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Insurance penetration in East Africa remains among the lowest globally, with Kenya estimated at just about 2.1 per cent compared to a global average of around seven per cent and South Africa’s roughly 12 per cent.
The gap has left millions of households, small businesses and informal sector workers outside formal financial protection, exposing them to significant financial shocks from health emergencies, accidents and loss of income.
Industry players say the sector’s heavy reliance on corporate clients has limited reach into the mass market, while rising competition, fraud risks and affordability concerns continue to slow expansion.
