Kericho: Residents of Kericho have been encouraged to participate in an ongoing Insurance Open Day held at Uhuru Gardens in Kericho Town, an event organized by the Insurance Regulatory Authority (IRA). The regulatory body seeks to foster dialogue between government stakeholders, insurance industry players, and members of the public on the benefits of insurance and the critical role it plays in national development.
According to Kenya News Agency, speaking at the launch of the event, Head of Corporate Communication at the IRA, Joan Ojenda, emphasized the importance of public engagement in understanding insurance services and making informed financial decisions. ‘Sometimes people end up signing policies that they do not understand and the purpose of us moving from county to county, down to the grassroots is because we need the people to understand that insurance is a good thing,’ Ojenda said.
Ojenda further acknowledged that misconceptions about insurance cover policies continue to hinder insurance uptake in the country and she highlighted the importance of outreach events in dispelling misinformation. She pointed out that insurance uptake remains a global challenge, with penetration levels still relatively low, with only an insurance penetration rate of 3 percent in Kenya.
Ojenda urged the public to explore the various insurance packages available, noting that insurance provides essential financial protection against risks and uncertainties, adding that the policy coverage helps to ensure individual and business stability, offering a safeguard against losses resulting from accidents, illnesses, natural disasters, and theft.
Ojenda revealed that the IRA maintains an up-to-date list of all licensed insurance agents, brokers, and insurance companies on its official website to help citizens verify the legitimacy of service providers before purchasing any policy, an initiative that aims to protect consumers from falling victim to fraudsters posing as legitimate insurers. ‘We don’t want citizens to fall victim to fraudsters pretending to be selling insurance covers,’ she stressed.
The event will culminate on Thursday, June 8, with a high-level gathering expected to bring together government stakeholders, insurance industry leaders, and members of the public. The closing ceremony will serve as a platform to reinforce the importance of insurance in socio-economic development and to strengthen collaboration among key players in the financial sector.