The Insurance Regulatory Authority (IRA) urges the insurance industry in Kenya to reduce reliance on compulsory products and increase focus on voluntary insurance to enhance sector growth, as highlighted by CEO Godfrey Kiptum during a recent bancassurance event.

• Insurance penetration in Kenya is currently around 2.4% of Gross Domestic Product (GDP), significantly below the global average.
• The event was hosted by Standard Chartered Bank and Prudential Life Assurance Kenya.
• Kiptum noted that low penetration levels are tied to economic factors and a negative perception of insurance among the populace.