Author - Charles Njoroge - Blog moderator
Source - http://www.africanexecutive.com/modules/magazine/articles.php?article=3166&magazine=178
While launching the Insurance Regulatory Authority (IRA) recently, Kenya's Finance minister, Amos Kimunya advised the regulator to enforce good corporate governance, early warning systems and protection of policyholders. Granted this is fundamental, the regulator still has a major role and responsibility to not only break barriers of insurance access but also deepen its breadth and depth of outreach in the country. The penetration of insurance in Kenya according to Association of Kenya Insurers (AKI) 2006 report stands a paltry 2.54 per cent compared to South Africa's 16 per cent.
Source - http://www.africanexecutive.com/modules/magazine/articles.php?article=3166&magazine=178
While launching the Insurance Regulatory Authority (IRA) recently, Kenya's Finance minister, Amos Kimunya advised the regulator to enforce good corporate governance, early warning systems and protection of policyholders. Granted this is fundamental, the regulator still has a major role and responsibility to not only break barriers of insurance access but also deepen its breadth and depth of outreach in the country. The penetration of insurance in Kenya according to Association of Kenya Insurers (AKI) 2006 report stands a paltry 2.54 per cent compared to South Africa's 16 per cent.
The importance of access to financial services such as credit, savings, insurance and many others in any country cannot be gainsaid. Financial services oil the national and international economic systems. While the myth on banking and credit access to the low income who are economically active has been debunked, demystified and incorporated into the common man’s mindset, the insurance industry is yet to innovatively unpack its services to the low income.
The next fontier in the battle for financial services is the insurance industry. This is where the future of the industry is: working with the low income by providing innovative, affordable, efficient and effective insurance services with (very) few exclusions.
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