High insurance premiums pose threat to micro insurance

High insurance premiums and mistrust still poses a threat to the uptake of micro insurance in the country.

 

Nonetheless, GrassRoots Bima through its WazInsure platform has developed an online tool to enable consumers access products from licensed insurance companies.

 

Despite concerted efforts by policy makers and insurance companies to entice a majority of uninsured Kenyans into buying products, insurance penetration has remained low at just 2.8 percent and these are the reasons why this is the case.

 

A majority of the uninsured are in rural areas and informal settlements including micro ventures.

 

Read the full article on the KBC Website