Sunday, November 27

Corporate Suite

 Modern insurance companies operate in much the same way they did from ancient times when insurance was first introduced. English sea-faring merchants would pay banks to cover them in case of a shipwreck and if the ship returned safe from its journey the bank would keep the premiums. A premium so paid covers the cost of insuring the individual and provides assurance to the insured that in the event of a loss he/she will be covered. 

Investopedia defines the peer-to-peer (P2P) insurance model as a risk-sharing network where a group of associated or like-minded individuals pool their premiums together to insure against a risk. This model basically digitally joins together people with similar insurance needs who then pay into one insurance pool because P2P insurance lets you select your insurance pool which could compose of friends, family members, or simply people with whom one shares interests and activities.   

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The Kenya Power Board of Directors has appointed Bernard Ngugi as the Managing Director & Chief Executive Officer of the Company.

This brings to an end to the short-term leadership of outgoing acting managing director Jared Othieno who has been at the helm of the company since July last year, when he temporarily took over to replace former graft embattled MD Ken Tarus.

READ ALSO:Kenya Power appoints interim management team after arrest of top bosses

Prior to his appointment, Mr Ngugi was the company’s general manager in charge of Supply chain.

The appointment now places a substantial boss in the top office at the Nairobi Securities Exchange listed firm , which has been struggling with dwindling profits in recent times.

Mr Ngugi has over 30 years’ experience in the company with expertise in financial and revenue accounting, internal audit and supply chain management. He holds a Master of Business …

Kenya Airways management has fallen out with its pilots over continued losses at the airline, in the latest of many stand-offs between the two groups.

This is in the wake of a Ksh8.5 billion (US$81.9 million) half year 2019 (January-June) net loss as the carrier remains in the red.

READ:Kenya’s national carrier sinks into Ksh8.6 billion loss

The latest performance is a dip compared to the Ksh4 billion (US$38.6 million) net loss reported in a similar period last year.

This is despite a slight growth in total income during the period which went up to Ksh58.9 billion compared to Ksh52.2 billion same period last year.

Management has blamed the losses to high operating cost occasioned by an expanded network.

During the period, KQ, as it is known by its international code, saw its operating costs edged up to Ksh61.5 billion compared to Ksh53.2 billion last year, which eroded gains …