in two options – with and without medicals examination
♦ The policy term is between 8 years and 22 years.
♦ The policy is eligible for personal income tax relief.
Elimu Bora Education Plan – Your child’s future
Elimu Bora Education Plan is a combination of insurance protection and savings that allows you to prepare for the cost of education of your child. The plan has been specifically designed to provide funds for your child’s fees while in secondary school and a lump sum amount for joining university.
What Are The Benefits Of Elimu Bora Education Plan?
Guaranteed cash bonuses
Five annual bonuses amounting of 20% of the sum assured are paid in cash after the child attains 13 years.
Maturity benefit
The policy will pay 100% of the sum assured on maturity before the insured 19th birthday regardless of any previous benefit payments e.g. death or bonuses as outlined above.
Death benefit
In the event of the untimely death of the policy owner, Britam will pay the death rider, waive future premiums and provide full benefits at maturity. All future bonuses will be paid when they fall due.
In the event of the untimely death of the child, Britam will pay the sum assured or refund the premiums, whichever is higher.
Lien option (Non-medical requirement)
This option provides for an increasing death benefit. Death benefit will be a percentage of the sum assured at inception increasing to 100% of the sum assured from the fifth year. The increasing death benefit is cheaper and underwriting requirements are reduced.
Tax relief
An insurance tax relief amounting to 15% of the premiums paid (subject to a maximum of Kshs. 5,000 per month) is available. The full amount payable at maturity of the policy is tax free.
Other optional benefits:
Family income benefit
This benefit provides monthly income to the family in event of untimely death of the policyholder until the policy matures.
Child hospitalization benefit
The rider pays a fixed cash amount for each day during which the insured (child) is hospitalized following an accident.
Disability benefit
If you are unable to continue with premium payments due to disability by reason of sickness or accident, Britam will waive all future premiums. All other benefits will be payable when due.
Accidental indemnity benefit
This rider will pay an additional temporary disablement benefit, hospitalization benefit and a death benefit following an accident.
Funeral expense cover
The rider provides a lump sum benefit on the death of the insured to cover for funeral expenses and is payable within 48 hours.
Super E-plus – More than quality education
The Super E-plus policy is a combination of insurance protection and savings that allow customers to arrange for the cost of education in advance. The plan is risk free and provides continuous savings with each premium you pay, the cash value of your plan increases.
Benefits Of Super E-Plus Policy:
♦ Guaranteed cash bonuses – Guaranteed bonuses amounting to 130% of the sum assured are paid in cash spread in the last six anniversaries of the policy.
♦ Death – Britam will immediately pay 50% of the sum assured and all future premiums will be waived. All unpaid bonuses and maturity will be paid when they fall due.
♦ Accidental death – Britam will immediately pay 100% of the sum assured and all the future premiums will be waived. All unpaid bonuses and maturity will be paid when they fall due.
♦ Living Benefits – In the event of contracting any critical illness covered by the policy, e.g. cancer, stroke and heart attack, Britam will immediately pay 50% of the sum assured and all future premiums will stop. All future bonuses and maturity will be paid when they fall due.
♦ Disability benefit- If you are unable to continue with premium payments due to a disability, by reason of accident or sickness, Britam will pay future premiums for you. All unpaid bonuses and maturity will be paid when they fall due.
♦ Maturity benefit – The policy will pay 100% of the sum assured on expiry of the selected term regardless of any previous benefit payment.
♦ Tax Relief – An insurance tax relief amounting to 15% of the premiums paid (subject to a maximum of KES 5,000 per month) is available. The full amount payable at maturity of the policy is tax-free.
4. Money-Back Extra Cash
The money-back extra cash policy offers an attractive combination of life assurance and savings plans tailored to better meet your needs. There are different policies and terms available. Cash bonuses are paid out every four or five years depending on the policy selected. With a personal accident, the full sum assured is paid in the event of death and the double sum is assured if death was accidental. There is a last expense cover as well as tax benefits.
♦ Guaranteed cash bonuses-Guaranteed cash bonuses of 20% or 25% are paid after every four or five years respectively depending on the policy term.
♦ Maturity benefit-The policy pays 100% of the sum assured on expiry of the selected term regardless of any previous benefit.
♦ Tax benefit -An insurance tax relief amounting to 15% of the premiums paid (subject to a maximum of Kshs. 5,000 per month) is available. The full amount payable at the maturity of the policy is tax free.
♦ Disability benefit- In the event of total and permanent disability through sickness or accident, the sum assured will be paid in 24 equal monthly installments. Britam will pay premiums for you until the policy matures.
♦ Death benefit -In the event of death, the full sum assured is paid out. If death is accidental, double sum assured is paid. The policy terminates on death.
♦ Injury (Disbursement) benefit- In the event of loss of one limb or one eye through an accident, Britam will pay 50% of the sum assured. In case of loss of two limbs or both eyes, a benefit of 100% of the sum assured will be paid and Britam will pay all future premiums.
5. ACCI Shield
This is a personal accident policy that comes with benefits. All benefits are payable if injuries are deemed accidental. The policy can be taken as an individual policy or as a family package.
Benefits include:
♦ Death benefit: Britam will pay the beneficiaries the full sum assured of the insured person in the event of death as a result of an accident
♦ Permanent total disability: In the event that an accident causes total and permanent disability to the insured, Britam will pay the full sum assured.
♦ Dismemberment: In the event of loss of use or removal of limbs, eyes, hearing or speech through an accident, Britam will pay as per the limit set out by the policy.
♦ Medical expenses: Britam will pay for all medical expenses as per the limit set out by the policy.
♦ Temporary total disability: In case of temporary disability, the policy holder will receive a stipulated income per week during the period of incapacitation for a period of 2 years.
♦ Hospital cash: During hospitalization, the cover provides you with a pre-determined amount to meet minor unforeseen costs that arise during your hospital stay.
♦ Funeral expense benefit: Britam will make payments within 48 hours to meet burial expenses in the event of accidental death.
♦ Artificial limbs: The policyholder will be eligible for an artificial limb paid for in the event of loss of limbs.
♦ Family package: You can choose to take up an individual cover to take out a policy for your family members.
Corporate Life Insurance
Credit Life
This product covers a borrower to the extent of their bank’s financial interest in the loan and the actual monthly loan repayments, subject to a maximum of six installments at the time of retrenchment.
Group Last Expense
This is an optional funeral expense benefit of up to Kshs. 200,000 per person that can be taken solely or as part of the Group Life cover. This policy also allows for family members of staff to be covered at a minimal cost.
Group Life
What Is Group Life Policy?
As an employer, it is important to provide good insurance cover for your employees. Britam has developed an innovative Group Life Insurance solution which is ideal for corporates, parastatals and government agencies, SMEs, Saccos, education institutions and religious bodies with the following features and benefits:
What are the benefits of Group Life cover to employers?
♦ Financial certainty since risks has been transferred to the insurer.
♦ Boosts employee morale and increases job satisfaction and motivation.
♦ Enhances staff retention to an employer
♦ Attracts good talent due to the improved benefits.
What are the benefits of Group Life cover to members?
♦ Members can carry on their day-today duties with the knowledge that their beneficiaries will be well taken care of in case their untimely death.
♦ The member can access the funds to pay for medical expenses for some critical conditions.
♦ The dependents can access funds to pay school fees and education-related expenses in the event of the untimely death of the employee.
♦ The family of the deceased member can also use funds in the policy to clear loans, pay deposits for the car, house, etc.
♦ A member can also use the funds to purchase mobility aids such as wheelchairs, artificial limbs, etc. in case of disability.
What Is The Scope Of Group Life Cover?
Primary death benefit
The policy provides cover against death due to accidental and natural causes. The benefit is payable to the employer for onward transmission to the nominated beneficiaries.
The level of cover to be offered is based on a multiple of annual salary subject to medical examination (see provision on Free Cover Limit below) where applicable.
Free cover limit
We offer a generous Free Cover Limit. This means members whose sums assured fall within this limit will not be required to undergo medical examination.
Critical illness rider
A Free Critical Illness benefit equivalent to a percentage of Group Life sum assured subject to a maximum of Kshs. 12,000,000 per person is payable on the first time diagnosis of any of the following diseases; heart attack, stroke, cancer, coronary artery disease surgery, major organ transplant, kidney failure, paraplegia or paralysis.
Last expense benefit
An optional Funeral Expense Benefit of up to Kshs. 200,000 per person can either be purchased separately or be taken as an advance payment of the main Group Life benefit. Spouse and children of the staff members can also be covered at a minimal cost.
Disability benefit
An optional disability benefit can be included into the cover to ensure a payout in case of a permanent total disability occurring to an employee.
Combined Group Life, GPA/WIBA cover
This is a product targeted at SME’s and aims to reduce the cost of insurance while increasing the benefits to the insured. It seeks to reduce the duplicity among the Group Life, Group Personal Accident/WIBA covers hence minimizing on the cost. It is also easier to administer.
Our cover does not exclude passive war, riots, terrorism and related risks
What are the requirements for a quotation?
♦ Name of employer
♦ Number of employees
♦ Monthly salary details
♦ Dates of birth of employees
♦ Scope and level of cover needed
How do you commence on Group Life Cover?
♦ The employer completes a group proposal form.
♦ Employees complete individual enrolment forms
♦ The employer provides soft copy payroll data.
♦ Payment of the premium.
Mortgage Protection
We protect borrowers against the risk of death and disablement following an accidental or natural cause. Under this policy, the outstanding load is redeemed by Britam upon the death or total disablement of the covered member. This policy secures the borrower’s estate from being reclaimed by the lender and also enables the lender to immediately recover outstanding liability.
General Insurance
Individual:
All Risks
This policy provides cover for loss or damage caused by fire, theft or any accidental means to property insured. It is best suited for portable items like laptops, personal computers, videos, baggage, cameras and other fragile electronic and personal items.
Bonds
Britam acts as the guarantor to the insured to pay a defined amount of money should the person/party guaranteed fail to pay or meet the terms and conditions of a contract with the third party.
The bonds may include:
♦ Immigrations/Security Bonds
♦ Performance/Contractor’s Bonds
♦ Tender/Bid Bonds
♦ Financial Guarantee Bonds
♦ Customs Bonds
Britam Biashara
Britam Biashara is a simplified combined solution tailored for SME’s.
The product offers a combined Solution covering-: Fire, Burglary, All Risks, Money, Goods in Transit – GIT, Work Injury Benefit – WIBA & Public Liability.
The product is designed as a self-rated product, where the customer chooses the different solutions. Political Violence & Terrorism Cover extended up to a limit. The product also offers relaxed Warranties & Conditions.
Fire & Perils (compulsory section)
♦ Covers ALL occupations other than the EXCLUDED
♦ Political Risk Cover extended up to a limit of Kes.2M
♦ Accidental Damage Cover extended up to a limit of Kes.1M
♦ Personal Effects extensions up to kes.20,000
♦ Max Limits (as per schedule)
♦ Applicable Excess
♦ Eq Excess
♦ Accidental Damage Excess of Kes.5,000
♦ Premium Rate 0.175% (1.75%o)
Theft (Burglary) (optional)
♦ Hold-up cover inclusive
♦ Political Risks extension up to Kes.2M
♦ Personal Effects cover of Kes.20,000
♦ Premium Rate on Full cover-0.55%
♦ Pre-calculated First Loss Sum Insured options
♦ Excess Kes.5,000
All Risks (optional)
♦ Specified Business portable electronic items
♦ Geographical area-Worldwide
♦ New for Old’-Items up to 12 Months
♦ Political Risks extension up to Kes.0.5M
♦ Max Limit of cover Kes.1M
♦ Premium Rate on Full cover-15%0 (1.5%)
♦ Excess 10% eel minimum Kes.5,000
Money Section (optional)
♦ Covers: Limit any one Claim/Year
♦ Covers money in ‘Premises’, ‘Transit’, with ‘staff/directors’.
♦ Max Limit of cover Kes.500,000
♦ Cover on ‘reducing’ basis –reinstatement
♦ No EAC thus No Declaration Condition
♦ No Transit or Escort Warranty
♦ Personal Effects cover up to Kes.20,000
♦ Forced ATM withdrawal up to Kes.20,000
♦ Airtime/scratch card limit Kes.20,000
♦ Political Risks extension up to Kes.0.5M
♦ Territorial limit: Kenya
♦ Automatic Reinstatement (prem. from the claim)
♦ Premium Rate- 5%
♦ Excess 10% eel minimum Kes.10,000
Property in Transit (optional)
♦ Cover: Limit any one claim/year
♦ No EAC thus no Declaration Condition
♦ Cover on ‘Reinstatement Basis’
♦ Coverage: Road Risk Cover ‘Collision, Overturning, Fire, Burglary, Hijack, R&S’
♦ Goods belonging to Insured but carried by own or hired vehicles
♦ Territorial Limit : Kenya (road, rail, sea, air)
♦ Max Limit of over Kes.5,000,000
♦ Political Risks extension up to Kes.0.5M
♦ Personal Effects Cover (own crew) -20,000
♦ Automatic Reinstatement (premium from claim)
♦ Premium Rate- 3%
♦ Excess 10% eel min. Kes. 10,000/-
Work Injury Benefit Combined (optional)
♦ Combines both WIBA & EL covers
♦ Limit of Liability: 4M/25M/50M
♦ Insures ‘All Employees incl. working Directors’
♦ No need to categorize occupations
♦ Only Annual wage-roll required
♦ Simplified Rating- 3% of wage-roll
♦ Excess Kes.5,000
♦ Incorporates Political Risks & Terrorism Ext.
Public Liability (optional)
♦ Follows the stand cover
♦ Extension for ‘Medical Treatment’-50,000
♦ Premium Rate 0.1%
♦ Excess- Nil
♦ Simplified proposal-form
♦ Rationalized Warranties & Conditions
♦ Simplified Rating
♦ No Quotation Required
♦ Min Sections: Fire plus 2 others
♦ Minimum Policy Premium Kes.7,500
♦ Commission 20%
Consequential Loss
Consequential Loss, also called Loss of Profit policy or business interruption policy, offers compensation for profits lost as a result of damage to insured property following a fire. The compensation is for the gross profits lost and for wages paid out during the period to which business is interrupted.
Domestic Insurance Policy
This product is a form of property insurance that protects individuals’ homes against damages to the house and properties within. Being a package policy, it has a number of covers under it to cater for different insurable interests in private homes;
Building Section
It covers residential buildings including landlords’ fixtures, fittings, walls, gate and fences, all on the same premises against fire, natural causes, human causes such as riot, strike and malicious damage, explosion and Miscellaneous causes such as bursting and overflowing of water tanks, apparatus, pipes and impact by road vehicles and animals.
Contents Section
It covers furniture, household goods and personal effects of every description, the property of the insured or that of any member of his family normally residing with him, fixtures and fittings of the insured’s or for which he is legally responsible
All Risks section
This covers accidental damage and theft to specified portable items which are carried outside the house such as cameras, laptops, radio, jewelery, etc.
WIBA Section
This covers domestic servants such as house helps, watchmen, gardeners and drivers in respect of injury, death or disease arising out of and in the course of employment. The cover is mandatory for all employers as per the Work Injury Benefit Act (WIBA).
Owners’/Occupiers’ Liability Section
This section covers the home owner or occupier against legal liability of third parties for accidental bodily injury and accidental loss of or damage to property.
Fire & Perils Insurance
This insurance policy covers loss or damage to property caused by fire, lightning, explosion, earthquake, bush fire, riot and strike, floods, and related perils. The risk may involve commercial buildings, industries, private dwelling premises, good’s in trade, domestic or business property.
Glass Policy
This cover provides compensation for breakage of fixed glass at premises of the insured caused by accident or misfortune of an accidental nature.
These perils include:
♦ Fire
♦ Malicious damage
♦ Riots & Strikes
♦ Breakage from vehicles, animals, nature-related.
Household Insurance
This product is a form of property insurance that protects individuals’ homes against damages to the house and properties within. It also provides liability coverage against accidents that take place within the household.
Liability Insurance
Liability insurance offers protection to purchasers against third party insurance claims. We offer various packages including:
♦ Directors and Officer’s Liability provides cover to past and future directors and officers for losses arising out of claims made against them for whom they have not been indemnified by the corporation their serving;
♦ Carriers Liability covers the insured for legal liability for accidental loss of or damage goods in the custody or control of the insured whilst in transit by any means of transport, occurring during the period of insurance and within the territorial limits specified;
♦ Trustees’ liability provides protection for trustees, employees, the employer, and any said scheme in the event of claims brought forth. The policy covers settlement on legal action and for the costs of defending actions.
Money
This policy is the effective following:
♦ Loss of money at one’s premises during business hours or in safes or strong rooms,
♦ Loss of money in transit,
♦ Loss of money in the custody of an authorized employee,
♦ Loss of, or damage to safes or strong rooms insured in the process of theft or threat.
Motor Vehicle Insurance
We provide you financial protection against physical or bodily injury resulting from the ownership and or use of a motor vehicle for physical accidental, collisions and against liability that could arise therefrom.
The cover is for vehicles used for Private and Commercial or Business purposes.
We will cover you against:
Accidental loss or damage to own vehicle arising out of:
♦ Impact damage or collision, overturning
Fire damage
Theft of whole or part of the vehicle
♦ Third-Party Liabilities – legal liabilities arising out of ownership or use:
Damage to property belonging to other people-vehicle, buildings
Death or injury to pedestrians or public
Death/ injury to passengers – passengers legal liability
♦ Emergency Medical Expenses to driver or passengers or pedestrians following an accident
♦ Damage to the vehicle in custody of a motor trader or other service providers
Special Benefits:
♦ Free cover for the windscreen, theft of audio and video accessories
♦ Free cover for a spare wheel, jack and tool box
♦ Free cover for protection, recovery & towing after an accident
♦ Non claim discount – building up to 60% depending on the number of years for not claiming
♦ Discount on fleet
♦ Full discount on Controlle Technique fees at renewal
♦ Flexible premium rates and terms
♦ Cover for damage to vehicles in the custody of Motor Trader or Garage
♦ Geographical scope – Rwanda, but can be extended to other East African countries on request
♦ Authority for emergency repairs up to an agreed limit
Necessary Documents for cover
♦ Copy of logbook
♦ Copy of PIN (if available)
♦ Copy of Driving Permit
We shall provide an application form for you to complete
Upon confirmation of cover and premium payment, we shall then issue the necessary documents
Claims Process/ Documentation:
Damage to Own Vehicle:
♦ Secure vehicle to avoid further damage
♦ Notify Britam as soon as possible
Required Documents:
♦ Completed Claim Form
♦ Police Abstract
♦ Copy of driver’s license
♦ Payment of excess
Write-Offs/Thefts
♦ Completed Claim Form
♦ Original Log Book
♦ Transfer Form
♦ Car Keys
♦ Certificate of Incorporation or copy ID card or copy of PIN
♦ Tool kit, jack and spare wheels
♦ Police Abstract
Accidents involving Injury, Death or Damage to 3rd party
♦ Obtain details of the parties involved
♦ Obtain necessary medical attention and report the matter to the nearest police post
♦ Report to Britam as soon as possible – you will be required to complete a motor accident report form
♦ Secure vehicle/property to avoid further loss or damage
Windscreen & Wind Glass
♦ Completed windscreen or glass claim form
♦ 3 replacements quotations
Claim Payment Timelines:
♦ Windscreen claims paid within 24 hours upon full documentation
♦ Repair authority within 24 hours upon receipt of quotation and relevant claim support documents
♦ Total loss/ write- off within 5 days after receipt of all mandatory documents
♦ How can you get covered?
Personal Accident
This cover provides compensation to the insured for physical and visible body injury caused in an accident and further if the injury results in death or disablement.
Property Insurance
This product provides insurance to owners of a structure and the property within it in the event of theft and damage, natural or otherwise.
Political Violence & Terrorism
This policy covers damage and injuries occasioned by acts of terrorism, sabotage, mutiny, rebellion, insurrection and coup d’états, strikes, riots and any civil commotion which would be excluded from standard insurance policies.
Sports insurance
The sportsman insurance product covers the loss of, or damage to sports equipment and personal effects. The policy can be extended to cover: personal accident, death, temporary or permanent disablement, third party liability and medical expenses whilst the insured is in any sports arena.
Student Personal Accident
The policy will provide monetary payments in the event of bodily injury sustained by the insured/student. It covers injury caused by violent, accidental, external and visible means subject to the option selected by the insured. This is purely for students on attachment in course of their learning period.
Cover is available as follows:
♦ Death
♦ Permanent total disability
♦ Medical expenses
♦ Last Funeral Expenses
Travel Insurance
Travel Insurance is an insurance policy that provides 24 hours emergency medical assistance, personal accident cover, compensation for travel delay and loss of traveller’s property and other travel related contingencies arising during the trip.
Important points
What is the nature of coverage:
This policy is not a general health insurance policy. Coverage is intended for use by the Insured in the event of a sudden and unexpected sickness or accident arising when the Insured is outside of his Home Country.
What do I do in the Event of a Medical Emergency?
♦ SPECIALTY ASSISTANCE MUST be contacted immediately, in the event of an Insured dying, incurring medical expenses in excess of US$500, being involved in an accident, or being admitted to hospital. The Company will not be liable for any costs without the express prior approval of SPECIALTY ASSISTANCE.
♦ SPECIALTY ASSISTANCE will provide a complete medical assistance service to the Insured. Operating 24 hours a day 365 days a year, SPECIALTY ASSISTANCE provides effective medical assistance for the Insured anywhere in the world and can be accessed by telephone or fax:
♦ For assistance Worldwide, contact:
♦ Specialty Assistance
♦ London, UK
♦ Tel: (24 HR) +44 (0)20 7902 7405
♦ Fax: (24 HR) +44 (0)20 7928 4748
♦ Email: (24 HR) assistance@specialty-group.com
For non-emergency medical and all other claims, you will need to complete a claim form as soon as possible after the incident has occurred or within 31 days of your return to your home country.
The completed claim form, together with invoices, proof of ownership, travel documents and any other relevant details must be sent to Britam.
Equimed Health Insurance
This is a comprehensive in-patient and out-patient medical insurance package that is offered to individuals. Its benefits include:
♦ Wide scope of cover
♦ Various options to choose from: in-patient from Kshs. 200,000 to Kshs. 5,000,000 out-patient from Kshs. 20,000 to Kshs. 120,000
♦ Includes pre-existing, chronic and psychiatric conditions at sub-limits
♦ Maternity cover including natural birth, cesarean section, antenatal, postnatal & routine immunizations
♦ 24-hour access to a wide panel of service providers
♦ Eligibility is from 1 month to 75 years of age treatment abroad
♦ Biometric identification & access
♦ No medical examinations required
Corporate:
Medical
The Britam corporate medical cover, also known as Mediflex, offers inpatient cover and a fund- managed outpatient cover. Our Health insurance cover provides a comprehensive and flexible cover for employees as well as their dependents.
Registered companies, NGOs, as well as Chamas with more than 10 members are eligible.
Our medical insurance cover is flexible allowing for employers to choose the expenses that will be catered for, including:
♦ Routine outpatient consultation.
♦ Diagnostic laboratory & radiology services.
♦ Prescribed drugs and dressings.
♦ Dental & optical services subject to sub-limits and terms.
♦ Prescribed physiotherapy.
♦ Chronic, recurring & pre-existing conditions.
♦ HIV/AIDS and related conditions and ARVs.
♦ Routine antenatal and postnatal care.
♦ Routine immunizations.
Bonds
Britam acts as the guarantor to the insured to pay a defined amount of money should the person/party guaranteed fail to pay or meet the terms and conditions of a contract with the third party.
The bonds may include:
♦ Immigrations/Security Bonds
♦ Performance/Contractor’s Bonds
♦ Tender/Bid Bonds
♦ Financial Guarantee Bonds
♦ Customs Bonds
Consequential Loss
Consequential Loss, also called Loss of Profit policy or business interruption policy, offers compensation for profits lost as a result of damage to insured property following a fire. The compensation is for the gross profits lost and for wages paid out during the period to which business is interrupted.
Contractor’s All Risk
What is the Contractors’ All Risks Policy?
Every construction activity attracts a wide range of risks which can damage the property. Contractors’ All Risks Insurance Policy provides complete protection against all such types of civil construction risks namely;
♦ Fire, lightning, explosion, aircraft damage
♦ Riot, strike, malicious act
♦ Flood, inundation, storm, cyclone and allied perils
♦ Landslide, subsidence and rockslide
♦ Burglary and theft
♦ Collapse, damage due to foreign objects, impact damages
What does this policy cover?
The policy offers coverage under three sections:
SECTION I
Material damage
The policy covers physical loss, damage or destruction of the property due to any cause other than those specifically excluded in the policy.
SECTION II
Contractor’s Plant and Machinery Section
It is an important all risks section covering principally movable plant and machinery owned or leased by the principals or contractors and used on the site for various construction work, repairs & maintenance jobs or even regular site work.
SECTION III
Third-party liability
The policy covers the legal liability falling on the insured contractor as a result of bodily injury or property damage suffered by a third party.
What is the sum insured?
The sum insured should be for the contract price which is the full value of the contract works on completion of the construction.
What is the duration of this policy?
The cover comes into effect from the time of commencement of work or after the unloading of the insured property at the site, whichever is earlier, and expires on the date specified in the policy.
What additional covers does this policy offer?
Cover can be extended up to a limit chosen by the insured on the following, on payment of additional premium:
♦ Cross liability
♦ Cost of removal of debris
♦ Express freight, overtime charges
♦ Air freight
♦ Additional customs duty
♦ Escalation
♦ Owner’s surrounding property
Contractors Plants and Machinery
This policy covers the contractor for loss or damage to contract works, contractors’ plant and machinery and material on-site that may occur during the course of the construction of buildings, roads, bridges, dams, and other like infrastructure including any liability to third parties that may arise there.
Additionally, the policy will extend to cover the contractor’s liability to members of the public, (third parties), for death, injuries or damage to their property arising out of the contractor’s negligence.
Work Injury Benefits Act
This cover protects employers, should their employees incur injuries or die in the course of their work. It steps in to lift the employers’ financial obligation under work injury benefits act to compensate workers injured out of and in the course of employment.
Engineering
This Product covers failure of industrial machinery including Contractor’s all risks insurance, Erection all risks, Machinery breakdown and Electronic equipment insurance.
The company offers covers on various classes of engineering insurances as follows:
Contractor’s All Risks (CAR) Insurance
This insurance provides comprehensive and adequate protection against loss or damage in respect to the contract works, construction plant and equipment and/or construction machinery as well as against third party claims in respect to property damage or bodily injury arising in connection with the execution of the contract.
Erection All Risks (EAR)
This insurance offers comprehensive and adequate protection against all the risks involved in the erection of machinery, plant and steel structures of any kind as well as third party claims arising from the execution of the project.
Machinery Breakdown
The cover was developed to grant industry effective insurance cover for plant, machinery and mechanical equipment at work, at rest or during maintenance operations.
Electronic Equipment Insurance (EEI)
Electronic equipment insurance is “Accident” insurance on an all risk basis, covering sudden and unforeseen losses which physically affect the equipment insured.
Fidelity Guarantee
Fidelity Guarantee covers the employer against direct financial loss of money and loss of stock which might result from acts of dishonesty by an employee in the course of employment.
Glass Policy
This cover provides compensation for breakage of fixed glass at a premises of the insured caused by accident or misfortune of an accidental nature.
These perils include:
♦ Fire
♦ Malicious damage
♦ Riots & Strikes
♦ Breakage from vehicles, animals, nature related.
Goods in Transit
This policy covers loss of or damage to specified goods belonging to the insured or in trust whilst in transit due to collision, overturning, fire, theft or hijacking.
Group Personal Accident
The group personal accident cover provides compensation to the employees of the insured for physical and visible body injury caused in an accident, as well as injuries that result in death or disablement.
The policy provides employees as well as employee families with protection against accidents while on the job. It is best for corporates and institutions.
Industrial All Risks
This is an insurance package that provides indemnity for the property insured against any loss or damage from any cause such as fire & allied perils, burglary, accidental damage and business interruption.
Corporate Liability Insurance
Liability insurance offers protection to purchasers against third party insurance claims. We offer various packages including:
♦ Directors and Officer’s Liability which provides cover to past and future directors and officers for losses arising out of claims made against them for whom they have not been indemnified by the corporation their serving;
♦ Carriers Liability which covers the insured for legal liability for accidental loss of or damage goods in the custody or control of the insured whilst in transit by any means of transport, occurring during the period of insurance and within the territorial limits specified;
♦ Trustees’ liability which provides protection for trustees, employees, the employer, and any said scheme in the event of claims brought forth. The policy covers settlement on legal action and for the costs of defending actions.
♦ Employers’ Liability which protects employers against legal liability under common law, negligence or breach of statutory duty for damages and claimant’s costs and expenses of litigation in respect of accidents, diseases or even death to employees happening in the course of employment. It is, therefore, necessary for that Employers’ liability insurance be arranged in addition to WIBA policy which is compulsory by law
Machinery Breakdown
Machinery breakdown protects the insured against any unforeseen and sudden physical loss or damage. The cover gives compensation in the form of cost of repairing or replacing indemnifiable breakdown or losses to machinery.
Marine Insurance Overview
It is a comprehensive insurance policy that covers goods, freight and other interests against loss or damage whilst being transported by rail, road, sea and/or air from warehouse or Port of Loading to the final destination.
Britam Marine is ideal for both individuals and corporates transporting goods inland, importing or exporting like manufacturers, wholesalers, miners and producers.
Why Britam Marine Cargo?
♦ Offers flexible coverage options:
♦ Port to port
♦ Warehouse to warehouse
♦ Worldwide claims survey and settlement assistance
♦ Efficient Claims settlement
♦ Worldwide network of pre-shipment surveyors.
♦ Customized covers to suit your needs
♦ Adequate technical expertise
♦ Sufficient Financial capacity to undertake any level of risk
♦ It is freely assignable
Money
This policy is effective following:
♦ Loss of money at ones premises during business hours or in safes or strong rooms,
♦ Loss of money in transit,
♦ Loss of money in the custody of an authorized employee,
♦ Loss of, or damage to safes or strong rooms insured in the process of a theft or threat.
Motor Vehicle Insurance
Professional Indemnity
This policy protects professionals from legal liability that may arise due to acts of negligence, error or omission in the rendering of or failure to render professional services for others in the insured’s capacity as a professional.
It is available for professionals including lawyers, trustees and medical practitioners. The policy pays for the costs of defending any action brought against the insured in their professional capacity as well as for awards that may have arisen out of court judgements, or defense costs, loss of documents fees and expenses.
Political Violence & Terrorism
This policy covers damage and injuries occasioned by acts of terrorism, sabotage, mutiny, rebellion, insurrection and coup d’états, strikes, riots and any civil commotion which would be excluded from standard insurance policies.
Corporate Property Insurance
This product provides insurance to owners of a structure and the property within it in the event of damage, natural or man – made and theft.
21. School Bus Enhanced Policy
What is the School Bus Enhanced Policy?
It is an insurance package aimed at covering the various risks school bus owners are exposed to.
What does the School Bus Enhanced Policy cover?
This policy provides cover for the following:
♦ School bus
♦ Personal accident
♦ Windscreen
♦ Radio cassette
♦ Medical expenses
♦ Accessory – Alternator/Starter
♦ Political risks & terrorism (optional)
What Benefits do you get with our Enhanced School Bus Policy?
The Personal Accident compensation is payable to any authorized driver for injuries or death arising from a road accident or carjacking involving the insured vehicle, subject to admissible claims on the insured vehicle.
Britam Kenya Insurance Limited Medical Cover
The Britam Insurance medical cover, popularly known as Mediflex, offers inpatient cover and a fund managed outpatient cover. The inpatient medical insurance provides a comprehensive and flexible cover for staff and their eligible dependents for hospitalization due to illnesses and/or accidental injuries occurring within the policy period. The scheme operates on account (credit) by use of photo-cards. Each family is covered for a specified limit, determined by the employer.
Advantages
♦ Employees regard medical insurance as an important fringe benefit.
♦ Health insurance provides peace of mind to employees and their families.
♦ A group health policy covers people regardless of their present state of health.
Inpatient benefits
♦ Hospital accommodation.
♦ Inpatient medical investigations & pathology e.g. CT scans, lab tests, ECG tests, etc.
♦ Prescribed drugs/medicine.
♦ Theatre fees and surgical appliances.
♦ Surgeon’s & anesthetist’s fees.
♦ Day care procedures.
♦ Inpatient physiotherapy.
♦ Air & road evacuation within Kenya.
Added Benefits, at an extra cost
♦ Pre-existing, chronic and HIV/AIDs are covered.
♦ Psycho effective illness e.g. Depression is covered.
♦ Maternity cover.
♦ Free 1st Emergency Caesarean Section operation.
Treatment outside Kenya
The policy covers expenses incurred outside East Africa up to a period of six weeks from the date of travel.
Eligibility
Medical insurance cover is available to registered companies, NGOs, chamas, businesses & organizations with at least 10 employees.
Outpatient
The outpatient package is offered on a fund managed basis, where the client deposits money with us and we administer the outpatient benefits for them.
Advantages of fund managed outpatient services
♦ The client chooses the benefits s/he wants.
♦ The client may opt not to have any exclusion if s/he so wishes.
♦ The client has the opportunity to decide the outpatient service outlets to use.
If, at the end of the year, there is money remaining in the fund, the client may choose to have the money refunded to him or rolled over to the next policy period.
Benefits of Britam Insurance Medical Cover
The expenses catered for are agreed upon with the client including, but not limited to, the following:
- Routine outpatient consultation.
- Diagnostic laboratory & radiology services.
- Prescribed drugs and dressings.
- Dental & optical services subject to sub-limits and terms.
- Prescribed physiotherapy.
- Chronic, recurring & pre-existing conditions.
- HIV/AIDS and related conditions and ARVs.
- Routine antenatal and postnatal care.
- Routine immunizations.
Individual Pension plan
Their individual pension product is a long term investment plan that allows you to build a sizeable retirement fund. Your monthly contributions grow exponentially with competitive interest rates.
The plan allows you to first build your retirement income by making regular contributions during your working life. This allows your savings to grow exponentially over time while earning interest. On attainment of your selected retirement age, Britam will pay your accumulated retirement benefits in accordance to the option selected at the inception of the policy.
How Does The Plan Work?
The plan allows you to first build your retirement income by making regular contributions during your working life. This allows your savings to grow exponentially over time while earning interest.
On attainment of your selected retirement age, Britam will pay your accumulated retirement benefits in accordance to the option selected at the inception of the policy.
Britam Kenya Insurance Limited Careers
Britam Kenya Insurance Limited is a leading financial services group in the region, offering a wide range of insurance and asset management services to individuals, small businesses, corporations and government entities.
As part of our growth strategy and to strengthen the team to achieve its ambitious performance objectives, the company wishes to recruit experienced, dynamic and innovative individuals to fill the following positions: http://www.britam.co.ke/site/index.php/who-we-are/2013-11-22-06-17-59/careers
Britam Kenya Insurance Limited Contacts
♦ Britam Centre
♦ Mara/Ragati Road Junction, Upperhill
♦ P.O. Box 30375-00100, Nairobi
♦ Tel: (020) 2833000
♦ Mobile: +254 703 094 000
♦ Fax: (020) 2717626/2714927
♦ info@britam.co.ke
www.britam.co.ke
Britam Kenya Insurance News
NAIROBI, KENYA: It has been a very busy month for the financial sector with most of the listed firms announcing their end year financial results. The insurance sector has witnessed numerous releases eliciting numerous reactions on their industry in general. Starting off, Britam Holdings have announced a loss amounting to Sh2.86 billion for the year ended December 31, 2018.
The Sh2.7 billion decline in income has been attributed to a tough operating environment with unrealized losses on equities increasing to Sh3.2 billion compared to the Sh0.9 billion gain reported the previous year. Consequently, returns from the property investments were also on a downward trend due to low uptake of completed units. With 23 percent of her total income coming from financial investments, IFRS 9 provisions have dealt a major blow to the insurer as they have to be reported on a fair value basis thus, the Sh3.2 billion loss on equities recognition for the period.
Focusing on their main business segment, insurance, and the business recorded a 4 percent increase in premiums and commissions with the life assurance segment recording a 6 percent surge in premium growth. Their assets also increased by sh4.6 billion being attributed to a 5 percent increase in investment assets. For this reason, the loss per share was sh0.92 down from a 0.26 gain the previous period.
From the poor performance, the board of directors has not recommended any dividends. Earlier this week, Sanlam’s annual financial report was also on a downward trend having reported an sh1.98 billion loss citing a challenging operating environment. This saw some of the companies (Athi River mining, Kaluworks, and Real People) they invested in going into financial distress (a condition where a firm has trouble in meeting her obligations to creditors) thereby, defaulting in the payment of a 1.14bn debt advanced.
On the positive side, Kenya Re and Liberty Holdings registered positive earnings even though, a decline in comparison to the previous period. After issuing a profit warning in accordance with the capital markets authority, Kenya Re, the largest reinsurer in Kenya braved the tough economy to post a profit amounting to Sh2.278 billion for the period ended December 2018, a 36 percent decline from Sh3.5 billion in 2017. The Sh1 billion decline was attributed to increased claims, impairment of assets as well as currency devaluation in one of their markets.
From their results, they registered flat growth in premiums with claims increasing from 8.1 billion to 9.4 billion. Investment income grew by 6 percent to 3.39 billion while their asset value increased by 1.63 billion to 44.36 billion. The operational costs also increased by 18 percent from 1.7 billion to 2.02 billion resulting from forex losses, amortization of a new reinsurance system and the impairment of assets held for sale.
In this regard, the shareholders will receive a final dividend of sh0.45 per share. Liberty Kenya holdings posted a profit of sh608million, a 9 percent decline from the previous period citing a challenging operating environment. The group reported flat premiums with investment income declining from 2.4 billion to 125million. The insurance claims were also down by 12 percent on account of lower policy terminations.
The group reported a 2 billion increase in assets with operating expenses declining by 137million to sh3 billion. The board of directors recommends a dividend which shall be announced and approved during the AGM to be held on June, 6th 2019. Going forward, insurance companies have to re-evaluate their asset management segments to minimize portfolio losses so as to return to profitability since the IFRS policies present impact heavily on their assets
BRITAM INSURANCE COMPANY