Kenya: Old Mutual, Absa Bank unveil new insurance product for SMEs

Old Mutual Kenya and Absa Bank Kenya have teamed up to introduce an insurance product tailored for SMEs, announced on Wednesday.

The new offering, Linda Biz, provides coverage against a variety of risks including fire, political violence, riots and strikes, floods, business interruption, burglary, loss of money, and theft by employees.

Additionally, Linda Biz ensures protection for business employees against injury, disablement, or death under the Work Injury Benefits Act (WIBA).

The product also includes comprehensive medical insurance, featuring inpatient, outpatient, dental, optical, and maternity cover options, with added benefits like hospital cash benefits and lifetime cover.

Moreover, the package incorporates life insurance, offering a lump sum payout in the event of death, disability, or diagnosis of a critical illness. “SMEs form the backbone of our country’s economy and as such, need enhanced support from financial service providers to derisk their businesses,” Old Mutual Group CEO Arthur Oginga said during the launch.