The Insurance Regulatory Authority (IRA) has stressed the need for consumer education within the insurance sector. According to the Authority, public awareness is something that requires their immediate attention. The IRA has now decided to roll out an intensive consumer education programme in a bid to sensitize the public on what the industry has to offer.

According to IRA Chief Executive, Sammy Makove, the public awareness campaign is a means of ensuring informed decision-making among consumers. He said that the move would enable consumers to choose insurance products and services that meet their specific needs.

Speaking during a forum in Nairobi on Thursday 15th November, 2012, Makove noted that the move was in line with the IRA’s long term strategy to build a stable insurance market.

The Authority reports that insurance penetration currently stands at 3.1% against a backdrop of 40 million uninsured Kenyans. As such, the IRA has identified religious leaders as crucial partners in increasing the uptake of insurance products and services across the country. Makove announced the initiative in the presence of local Bishops, Pastors, Reverends, Imams and Priests.

The move comes in line with the IRA’s mandate to support industry growth and development through consumer education as stipulated in Section 5 of the Insurance Act.

According to the Authority, it also comes at a time when the government recognizes the insurance sector as a critical anchor for the realization of the Vision 2030 goals.

"The world we live in is characterized by risks and uncertainty and Insurance has evolved as one of the most important ways to provide this security" said Makove. He added that insurance would also provide much-needed financial protection vital for economic development.

Makove believes that local religious leaders will play a vital role in unlocking the industry's potential.