Insurance
Insurance

Kenya has moved to develop a national insurance policy to boost the sector that is grappling with low returns on equity amid stifled uptake of services.

The National Treasury said the policy is expected to strengthen the legal and regulatory environment to improve access, usage and affordability of insurance products and services.

Business24

“The development of the policy will seek to promote insurance as a risk management tool, access to insurance services that support local challenges, mobilization of resources to support development and broaden financial inclusion,” Julius Muia, the National Treasury principal secretary, said in a statement on Monday.

A report by Deloitte East Africa released last month indicated that insurance companies in Kenya and neighboring countries are yet to fully embrace digitization that includes the use of big data due to regulatory challenges.

Motor, private and medical business classes remain the favorite insurance business in Kenya, but they are also the most loss-making ventures. Enditem

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