Magazine date:
May 2015 Insurance faced a decline in its authorized agents between 2012 and 2013.
Only 593 new agents were registered in 2013 against 1 085 in 2012, a 45% decrease of new entries.
The case is the same for dropouts with 1900 agents quiting the profession in 2013 against 758 a year earlier.
Competition from bancassurance, growing industry, would be the main reason for this lack of interest according to the Bima Intermediaries Association of Kenya (BIAK).
Other factors, however, can be accounted for such as the hard working conditions, the financial constraints, the low commissions and the lack of security in the business.