Understand Insurance

Kenya has been one of the countries with a lower insurance penetration rate as compared to the global average. Lack of insurance awareness coupled with unequal distribution of resources and high rates of unemployment was a major hindrance for the insurance business in Kenya.   However, the introduction of long-term development plans by the Kenyan government to boost socio-economic growth and elevate Kenya’s status to a middle-income country, is expected to promote financial inclusion in the upcoming years. The growing economy supports increasing insurance penetration and thus opens a window for the growth of an insurance company in Kenya . Currently the insurance industry in Kenya consists of less than hundred companies with general insurance being the leading player.   Increase in capital investment has led to the consistent growth of   life insurance in Kenya . Life insurance offers long term coverage and also provides financial support at various stages of the buyer’s life i