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Micro-Insurance Industry in Kenya

Joel Mugonyi by Joel Mugonyi
July 7, 2023
in News
Reading Time: 2 mins read
Insurance

In Kenya, where a significant portion of the population falls within the low-income bracket, microinsurance has the potential to play a crucial role in providing financial protection against various risks. These risks can include health emergencies, crop failures, property damage, and other unforeseen events that can have a significant impact on the livelihoods of individuals and families.

Read more: Insurance Companies Continue To Showcase Resilience

A report from the Association of Kenya Insurers shows that the number of micro-insurance products has increased by 41.8% to 55 in 2023 from 32 in 2015. The most popular microinsurance products were Health insurance, personal accidents, and last-minute expenses. AKI Executive Director Tom Gichuhi advised that microinsurance is a powerful tool that protects low-income personnel from financial risks and helps break the poverty cycle.

Read more: Challenges affecting Micro Small and Medium Enterprises in Kenya

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The Micro-insurance regulations describe the micro-insurance products as having a term of less than one year (renewable), not less than Kshs 40 in premium collection on a daily basis, and a sum assured of not more than Kshs 500,000. Micro-insurance underwriters are also required to register separate businesses from conventional insurance.

Read more: Kenya Reinsurance Corporation Announces Kshs 3.6 billion Net Profit

The report also explained the need for simplification of products and the language used to describe them. It stated that for microinsurance to work, there is a need for partnership with a variety of institutions, such as development partners, technology partners, insure-techs, the government, and also business associations and aggregator groups like Churches and SACCOs. There is also a need to focus on leveraging digital channels to help in the distribution of microinsurance and also on the price flexibility of premiums.

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