Equity Life Assurance Kenya Limited (ELAK) was named Group Life Company of the Year by the Association of Kenya Insurers (AKI), in the 2022 insurance industry excellence awards, after scoring the highest points in the award category.
The insurance entity which just clocked its first year of operation also garnered top position in the Innovation Award Category and the Best Minimum Loss Ratio Award Category after fulfilling the various entry criteria including effectively demonstrating consistent growth in premium volumes and for partnering with several stakeholders within the industry.
ELAK, which is fully owned by Equity Group Insurance Holdings Limited (EGIHL), recorded the highest cumulative points in terms of its loss ratio which is indicative of a positive financial performance characterized by profitability and a strong focus on risk management.
While issuing the awards, the AKI judging panel noted that ELAK, which entered the insurance space in 2022 and positioned itself as an insure-tech, has cemented its position in the industry by demonstrating good underwriting practices with capacity to effectively generate new business and the ability to avail to the market new channels of access for insurance solutions. The organization’s win solidifies Equity Group’s entry into the insurance space and paves way for increased insurance penetration amongst Kenyans which currently stands at about 2% and can be classified as low compared to other economies.
The AKI organized annual event brought together key players in the insurance industry to celebrate the achievements of top performers in the sector in different categories, including life, general, and reinsurance. In attendance were different stakeholders, including insurance companies, regulatory bodies, and industry players, who shared insights on the future of the insurance industry. AKI also used the event to highlight the critical role played by the insurance industry in the economy.