Mr.Kariuki Theuri Director Economic Diplomacy represented the Chamber President during the launch of the KNCCI-JAGIL product by highlighting the following ;
SMEs Business Challenges
The economic impact caused by the covid-19 pandemic cannot be understated. During the months of November and December 2020, KNCCI and the Center for International Private Enterprise (CIPE) conducted a national study to understand the impact of COVID-19 on business enterprises. The results of the survey indicated that Covid-19 had impacted general operations, staffing levels, sales, and supply chains among other aspects of business operations.
A large percentage of Kenyans work in the informal sector, in micro-businesses, and in the Juakali sector. The sector has recorded massive job losses and supply-chain disruption, depletion of the supply of stock, increase in commodity prices, and a slowdown in production as well as limited mobility of factors of production.
KNCCI appreciated Jubilee for recognizing the important contribution of SMEs to the growth of the Economy. Providing jobs to about 75% of the workforce in Kenya, SMEs are a major source of livelihood and national gross domestic product.
Insurance products for KNCCI Members
Jubilee Allianz brings across five products for KNCCI members. The intervention is timely and appropriate. It comes at a time when SMEs are in dire need of urgent and immediate flexible and affordable products and strategies that will serve their business requirements when increased operation costs and reduced sales threaten their existence
Some of the ways that SMEs can benefit from the Jubilee insurance products are as follows:
- Personal accident covers for employers and staff, especially those in the juakali sector who may be exposed to risk
- Staff medical cover to guarantee employee health care and wellness
- Indemnity for fire, burglary, theft of equipment and other damage to buildings, fittings and business infrastructure
- Indemnity for loss or damage of goods in transit
- Business income insurance to cover business slowdown and operational interruptions
- Professional liability insurance for protection against claims and lawsuits
KNCCI expressed its gratitude to Jubilee for its dynamic products that continue to evolve to be bigger and better. KNCCI is looking forward to see the development of additional products that will meet the changing needs of SMEs with the unprecedented circumstances. Businesses are now looking forward to insurance products that will guarantee continuity of their operations in the case of economic interruptions such as that caused by the covid-19 pandemic. KNCCI is optimistic that the products availed by Jubilee will go a long way in cushioning KNCCI members against business losses. They can now access affordable insurance options.
“With this kind of support, SMEs will recover and thrive as major instruments for poverty reduction and inclusive economic growth. ” Vice-Chairman Women in Business
KNCCI applauses the partnership, and pledge to enhance strategic and coordinated support to enable economic bounce-back of SMEs.