The new headache for local insurance players
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RE: “BK General Insurance begins operations” (The New Times, March 17).
This is a move which is good and laudable, but may spell doom for others in the industry. BK as a bank is already a financial institution with massive branch network and the biggest bank based on asset portfolio. And now added to it the general insurance arm.
I predict trouble for other insurance companies in the sector. They have to raise to the occasion and bring out products and services that can make them competitive, otherwise some of them will be on their death-bed now that we have a bigger player who is offering one-stop financial services.
Good luck to all and hopefully the customer or insured will be the beneficiary.