Initial Market Assessment : Country Scoping Note--Kenya
Kenya has well-established insurance and banking sectors, both of which have demonstrated high levels of capacity through strong profit margins over time. There is high insurance penetration (compared to neighboring countries), sufficient levels of...
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| Format: | Report |
| Language: | English en_US |
| Published: |
Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/07/24773655/initial-market-assessment-country-scoping-note-kenya http://hdl.handle.net/10986/22426 |
| Summary: | Kenya has well-established insurance and
banking sectors, both of which have demonstrated high levels
of capacity through strong profit margins over time. There
is high insurance penetration (compared to neighboring
countries), sufficient levels of reinsurance capacity and
expertise in-country and a ground-breaking innovative mobile
money market. Kenya represents an excellent opportunity to
make targeted investments aimed at increasing disaster
resilience among vulnerable population using market-mediated
solutions. Links could be explored to integrate
market-mediated insurance solutions into social safety net
programs, such as the Hunger Safety Net Program.
Coordination with broader Horn of Africa resilience efforts
(such as those of the Global Alliance and Political
Champions Group) could also be explored. A technical
assistance program could be established by donors, looking
to enable the government to develop mechanisms and establish
frameworks to execute such mechanisms. Property catastrophe
insurance markets could also be stimulated. Insuring key
public assets (of a given level of building standard)
against catastrophe risk would create a market for private
sector organizations, as well as demonstrate the viability
of property catastrophe risk insurance in Kenya. Such a
venture would ensure the critical mass is achieved for
private sector insurance companies to invest and develop the
market further, looking to compete and provide catastrophe
insurance cover to other non-governmental organizations |
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