Equity Gets Approval from IRA to Venture into General Insurance

Equity Group Holdings has received “in principle” approval from the Insurance Regulatory Authority (IRA) to establish a General Insurance Company.

This approval follows the successful launch of Equity Life Assurance Kenya (ELAK) – A life Insurance business last year.

ELAK achieved significant milestones in just nine months, including issuing 4.1 million policies and earning a gross written premium of Kshs.3.99 billion, and generating a profit before tax of Kshs.405 million.

Additionally, ELAK was awarded the Group Life Company of the Year, Group Life Innovation, and Group Life Best Loss Ratio awards in 2022.

Equity Group Holdings hopes to continue its success in the insurance industry and contribute to its transformation through innovation.

The company plans to do this through insurance inclusion, affordability, and reliability in protecting life, health, and wealth under the tagline “The Insurance You Can Trust”.

The group board has appointed Jonas Mushosho as the inaugural chairman of the General Insurance Company, subject to IRA approval.

Mushosho is currently the Insurance Trade Finance Programme Coordinator at Afri Exim Bank and has held various positions at Old Mutual, including Managing Director of Old Mutual Life-Zimbabwe, Group CEO of Old Mutual-Zimbabwe, and Managing Director Old Mutual-Rest of Africa.

Mushosho holds postgraduate qualifications from Harvard Business School (USA), Insead Business School (France), London Business School (UK), MBA from the University of Zimbabwe, and undergraduate BSC Accounting (Zimbabwe) and BSC Computing (SA).

Equity Group Holdings aims to transform the insurance industry for the betterment of people, the country, and the continent with its new General Insurance business.