Households, farmers, motorists, and businesses have been urged to strengthen their preparedness for the anticipated El Niño weather conditions and review their financial protection, even as the country braces for potentially heavy rainfall.
Old Mutual General Insurance Kenya Managing Director Japheth Ogalloh said the projected weather conditions could increase exposure to floods and other climate-related risks, making it necessary for individuals and businesses to assess the adequacy of their insurance cover and put in place appropriate mitigation measures.
Speaking in Eldoret during the launch of Old Mutual’s week-long Market Storm engagement, Ogalloh said the weather advisory indicated a 90 per cent probability of higher-than-usual rainfall, raising concerns over possible flooding and associated losses.
He said the company had already started engaging customers on ways of mitigating the effects of the anticipated El Niño, particularly in areas vulnerable to flooding.
“Protection is an essential part of financial wellness. With the projected El Niño conditions likely to heighten exposure to weather-related risks, this is an important time for households, motorists, and businesses to review whether they have adequate cover,” Ogalloh said.
He noted that insurance provides an important financial safety net for individuals and businesses affected by unexpected events, enabling them to recover more quickly from losses.
Ogalloh revealed that Old Mutual had paid more than Sh200 million in flood-related claims over the past 36 months, including claims arising from flooding experienced in 2024 and during the first quarter of this year.
The insurer has also been engaging farmers in the North Rift, which he described as a major food-producing region, on measures to reduce their exposure to flood-related losses.
“Eldoret is the breadbasket, and this region as a whole is the breadbasket of the country. We have large-scale farmers, so what we have been doing is engaging directly with customers and the general public on mitigation of the impact of floods, especially the farmers,” he said.
He said the risks associated with heavy rains extend beyond agriculture to households, motor vehicles, buildings, and other property, making comprehensive preparedness essential.
The MD encouraged customers to assess their existing protection and identify gaps before the onset of severe weather.
The El Niño preparedness message formed part of Old Mutual’s broader financial wellness campaign, which is seeking to encourage Kenyans to balance saving, investment, and financial protection.
On his part, Old Mutual Life Assurance Kenya Managing Director Martin Karenju said the company’s Market Storm was aimed at taking financial solutions closer to customers while helping them make informed decisions about their finances.
The Eldoret engagement began with a financial literacy session bringing together current and retired athletes, where participants were taken through financial planning, saving, investment, and risk management.
Karenju said the lessons were particularly important for athletes whose peak earning years could be concentrated within a relatively short period.
The Old Mutual Financial Wellness Monitor 2025 found that although 91 per cent of surveyed Kenyans have a specific savings goal, only 37 per cent are saving for retirement.
The study further found that 34 per cent of those not saving for retirement had no alternative retirement plan.
The report also indicated that 54 per cent of working Kenyans had the same or more debt than the previous year, while 40 per cent had dipped into their savings to meet their daily needs.
Karenju said stronger savings and investment habits, combined with adequate protection against unforeseen risks, were critical to improving financial resilience.
He said the company would continue engaging communities in Eldoret throughout the week through financial wellness conversations and market-facing activities covering savings, investments, insurance, health, and financial protection.
The Eldoret Market Storm follows similar engagements held by Old Mutual in Thika, Nakuru, and Mombasa.
By Ekuwam Sylvester
