
The Insurance Regulatory Authority (IRA) is challenging insurance companies in the country to operate within the stipulated laws to accelerate the sectors’ growth.
The Insurance regulatory body further urged the insurance companies to work closely with the government agencies to minimize on public complaints that may be triggered by unethical practices.
Speaking at the Kenya School of Government (KSG) in Mombasa during media sensitisation on how journalists can better their reporting on insurance related issues from an informed perspective, IRA Officer in Charge- Customer Relations, Evans Kibagendi noted that the public remain the biggest consumers of information imparted through the media thus the media becoming critical stakeholder to the Authority’s effors to serve the public.
Mr Kibagendi said the Insurance regulatory body had camped in Mombasa to sensitise the public about its roles, how to get policies and how IRA can intervene in policy claims incase of a ‘conflict’.
“We have over 56 insurance companies in the country this sector growth means it needs concerted efforts in ensuring all insurance companies in the country operates within the provided guidelines, with maximum integrity and ensure high customer care and value,” noted Mr Kibagendi.
Fraud
He further cautioned insurance companies against engaging in fraud, noting that the government body is working with investigation departments to ensure that such companies strictly follow the rules.
“We have a fully fledged Insurance Fraud Investigation department, however, our aim is not to punish insurance companies but enforce the law and ensure smooth running of the sector for its growth and expansion to directly benefit Kenyans,” he added.
Kibagendi said when Kenyans understand the importance of having an insurance policy, how to make claims and the modalities of filing complaints with the IRA it will hugely contribute to the sectors’ growth.
He further revealed that the business and transport sectors remain the biggest insurance consumers, however, he disclosed that things have evolved and more other sectors are coming up in the consumption of various insurance products among them the agriculture sector.
On her part, the IRA Director Corporate Services Esther Musyoki said the Insurance Regulatory Authority is working with other stakeholders among them the media to accelerate insurance penetration upto the grassroot level.
“The sector is steadily growing, an indicator that Kenyans are gradually understanding the importance of having an insurance policy be it health, life, education or any other form of policy. Such gowth also needs proper regulation and close monitoring to avert fraud,” she noted.
IRA will in the next two days Friday, 23 and Saturday, 24 February camp at the Makadara grounds in Mombasa to engage the public on matters revolving around insurance, purchasing an insurance policy and policy claims.