The insurance penetration rate in Kenya remains poor and the annual premium volume is struggling to progress. Life insurance is the hardest hit. Only 500 000 Kenyans can afford to get a life insurance cover.
This is accounted for by the fact that 50% of the population lives with less than 70 KES (0. 9 USD) a day, which makes insurance products stand among luxury items.
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[3] https://www.atlas-mag.net/en/issue/lobbying-the-reinsurance-g10