Rethinking Insurance In Kenya-Africa - Nehemiah Entrepreneurship Community

Rethinking Insurance In Kenya-Africa

The Gift of Business

Insurance as a Resource

Kenya’s insurance sector is ranked third in Africa with a penetration rate of 2.8%.

This means the insurance uptake remains low compared to other economies. Pauline Mwihia, CEO of Amro Insurance Brokers, an insurance company in Kenya says that this is largely contributed to Kenyans lacking sensitization and myths such as insurance belonging to a certain group of financially stable people.

This however is not true as insurance is affordable and anyone is fit to get it. There are different types of insurance suited for different purposes and it works by spreading the risk of a loss among many people which lowers the risk for all.

Rethinking insurance in Kenya, therefore, means educating Kenyans and Africa as a whole about insurance and showing the people the value of being insured. Some Christians may believe that being insured is going against God’s will but the Bible tells us to be wise as serpents and gentle as doves. Taking insurance is a wise thing to do as it ensures that should anything happen to you, those left behind are well taken care of.

Insurance brokers need to play a role in ensuring that people are well educated on insurance policies and how they affect them so that their expectations from benefits to what can be compensated and even what their responsibilities are as clients are clear from the beginning. This also helps debunk the myth that insurance is a scam which is not true as it depends on the insurance company.

To avoid being duped, one should conduct thorough research on the company from which they intend to obtain insurance. This entails first determining whether the company is registered or properly certified.

Remember, just because you have faith doesn’t mean you don’t need insurance.

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