Kericho County’s insurance uptake stands at a modest 7 percent, but the figure is expected to rise sharply in the coming years.
The Insurance Regulatory Authority (IRA) Chief Executive Officer (CEO) Godfrey Kiptum says the surge would be driven by rapid infrastructural development and the growing footprint of insurance firms across the county.
He noted that with increased awareness and economic activity, more residents were likely to embrace insurance as a safeguard for their livelihoods and businesses.
Speaking to the Kenya News Agency on behalf of the Authority during the official opening of the Insurance Open Day at Uhuru Gardens in Kericho Town, Director for Market Contact Ann Chelagat delivered a speech in which Kiptum highlighted Kericho County as a vibrant business hub, with its economic strength largely anchored in agribusiness, particularly tea and coffee farming.
“Kericho has consistently welcomed the IRA with open arms. We’ve visited on several occasions and have always received remarkable support and hospitality from the county. Today, I’m especially pleased to see over 20 insurance companies present, each showcasing their services to potential clients across the region,” said Kiptum.
He expressed confidence in the nation’s prospects, asserting that a brighter future for insurance lay ahead, provided citizens unite in championing insurance uptake across all 47 counties.
He emphasized the critical role insurance played in mitigating risks for both individuals and businesses.
Also present at the Insurance Open Day was the Director of Corporate Services at the IRA, Ms. Esther Musyoki.
Ms. Musyoki highlighted that the core mandate of the IRA was to oversee, regulate, and facilitate the growth and development of the insurance sector in Kenya.
She emphasized the Authority’s commitment to ensuring that the industry operates with transparency, stability, and in the best interests of policyholders, while fostering an environment conducive to sustainable growth and innovation in the sector.
“What we are doing here in Kericho today is a key step in advancing the insurance sector in Kenya. We are here to encourage the public to recognize insurance as a vital tool for effectively planning for life’s uncertainties and future risks. At the Insurance Regulatory Authority (IRA), we are committed to ensuring that all insurance companies comply with regulations designed to protect consumers from fraud and exploitation,” said Musyoki.
Joseph Waruiru, a representative from the National Treasury, expressed his satisfaction with the growing presence of insurance companies in Kericho.
He noted that the establishment of numerous branches by these companies has played a significant role in fostering a thriving business environment
“I am happy because insurance companies have brought with them newly developed products, and they are present here today to ensure that farmers and traders are sensitized about their new offers,” he said.
Waruiru further pointed out that the expansion of the insurance sector not only provided vital financial protection to local businesses but also contributed to the overall economic growth and stability of the region.
The County Executive Committee (CEC) member for Water and Forests, Philemon Kurgat, praised the Insurance Regulatory Authority for its groundbreaking efforts in developing a systematic approach to enhancing insurance literacy among the residents of Kericho County.
Kurgat said the initiative marked a monumental step toward fostering a more informed community, highlighting the potential of this endeavor to drive economic growth and trade in the region.
His recognition underscores the vital role of consumer awareness in shaping a robust and sustainable local economy.
“Bringing together a range of insurance companies for an open day in our county is a crucial step for supporting local businesses. This initiative not only raises awareness but also equips attendees with valuable insights into the various insurance options available, helping them make informed decisions that could benefit their operations. It’s a significant opportunity for growth and understanding within our community,” reiterated Kurgat.
He encouraged the public to dispel common misconceptions about purchasing insurance policies, stressing that it was crucial for prospective customers to take the time to fully understand a policy before committing and that by doing so, they could avoid unnecessary regrets in the future.
“Many individuals assume that purchasing insurance is unnecessary, believing their investments won’t deliver returns when a claim arises. However, this is a common misconception. Insurance is a critical tool in risk management, offering financial protection and mitigating potential losses. In our county, insurance has been instrumental in enhancing livelihoods by providing value-added services such as asset protection, income security, and loss compensation, ensuring individuals and businesses are safeguarded in times of need,” he explained.
Kurgat also highlighted the county government’s plans to establish key value-added industries, including a pineapple processing plant in Roret and a coffee processing factory in Kipkelion. These forward-thinking developments are set to spur economic growth and attract significant investment, creating new opportunities for the local community.
However, as these industries expand, so too does the need for robust insurance coverage to mitigate the risks that come with such growth. With these transformative projects on the horizon, the county stands at the cusp of a new era—one where proactive risk management and strategic insurance uptake will play a pivotal role in ensuring sustainable development and long-term prosperity for all.
By Gilbert Mutai
