Insurance

With its large population, diverse economy and an insurance penetration rate of less than 3% of GDP in the first quarter of 2018, compared to a global average of more than 6%, Kenya holds significant promise as an insurance arena. Recent years have seen the government and the industry regulator attempt to realise this potential by developing a micro-insurance framework, increased training for insurance agents and the promotion of technology in transacting insurance business. In the shorter term solid growth forecasts for the Kenyan economy bode well for the prospects of continued premium growth in the sector. This chapter contains an interview with Godfrey K Kiptum, Commissioner of Insurance; and CEO, Insurance Regulatory Authority.