Kenya’s Insurance Penetration Rises to 3.8% on Microinsurance Growth

Kenya’s insurance penetration has edged up to 3.8% in 2023, driven by mobile-based microinsurance products for health, crops, and funeral cover. The Insurance Regulatory Authority (IRA) reported 7.2 million policies issued via platforms like M-Pesa and Airtel, up from 5.1 million in 2022. Partnerships with Takaful Insurance and APA have expanded rural reach. Parametric drought insurance now covers 500,000 pastoralists. Despite progress, Kenya remains below the African average of 4.5%. IRA is pushing for mandatory insurance in SACCOs and boda-boda associations to deepen inclusion. The sector’s assets grew by 11% to Ksh1.4 trillion.