High insurance costs and low profit margins are contributing to low insurance uptake among retailers in Kenya, as highlighted by Retail Trade Association of Kenya (RETRAK) CEO Wambui Mbarire.

• Insurance penetration in Kenya is only 2.3% to 2.4% of GDP, significantly below the global average.
• Wambui Mbarire expressed the need for urgent discussions with the Insurance Regulatory Authority (IRA) to improve coverage for informal businesses.
• Smaller traders face significant losses during unrest, with incidents of theft making it difficult to claim insurance.

Kenyan retailers suffered a loss of Sh2 billion due to recent protests for better governance, significantly more than last year's losses.

• Losses from stock and infrastructure damage, especially in Kiambu, were emphasized by RETRAK CEO Wambui Mbarire.
• This year's protests included looting and violence, impacting business operations across the country during June and July.
• Despite the challenges, normal business activity has resumed, although some businesses may take 2 to 3 months to recover fully.