Magazine date:
Oct 2013 The recent annual report of the Association of Kenyan Insurers (AKI) has revealed that the majority of Kenyans is deprived of insurance coverage. The insurance penetration rate has hardly grown, going from 3.02% up to 3.16% between 2011 and 2012.
The improved regulatory framework, the development of new products, the educational progress and the use of new technologies are behind this growth. Yet, the sector’ image still remains affected by the poor perception among the population with fraud and the misconception on the usefulness of insurance hindering its development.