Kenya's Insurance Regulatory Authority (IRA) has called on insurers in the country to expand microinsurance to help the underserved.
IRA’s director of supervision Kalai Musee said that microinsurance has huge potential to boost the country's insurance penetration and coverage rates, which are still low, reported The Eastleigh Voice.
Mr Musee was speaking at the launch last week of Britam’s microinsurance subsidiary, Britam Connect.
Despite the availability of microinsurance products in Kenya, the IRA is concerned about their limited reach, with the number of individuals covered remaining stagnant for the past decade.
Britam MD and CEO Tom Gitogo said the new subsidiary will address the low microinsurance penetration by integrating technology and partnerships to make insurance more accessible, affordable and relevant.