The Insurance Regulatory Authority has embarked on a sensitization mission to educate the public on the benefits and importance of insurance for businesses.
IRA Director Corporate Services Esther Musyoki noted there is low insurance uptake especially in some counties and hence the need for creating awareness on the role of insurance especially in businesses.
She affirmed that many people are not well informed about the benefits and importance of insurance coverage which she said is the reason behind the low uptake.
“Many people have not insured their businesses because they do not understand the importance of insurance cover for their businesses. When the uptake is low, then the rising up is also very low,” she said.
The director who spoke at Tom Mboya University in Homa Bay after a training session with journalists cited that a number of counties are lagging behind pointing out Homa Bay as among them.
“However, Nairobi has the highest uptake followed by Kiambu, Mombasa and Nakuru,” she noted.
In a week-long training sessions, IRA through its Bima Mashinani initiative, is sensitizing different groups of people including the bodaboda operators, matatu owners, the police among others in a bid to ensure more people understand and take the cover.
“Our main objective is to ensure we educate the public at county level because each county has its own different needs when it comes to insurance,” said Musyoki.
She underscored the role of insurance for businesses citing that in case of losses they are sure of getting back to business faster after compensation.
“When a business that is not insured experiences a loss, it’s very difficult for them to recover,” said the director.
She was optimistic that once the public fully understands insurance and how valuable it is, then they would fully embrace it.
By Sitna Omar