Britam Advocates for SME Risk Mitigation Amidst Devastating Floods in Kenya
6th May 2024, Nakuru, Kenya… In the wake of the devastating floods that have swept through Kenya, causing unprecedented damage to businesses and livelihoods, the importance of risk mitigation strategies for small and medium-sized enterprises (SMEs) has never been more evident.
Tom Gitogo, the Group Managing Director and CEO of Britam, addressed this pressing issue during an SME networking forum in Nakuru. He emphasized the company's commitment to developing insurance solutions that cater to the unique challenges posed by climate change.
"Climate change is not a distant threat; it's a present reality," stated Mr. Gitogo. "Our collaboration with global partners like Oxfam and Swiss Re has enabled us to develop insurance solutions that specifically address the challenges posed by flooding and drought. Since we launched the Flood Insurance solution last year, we have to date paid over Kshs 20 million in claims to 300 households in Lower Tana affected by floods, all without having to sign traditional claim forms. This has been possible due to the technology driven solution that monitors flood incidents remotely and triggers payment automatically,” said Gitogo.
The significance of Britam's Flood Insurance solution is underscored by the current floods where intense rainfall has affected various regions in Kenya, including, Lake Victoria Basin, Central areas including Nairobi, the Western Highlands, Rift Valley, and Southeastern lowlands. This has not only affected residential areas but also wreaked havoc on the business assets and operations of countless SMEs.
Britam's long-standing domestic package, which covers damages to homes including furniture and electrical equipment, offers comprehensive protection against the ravages of natural disasters including flooding. This serves as a beacon of hope for homeowners and businesses striving to safeguard their assets against such unpredictable events. Additionally, Britam’s comprehensive car insurance covers damages caused to vehicles by floods.
The launch of the Nakuru chapter of the Britam Business Network marks a significant step towards bolstering the resilience of Kenyan SMEs. The network offers tailored support to SMEs across various sectors, ensuring they thrive in their respective fields. From importing goods to coordinating agricultural activities, Britam's objective is to help SMEs overcome common challenges and navigate regulatory complexities. This is especially pertinent given the financial challenges that SMEs face, including lack of finance, high interest rates, and credit rationing. Additionally, a new modern branch in Nakuru has been launched to ensure customers can access services conveniently for those who wish to visit the branch. The new branch is located in the Jennifer Riria Hub building along Kipchoge Ave and Tom Mboya St in Nakuru.