IRA Sets Out to Enlighten Stakeholders on Insurance Policy

The Insurance Regulatory Authority (IRA) has set out on a mission to educate the public about the value of obtaining insurance coverage in every county.

Evans Kibagendi, IRA Corporate Communication Officer, stated that the “Bima Mashinani” sensitization exercise will include a session with county-level stakeholders to inform them of the significance of insurance coverage.

The Insurance Act (Amendment) 2006, CAP 487 of the Laws of Kenya, established the Insurance Regulatory Authority as a Statutory Government Agency with the mandate to oversee, control, and grow the insurance sector.

The goal of the awareness campaign is to raise awareness of the value of insurance among journalists, educators, and other stakeholders from a variety of industries so that they can protect their assets, futures, and lives.

Kibagendi stated to the public that the IRA is obligated to protect consumer rights and to offer investment information while acknowledging that policyholders had filed insurance complaints and claims.

“IRA has created a Consumer Protection Department to listen to complains, gather information, and address accordingly, on the needs of the policyholders,” said Kibagendi.

The official stated that IRA will maintain control over the insurance sector to make sure that it treats policyholders in accordance with the established laws and regulations that protect the sector.

Kenya has grown in the insurance sector, moving up to hold the third-highest number of insurance policies in Africa.

According to Kibagendi, the country’s insurance uptake is being treated seriously, and it is the IRA’s responsibility to see to it that the uptake is enhanced through raising awareness.