Industry stakeholders have been called upon to aggressively scale up public financial education initiatives as a vital strategy to drive insurance penetration out of its historic lows and stimulate broad-based economic resilience.
Speaking during an exclusive television interview on KBC Channel 1, Qijito Group CEO Peter Ashira emphasized that the persistent trust and access gap in Kenya’s financial sector, marked by insurance penetration remaining below the 3% threshold, can only be effectively dismantled through intentional consumer education and structural innovation.
“Insurance cannot remain an exclusive luxury or a complex afterthought for the majority of the population,” Ashira stated during the broadcast.
“To spur meaningful growth in uptake, industry players must actively demystify financial products, simplify access pathways, and drive grassroots education so that everyday citizens understand the direct value and security insurance brings to their livelihoods.”
Closing the trust and access gap
Kenya’s broader financial landscape has long grappled with low utilization rates, with pension participation also trailing under 22% of the active working population.
According to Ashira, these figures are symptomatic of a deep-seated structural disconnect between legacy insurance providers and the actual needs of the consumer market.
He noted that building sustainable trust requires a deliberate pivot toward technology-driven solutions, transparency, and customer-centric product designs.
By leveraging digital platforms and mobile infrastructure, insurance brokers and medical insurance providers (MIPs) can reach previously underserved demographics, particularly within the informal economy.
Ashira further challenged insurance underwriters, brokers, and regulatory bodies to pool resources toward nationwide financial literacy campaigns.
He underlined that collaborative awareness drives will not only expand the industry’s cumulative risk pool but also protect households against sudden economic shocks, such as medical emergencies and property loss.
