Ecobank Ventures into Assurance

Ecobank Kenya has become the latest local commercial bank to venture into the insurance business.

The bank has set up an insurance agency – Ecoinsurance Agency – to offer life and non-life insurance products.

Ecoinsurance will partner with Old Mutual, Saham Insurance and UAP Insurance to distribute its insurance products and services.

The partnership with the three established insurance companies, the bank seeks to enable Ecoinsurance to leverage on the three established companies’ countrywide distribution network.

The coverage of insurance in Kenya is quite low, as it is estimated that only 7 per cent of Kenyans have an insurance cover.