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Kenyan insurers tweak products in race for informal sector customers
Data by the Insurance Regulatory Authority shows that the industry last year welcomed 99 products that were either new or repackaged, with part of them targeted at the informal sector.
Kenyan insurers are redesigning products and distribution models to tap the country’s large informal sector, with flexible premiums, digital platforms and embedded insurance emerging as key strategies to expand coverage.
The shift comes as conventional insurance products, which often require fixed and regular premium payments, struggle to reach workers whose incomes fluctuate from day to day.
