Most Kenyan Households Lack Insurance As Experts Call For Financial Literacy and Awareness Initiatives
Kenbright Holdings Limited Chief Executive Officer Ezekiel Macharia
By John Kariuki
A new survey has revealed that 70.5% of Kenyan households lack any form of insurance, exposing millions to financial vulnerabilities. This gap in risk protection leaves many families unprepared for unexpected shocks such as medical emergencies, loss of income due to death, and climate-related disasters.
Kenbright Holdings Limited Chief Executive Officer Ezekiel Macharia has emphasized the need for increased awareness and education on insurance, particularly among vulnerable populations.
“The protection role of insurance needs to be communicated to the market, especially to people who are vulnerable to shocks such as illness, death, and climate disasters,” Macharia stated.
He also highlighted the critical role of financial literacy in boosting insurance uptake, urging policymakers to implement educational initiatives.
“Financial literacy is critical, and the relevant government bodies in charge of policy should consider starting such initiatives,” he added.
The survey highlights the urgent need for collaboration between insurers, the government, and financial educators to bridge the knowledge gap and promote a culture of insurance among Kenyans. With economic uncertainties on the rise, expanding insurance coverage could be a key step toward financial stability and resilience.
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