Kenya best environment for insurance business study

Kenya has the best environment for the growth of insurance business in sub-Saharan Africa.

This is according to a study launched by Prudential Africa and conducted by UK think tank overseas Development Institute.

Speaking while releasing the findings, Prudential Africa Chief Executive Officer Matt Lilley said Nairobi has been placed in a good position to act as the main hub of choice in the East African region.

“Nairobi is the best place in sub Saharan Africa for a financial service business, it is a good place to make a regional connection,” said the CEO.

According to Judith Tyson, the study’s author, life insurance can be used to raise funds for the growth of many Kenyans, including creating jobs. She added that there are eight unskilled jobs created for every high skilled job.

“Life insurance mobilises savings in households and allows you to invest back,” she said.

Matt, however, called on the government and other players in the insurance sector to invest more in awareness so as to attract more customers to the sector.

Kenya is in a good place but there is a huge opportunity for the industry to grow .We need to build customer trust and pay claims on time,” he noted.