Kenya: First Assurance, Icpak to Boost Professionals Insurance Uptake

Nairobi — First Assurance, a Kenyan-based insurance firm, has partnered with the Institute of Certified Public Accountants of Kenya (ICPAK) to enhance insurance penetration among ICPAK's registered members.

The move will ensure professionals have access to tailored, comprehensive, and affordable insurance solutions that cater to their individual insurance needs.

"First Assurance, in partnership with ICPAK, aims to address the insurance gap by providing products and services specifically designed to meet the unique needs of accounting professionals," posed First Assurance CEO Stephen Lokonyo.

Through this partnership, ICPAK members will enjoy exclusive access to a range of insurance products, including private motor cover, auditors or accountants professional indemnity, family or individual medical cover and SME or corporate medical cover.

"Built on a shared vision to promote financial literacy among professionals, this initiative aligns with First Assurance's mission of securing the future of individuals and businesses," remarked Lokonyo.

Increased insurance penetration is crucial for mitigating the financial impact of unforeseen events that in turn fosters resilience in businesses and households, and contributes to national economic development.

Embracing innovative partnerships such as this acts as a key factor in encouraging communities and individuals alike to embrace insurance as a key element of financial planning.

While the global insurance penetration rate stands at more than 6 percent, the level of insurance penetration in the country remains relatively low, with estimates revealing that only three percent of Kenyans are insured.

Part of this has been attributed to the lack of tailored insurance products, with studies showing that many potential customers feel that existing insurance products do not cater to their specific needs.

This mismatch often leads to a perception that insurance is inadequate for the operational realities, particularly of specialised groups such as professionals.

Read the original article on Capital FM.