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Insurers have been told to provide innovative products targeting the poor if insurance penetration is to increase from the current 2.8 per cent to the targeted six per cent.
Treasury Cabinet Secretary Henry Rotich said the Insurance Regulatory Authority (IRA) should come up with guidelines to compel firms to create products that are affordable to most citizens and not only target corporate institutions and the elite.
“We cannot keep complaining that insurance penetration in this country is lagging at a mere 2.8 per cent, while insurance firms have shied from targeting the majority of Kenyans with affordable products,” he said.
“I have seen such a plan work in countries such as India and Turkey,” added Mr Rotich yesterday while launching the IRA week in Nairobi.
The CS urged the industry regulator to keep an eye on insurance companies with risk-based supervisory policies that will ensure that their balance sheets are robust.
“Apart from micro-insurance being underdeveloped in this country, some insurance firms have weak corporate governance structures and poor asset management systems,” he said.
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