new package cover for low-income earners
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 allAfrica.com 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.