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Kenyan Insurance Regulatory Authority (IRA) commissions microinsurance landscape survey
The Insurance Regulatory Authority (IRA) has commissioned a new landscape survey of the microinsurance market in Kenya with a view to establishing challenges that could hinder its full implementation in the market.
IRA said at the weekend that findings from the research which commences today under the stewardship of a South African consulting firm will be presented to insurance stakeholders next month for debate, to inform amendments to the Insurance Act so as to facilitate a rapid penetration of microinsurance in the country.
The CEO indicated that Kenya was only second to South Africa, in delivery of microinsurance products. He noted that already, Kenyan insurers were offering some forms of micro insurance.
"In light of Kenya's pioneering role with MPESA money transfer service which has revolutionalised access to money even among the low-income tier of the society, we believe that its only a matter of time before we have multiple products for this market segment," Makove said.
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