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Insurance clients skip payments amid hardships
The number of customers skipping payments, added to those opting out entirely, has come in an environment of falling disposable income as the government introduced several new deductions and enhanced others.
Insurance customers increasingly defaulted on premiums as others opted out completely due to economic hardships in the year to November 2024, leaving millions of Kenyans without any form of protection when risks such as accidents, sickness and theft occur.
The latest survey on the well-being of Kenyans shows nearly half (44.1 percent) of customers who had taken insurance as at November 2024 had their claims denied as a result of having defaulted on the monthly premiums that are supposed to keep their covers active.
