Non-certified agents, a threat to the Kenyan insurance market

According to Bima Intermediaries Association of Kenya (BIAK), the number of certified insurance agents amounts to 7 720 in 2016, well below the 2012 figure set at just 4 862.

Non-accredited agents are weighing down the Kenyan insurance market considerably with their number estimated in 2016 between 2500 and 3000 persons, a threatening situation for the due progress of the industry.

As an evidence, complaints filed against insurance companies rose from 620 in 2015 to 1080 in 2016. Grievances are generally related to late settlement of compensations, refusal to provide compensation or insurance fraud.