Scaling Inclusive Property Insurance: Findings From Market Research in Kenya

Most insurers looking to serve emerging consumers focus their attention on tried and tested products such as life, hospital cash and funeral insurance. While the need is clear, inclusive property insurance is oftentimes overlooked. This is the case in Africa where, according to the 2021 Landscape of Microinsurance Study, a mere 0.09 million people have inclusive property insurance compared to inclusive health insurance (16.76 million) and funeral insurance (10.23 million). Inclusive property insurance is markedly absent for low-income renters, property owners and those who build their own homes incrementally over many years – both in terms of supply and, perhaps due to lack of understanding, demand. Another underserved and relevant market segment is micro-, small and medium-sized enterprises (MSMEs), which are the engines powering economic growth in emerging and low-income markets.

This webinar will unpack the relevance of and need for property insurance for boosting financial inclusion and hear from two Kenyan insurers about their initial research into and experiences in serving emerging consumers with inclusive property insurance.