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.