Micro-Insurance: Affordable Insurance for the Low Income

Kenya’s access to insurance currently stands at a dismal 3.1% of GDP (GDP). This low entry can be attributed to several factors, including a dreaded savings society, little extra funding, and a negative attitude towards insurance. To address these difficulties, the Insurance Regulatory Authority (IRA), with the support of key accomplices, has launched an intensive buyer education and due diligence campaign across Kenya. The mission is emphasized by extending public utility to the need and utility of insurance. Despite the above efforts, the issue of mitigating insurance for low-wage workers, which affects most of the population, remains an important test. Therefore, we believe that smaller than expected insurance is the most suitable part that the insurance business can use.

What is microinsurance? miniature insurance is packaging
Insurance for low-wage workers. Miniature insurance focuses on providing low-compensation workers with the ability to monitor risks such as accidents, illness, theft, death, fire, and natural disasters such as floods and droughts. Mini-insurance is offered in exchange for a reasonable premium tailored to the nature of the needs, payments and risks considered by the purchaser. Allotted by Miniature Insurance Consolidate Juakali Region, Farm
Workers, farm workers, domestic helpers, among others. This social event needs a legitimate component to control gambling that can leave you unprotected and horribly discouraged by disasters as you can’t handle the costs of standard insurance products. It makes a lot of sense to see a large portion of Kenya’s population fall for it
this class. The IRA recognizes this need and looks forward to working with the insurance industry to develop affordable insurance products that meet the requirements of this social opportunity.
This is how microinsurance works
Mini insurance works better
Considering that the cost of providing miniature insurance to individuals is higher than providing congregations, we use bundles over individuals. Similarly, for contingency plans, it is more affordable to support packed games that deviate from individual perils. Here is the clarification. Banks, microfinance institutions, Chama, industry associations, social welfare organizations, Sacco, large corporations and governments are using the current convening scheme to buy modest insurance. Some of these meetings may be held by an insurance agent while arranging insurance for the employee/employee.