70.5% of Kenyan Households Lack Insurance as Experts Call for Financial Literacy Initiatives
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By John Kariuki
Nairobi, Kenya – A recent survey has revealed that 70.5% of Kenyan households lack insurance coverage, leaving millions vulnerable to financial shocks such as medical emergencies, loss of income, and climate-related disasters.
Kenbright Holdings Limited CEO Ezekiel Macharia emphasized the urgent need for insurance awareness, particularly among at-risk populations.
“The protection role of insurance needs to be communicated, especially to people vulnerable to shocks such as illness, death, and climate disasters,” Macharia stated.
He also stressed the importance of financial literacy, urging policymakers to introduce educational initiatives to boost insurance uptake.
“Financial literacy is critical, and the relevant government bodies should consider starting such initiatives,” he added.
The findings underscore the need for collaboration between insurers, government agencies, and financial educators to bridge the knowledge gap. With rising economic uncertainties, expanding insurance coverage is essential for financial stability and resilience in Kenya.
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