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Why banks hold the key to fixing Kenya’s insurance trust issue
According to the data from Association of Kenya Insurers, bancassurance premiums expanded from Sh19.5 billion in 2019 to Sh35 billion in 2023, a 79.4 percent increase.
Trust is the bedrock of economic growth, the efficient functioning of institutions, and social cohesion. In financial services, it is the invisible currency that underpins every transaction.
Yet, in many markets, trust remains fragile, particularly in insurance, where perceptions of opacity, cultural skepticism and past disappointments continue to erode confidence.
