The Association of Insurance Brokers of Kenya's 20th Annual Regional Conference in Mombasa brought together over 700 delegates from Kenya, Uganda, Tanzania, Rwanda, and Burundi to discuss challenges and opportunities in the insurance market. Industry leaders emphasized the need for transparency and accountability to restore public confidence in Kenya's insurance sector. They called for clearer policies, stronger ethics, and collaboration with regulators. The conference theme, "Perfect Vision: Building Trust, Inspiring Courage & Defining the Next Chapter," reflected the urgency of addressing these issues.
At the conference, Association of Insurance Brokers of Kenya chairman John Lagat stressed that trust is the cornerstone of the profession. He urged brokers to shift from being mere intermediaries to acting as risk-management partners and advocates for policyholders. Currently, brokers handle about 35 percent of Kenya's gross written premiums. Lagat also called for expanding insurance penetration among households, SMEs, farmers, and businesses, and for developing innovative, accessible solutions to address under-insurance.
Nation Media Group CEO Geoffrey Odundo highlighted four priorities for the industry: transparency, fair value, professional conduct, and accountability. He argued that complex policy wording and fine print fuel misunderstandings, especially during claims. Odundo warned that without clearer communication, the sector could lose younger consumers, who prefer concise digital content. He urged insurers to simplify documents into language ordinary customers can understand.
Insurance Regulatory Authority chief executive Godfrey Kiptum raised concerns about fraud by individuals posing as brokers. He described schemes that demand performance-bond payments before promising business opportunities. Kiptum said such scams erode public confidence and urged brokers to cooperate with the IRA and law-enforcement agencies. Several cases are currently under police investigation.
Industry leaders emphasized the need for brokers to measure value by claim fulfilment rather than sales volumes. This approach would help restore public trust and confidence in the insurance sector. By prioritizing claim fulfilment, brokers can demonstrate their commitment to policyholders and build long-term relationships.
The conference provided a platform for industry stakeholders to discuss challenges and opportunities in the insurance market. Delegates from Kenya and the region engaged in discussions on how to address issues of under-insurance and develop innovative solutions. The conference also highlighted the importance of collaboration between brokers, regulators, and law-enforcement agencies.
The industry is working to address the challenges of trust and transparency. By implementing clearer policies, stronger ethics, and collaboration with regulators, insurance brokers can rebuild public confidence. The Association of Insurance Brokers of Kenya and the Insurance Regulatory Authority are working together to promote transparency and accountability in the sector.
Key points
- Industry leaders call for transparency, fair value, and professional conduct to restore public trust in Kenya's insurance sector.
