new pack­age cover for low-in­come earn­ers

RISKAFRICA Magazine - - NEWS -

Fol­low­ing the launch of a triple pack­age in­sur­ance cover by CIC In­sur­ance Group, Kenyans liv­ing in fire-prone in­for­mal set­tle­ments (slums) can now in­sure their house­hold goods for as lit­tle as KES480 (Kenyan Shilling). The prod­uct, known as Nuru ya Jamii, is the coun­try’s first pol­icy tar­get­ing low-in­come earn­ers, com­bin­ing prop­erty in­sur­ance and life as­sur­ance as a pack­age. This was ac­cord­ing to a re­port on the al­ web­site.

The pol­icy has three ben­e­fits, which in­clude cover for house­hold goods in the event of fire, fam­ily dis­abil­ity due to death and fam­ily life. CIC In­sur­ance Group CEO, Nel­son Kuria, says the pol­icy would spread in­sur­ance aware­ness and ser­vices to low-in­come earn­ers who have been locked out by con­ven­tional in­sur­ance prod­ucts.

Stake­hold­ers need to es­tab­lish Anti-Money Laun­der­ing (AML) regimes as it will help curb crime in the in­dus­try.

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