Why Kenyan small firms need insurance now more than ever

INSURANCETECHNOLOGY

One of the primary reasons why MSMEs in Kenya struggle to manage risk is the lack of effective strategies. FILE PHOTO | SHUTTERSTOCK

Kenya’s micro, small and medium-sized enterprises (MSMEs) are a critical pillar of the economy.

Statistics from the Trade and Industry Ministry show they contribute up to 24 percent of the country’s GDP, over 90 percent of private sector enterprises and employ 14.1 million people, accounting for 93 percent of the total labor force.

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Note: The results are not exact but very close to the actual.