Kenyans are still averse to insurance as a mind-boggling 66 per cent are not insured.
Uptake of insurance products among Kenyans remains low with a survey dubbed Wakenya quoting only 25 per cent of adult respondents saying they were insured. Another 66 per cent said they had no form of insurance.
“Kenyans are still averse to insurance as a mind-boggling 66 per cent are not insured for reasons including ‘Don’t have money’, ‘Uninterested’, ‘Lack of knowledge’ and ‘Expensive’”, said Ruth Ruigu, associate research director at Consumer Insight.
Of those who are insured, 91 per cent have a health insurance cover, of which the leading provider is the National Hospital Insurance Fund (NHIF) at 81 per cent.
Other personal insurance categories including education, life and motor vehicle insurance took up the remaining nine per cent cumulatively.
As at last year, the uptake of insurance policies was below three per cent, with lack of innovation and cost blamed for this.
According to the Association of Kenya Insurers annual report, in 2016 the overall insurance penetration was 2.75 per cent compared to 2.78 per cent in 2015. The world average insurance penetration in 2016 was six per cent.
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Note: The results are not exact but very close to the actual.
