AIG KENYA INSURANCE CO. LTD 14 OCT 2008 E – TOURISM CONFERENCE
US ECONOMIC CRISIS & AIG INC. • The US Economy is been in trouble and one course was the sub- Prime Mortgage problem which affected AIG Inc together with many Banks and financial Institutions. • The AIG Insurance Subsidiaries and those in the US were not affected by the Sub-prime problem which saw the US Federal Bank provide a revolving credit to AIG Inc. • The Insurance Business worldwide is heavily regulated to protect policy holders.
Deal with the Fed • The Federal Government of the United States of America gave AIG a resounding vote of confidence on September 16th by providing the company with a two-year $US85 billion revolving credit facility • New improved “AIG Inc.” will be re-focused to its principle insurance activities of US Domestic & Foreign General insurance” • AIG has been operating in Kenya for over 37 years . • These are indeed the most turbulent times our financial markets have seen, however one thing has not changed - insurance is a promise. We stand behind that promise. And we stand behind our clients as we have for the last 37 years in Kenya and nearly 80 years in 80 countries around the globe
AIG Kenya is financially strong • AIG Kenya Paid up Capital – Kshs. 300m – We have already complied with the new regulation before required date of Jan 2010. • AIG Kenya is regulated by Insurance regulatory Authority • Treaty facilities backing AIG Kenya are in place and operating as before
Is AIG in Kenya affected by AIG Inc ? NO • AIG Kenya Insurance Company Limited is a subsidiary of American International Underwriters Overseas Limited with a 33% local shareholding. • AIG Kenya Insurance Company Limited is adequately capitalized and fully capable of meeting AIG Kenya’s obligations to policyholders including the payment of claims. • The company’s local solvency margin and capital continue to be healthy with sufficient surplus capital. • The reinsurance treaty facilities with the parent company’s regulated insurance subsidiaries continue to remain undiminished.
Endorsements
Our ability to perform is undiminished Our unique company provides: Global Reach Breadth of Products and Services Experienced Underwriting Financial Strength Superior Claims Management
AIG TRAVEL INSURANCE
• Can be purchased on or off line • AIG operational in 130 countries and jurisdictions around the world • Wide network supported by ISOS which is present in over 80 countries and jurisdictions around the world
Types of Cover ( Product Packaging) There are six(6) broad types of travel covers viz.: • Corporate: Targeting corporate Client • Individual Business/Leisure • Group: 10 pple or more traveling on an identical itinerary • Schengen Travel Package • Student • In- Bound
PRODUCT OVERVIEW MEDICAL EXPENSES. – Resulting from sickness or accident including emergency optical and dental treatment. – Follow up treatment in Kenya arising from an injury/illness first treated abroad. – Repatriation of mortal remains/burial expenses. – Coffin expenses Accompanying family member.
PRODUCT OVERVIEW PERSONAL ACCIDENT COVER . • Death, disability and injury. • Spouse Accidental death cover should the insured’s spouse dies as a result of an injury whilst insured has traveled. • Education Fund supplement for each dependant child( up to a maximum of 5) should the traveler die as a result of an injury.
Product Overview……… ALTERNATIVE EMPLOYEE • Reimbursement of reasonable and necessary expenses to send a substitute person to complete the original business commitment. RESUMPTION OF ASSIGNMENT. • Reimbursement of costs of returning the traveller to complete his/her original business commitments and objectives.
LOSS OF DEPOSITS. Reimbursement of non-refundable unused portion of travel or accommodation arrangements following necessary cancellation,alteration or non completion of travel. CANCELLATION OR CURTAILMENT. Reimbursement of additional expenses other than lost deposits. LOSS OR THEFT OF PROPERTY • Includes Baggage, personal effects, travel documents, money and credit cards. BAGGAGE DELAY. • Reimbursement of reasonable expenses incurred during travel for the emergency replacement of essential items due to the delay, misdirection or misplacement by a carrier.
TRAVEL DELAY. Reimbursement for essential expenses following unforeseen travel delay resulting from: • Loss or theft of travel documents • Accident to the transport • Delay of scheduled departure due to mechanical breakdown of plane • Misconnection resulting from any circumstances outside the traveler's control PERSONAL LIABILITY This is cover for all damages, compensation and legal expenses as a result of the traveler’s negligence during travel causing: • Death or illness of another person • Loss of or damage to property.
HIJACK • Unlawful seizure or wrongful exercise of control of a public conveyance in which one is travelling. KIDNAP & WRONGFUL DETENTION . Reimbursement of expenses incurred and paid for: • Rewards for information to informants • Reasonable travel and accommodation costs during negotiation • Interpreters costs • Remuneration costs during kidnap period
ADMINISTRATION AIG E-TRAVEL Travel Africa System
Access • Currently being accessed by Travel Agents and other Insurance Intermediaries. • No access to General Public for now
ADMINISTRATION
ADMINISTRATION
ADMINISTRATION
ADMINISTRATION
ADMINISTRATION
E-Travel Experience Worldwide • Worldwide experience with airlines e.g. • BMBaby- UK • Mango – SA • 1Time - SA • Airlines in South East Asia and South America • Worldwide experience with air travel distributors • Amadeus • Galileo
E-TRAVEL CONVERSION IN KENYA Currently 45% E-travel 55% Coupon Our aim is achieve 80% E-travel by end of 2009
E-TRAVEL CONVERSION - Challenges • Band width Problem • Low usage of Credit card Online – fear of online fraud • Dial – up connection hence unreliable access and speed • Low public acceptance of internet usage especially for transactions • Legislation (Wet Signature) – especially pertaining to Insurance
If I have enquiries, whom should I contact Walter Orato Fred Ochieng Catherine Igathe Tel: 3676 400 aigkenya@aig.com
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