Insurance: A Must-Have for Kenyans in Uncertain Times

Kenyans have come to appreciate the importance of insurance for individuals and businesses during periods of uncertainty.

Recent happenings in the country have demonstrated the necessity of preparing for the unexpected. From horrific floods and other forms of acts of nature have wrought havoc across the country resulting in many families undergoing economic hardships.

This period, characterized by uncertainty, has made insurance very important as it ensures stability in the face of adversity.

Impact of rising natural disasters

Lately, Kenya has been hit by a series of natural calamities. The country has experienced major flooding that has led to the displacement of thousands and destroyed homes, crops as well as key infrastructure.  Such catastrophes not only lead to loss of lives but also bring about significant financial distress to individual households.

For example, the 2023 floods destroyed property across the nation, this left many uninsured households struggling to restock. Equally, farmers have lost their crops and produce Leading to debt.

Such situations prove the direct need for individuals to perceive insurance as a form of protection from such random happenings.

Why insurance is a must-have

Insurance provides a cushion against unforeseen financially crippling eventualities. Be it a health crisis, loss of property, or loss of income, insurance ensures that one can recover and rebuild without spiralling into a financial quagmire. 

For a Kenyan, the importance of insurance is based on the following:

• Increasing Healthcare Costs: Health service costs are generally very high, especially for services that need urgent attention. Health insurance makes it possible to get quality care without spending all your savings.
• Climate change: With the rising number of catastrophes, property and crop insurance help in the repair of damages and restoration of property.
• Economic Uncertainty: Variability in income sources, particularly in informal employment, is critical to the resilience of financial resources.

Making insurance affordable: Equity’s Bancassurance commitment

The major problem or obstacle linked to the insurance scheme in Kenya is the cost. Most Kenyans see insurance as a luxury rather than a need; this is mainly because of premium costs and the little knowledge they have on the advantages of taking insurance cover. 

Equity Bancassurance has stepped in to change this perception, making insurance more available and affordable for Kenyans through Insurance Premium finance, where customers can enjoy insurance cover and pay later in up –to 10 monthly instalments.

Equity Bancassurance has introduced insurance products explicitly designed to address the needs of different sets of people. From affordable health insurance to micro-insurance for farmers, it meets the unfulfilled needs of those previously excluded from insurance coverage. Additionally, the institution utilises technology to simplify the onboarding, making it accessible to individuals in remote areas as well.

Through its broad branch network and digital platforms, Equity enables its customers to access and manage their policies and leverage benefits without physically interfacing with multiple insurance providers.

Such integration of banking and insurance has simplified the daunting world of insurance, thus giving better access to both individuals and businesses.

Apart from making insurance affordable, it is also important to sensitize and create awareness about the value of insurance. Many Kenyans still have queries or are ignorant of how insurance works and what benefits it offers. This will go a long way in demystifying insurance to the general public and other stakeholders and igniting a move to invest their financial assets in their safety.

Life uncertainties, including the rise in occurrences of natural calamities, call for every individual in Kenya to take up an insurance policy. It enables the individual to face challenges by offering financial aid and, therefore, empowerment through relaxation. With Equity Insurance making it more affordable for access to insurance, this would be the time for Kenyans to take concrete steps to secure their future. Protect yourself, your family, and your business with Equity Insurance. Visit your nearest Equity branch, to get started, or explore the Equity Bank website  to learn more and get started. #EquityProtects

.