Nairobi, Kenya 25^th September 2023 …… GA Insurance Ltd, the 3rd largest general insurer in Kenya with the highest Profit Before Tax and Underwriting Profit for the 2022 period, has a strong track record in disruptive product innovation in responding to societal needs. The Company has launched and unveiled the first-ever Comprehensive Insurance Cover tailored exclusively for Electric Vehicles (EVs) in Kenya. The GA Eco Drive Cover insures all segments of electric vehicles including E – bikes.

The adoption of electric vehicles in Kenya has been on a steady rise, with a remarkable 108% increase in Electric vehicle sales during the 2022-2023 financial year and as per Government of Kenya’s plans 5% of registered vehicles would be EVs by 2025.  Therefore, this groundbreaking product is designed to cater for the emerging risks faced by the E Mobility ecosystem in Kenya and reinforces the company’s commitment to sustainability by designing innovative risk transfer solutions.

This product also has a unique distinction of being one of the first insurance covers to attain the Carbon Neutral Certification status worldwide. The product was subjected to vigorous assessment process by independent experts. GA is proud to have used high quality Carbon Credits sourced from projects in Kenya and independently verified by Gold and Verra Standards. This reiterates GA’s commitment to local communities and projects in Kenya.  The approach adopted conforms to the global carbon accounting practice as outlined in the GHG protocol, ISO 14067 and PAS 2060. This is also in alignment with Government of Kenya’s Nationally Determined Contribution (NDC) target of reducing greenhouse gas emissions by 32% by 2030, relative to the BAU scenario of 143 MtCO2eq;

The main theme of E mobility is sustainability. GA Eco Drive cover is a bold step by GA as a stakeholder, by taking practical action in the sustainability conversation, developing an integrated risk management approach and risk transfer solution. This is in resonance with UNEP FI Principles for Sustainable Insurance and UN Sustainable Development Goals which will lead to further dialogue and conversation with the various key stakeholders.

The GA ECO Drive Cover marks a significant milestone in the Kenyan insurance industry, keeping pace with the global transition to “going green” and sustainable transportation options. As the country witnesses a growing adoption of electric modes of transportation, GA Insurance is at the forefront of delivering specialized insurance solutions to support this transformative shift specifically tailor made for electric vehicles.

Speaking during the official launch of the insurance cover, Mr. Sandip Bhadury, the CEO of GA Insurance Kenya Ltd, said that the “GA Eco Drive Cover is a specialized insurance policy specifically targeted to cover unique risks faced by the E-Mobility segment and the business models around it.” He added that “the traditional motor insurance policies cannot cater for the emerging risks and needs faced by this segment, as they were developed to cover motor vehicles propelled by internal combustion engines.”

Key Features and Benefits of the GA ECO Drive Insurance Cover include:

1. Battery Cover – meeting the cost of repairing or replacing the battery in case of theft or accidental damage.
2. Charging Cable Cover – protection of the charging cables from theft or accidental damage.
3. Cover for Private Charging Station – Reliably safeguards charging stations against unexpected damage or theft.
4. Out of Charge Recovery Benefit – with the cover, GA will assist to get the customer to the nearest charging point within the shortest time possible in case the car runs out of charge.
5. Autonomous Driving Cover – covers accidents occurring when using self- driving features
6. Cyber Attack Coverage – In today’s digital world, cyberattacks can target vehicle’s electronic system. GA Eco Drive protects from these online threats if they cause damage while using self-driving features of the car
7. In-car Entertainment Unit and Satellite Navigation Systems Cover – In case of any theft or accident, GA shall facilitate settlement as per the claim details.
8. Cover for injury and damage caused by charging cables – any damage caused by the charging cable to third party individuals or third-party property will be covered up to the limit provided.

“Kenya is rapidly embracing the concept of electric vehicles as a sustainable mode of transportation. With a Comprehensive Electric Vehicle Insurance Cover, Kenyan EV owners will have peace of mind, knowing that their investments are safeguarded in every possible way” said Mr. Bhadury during the launch. He added, “The goal is to align insurance solutions with the evolving needs of Kenyan consumers while promoting eco-friendly choices.”

As electric vehicles gain momentum in Kenya’s automotive landscape, the GA Eco Drive Cover was developed to be well equipped and prepared to offer solutions to the gaps experienced in the e-mobility sector. We take pride in delivering insurance products that resonate with the values and aspirations of modern motorists, as well adapting to the ever-changing needs of the customer.

About GA Insurance:

GA Insurance Limited is one of the oldest insurance companies operating in Kenya underwriting all classes of general and medical insurance. The company has its parentage from General Accident UK and has been operating in East Africa for over 80 years. It was incorporated as a Kenyan Insurance Company in 1979. The company over a period of time has earned its standing as one of the most reputable insurance companies in Kenya

In October 2022, Global Credit Rating upgraded GA Kenya’s national scale financial strength rating to AA-(KE) from A+(KE) on sustained profitable growth of its core business while maintaining high earnings. This was reinforced by sound liquidity, supported by positive operational cash generation.

GA Insurance received recognition in 7 different categories during the 2023 Think Business Insurance Awards which included the General Insurer of the year award, Major Loss Award, Medical Underwriter award and Most Customer Centric Underwriter Award among others. GA Insurance Ltd was awarded Superbrand status in East Africa by Superbrands, the world’s largest independent authority on branding. The company was recognized for enduring excellence in brand distinction, financial growth, reliability and quality of service and products.

GA Insurance Ltd is a regional Insurance player with operations in Uganda and Tanzania. It also has a fully owned life Insurance subsidiary that offers Life Insurance and Retirement Benefits Solutions. In Kenya, GA has branches in Westlands, Kisumu and Mombasa.