Directline Assurance Limited has received approvals from the Insurance Regulatory Authority(IRA) to underwrite non-motor businesses.
According to the underwriter’s Chief Executive Officer Evans Nyagah, the move has been prompted by customers demanding more products and services from the underwriter, whose legacy business has been motor insurance.
He assured traditional customers that they will still get the same level of quality service in motor insurance.
” We are responding to our customers who are demanding for more and therefore as a business, we will do more for them,” said Nyagah.
Directline Assurance legacy business
For the last 16 years, this underwriter has been in motor insurance and now shifts its business model to provide a one-stop shop for all insurance needs of its customers.
Directline, a leading PSV insurer, is considered Kenya’s first niche underwriter to focus on motor vehicle insurance solely.
Figures from the IRA shows that Directline Assurance, with a market share of 2.0% of the entire underwriting business, earned a gross premium income of KSh 188,955.00 from underwriting Private Motor business, KSh 70,735.00 from Motor Commercial and KSh 2,366,733 as gross premiums from underwriting PSV motor business.
In total, Directline Assurance earned KSh 2,626,423.00 as gross premium income for the period ended 31st December 2020.
The firm settled claims worth KSh 194,829 in motor private, KSh 67,966 in motor commercial and KSh 1.7 Million in PSV, bringing the total claims paid at the end of 2020 to KSh 1,988,874.00.
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