Big Bang?

Kenya’s Jubilee Insurance eyes Ethiopia expansion with Allianz

By David Whitehouse

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Posted on April 28, 2021 17:14

 © Nizar Juma, chairman, of Jubilee Holdings. Photo supplied.
Nizar Juma, chairman, of Jubilee Holdings. Photo supplied.

Jubilee Insurance in Kenya aims to extend its partnership with Germany’s Allianz to penetrate underinsured Ethiopia.

The Ethiopian government has signalled that Jubilee, East Africa’s largest insurer, will be allowed to enter the country once financial services are opened to foreign companies, Chairman Nizar Juma tells The Africa Report.

“Once the financial sector starts to open, insurance will be the next step,” Juma says in Nairobi. “Ethiopia is a very good market. We will talk to Allianz to see if they want to enter.”

The World Bank has been asking the Ethiopian government to open up financial services, Juma says. “I think it is going to happen.”

Prime Minister Abiy Ahmed has taken steps to partly open the telecommunications, transport and logistics and power sectors. Progress has been stalled by Covid-19 and by conflict in Tigray, but some international banks have set up representative offices in a bid to be ready for financial liberalisation. Juma says he expects the market to be open within the

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