More insurance companies are keen in providing terrorism cover due to surging interest from customers following the Westgate siege that has left about 67 dead and 175 people injured.
According to Association of Kenya Insurers Chief Executive Officer Tom Gichuhi the current terror attack is likely to be a wakeup call especially for businesses with no terrorism cover and those who have terrorism cover to evaluate their current contract to make sure they are properly covered.
The chairman noted that, though with the increasing demand the price of the policy is not expected to increase.
Currently there are about 15 insurance companies offering terrorism covers out of 46 of them and more are planning to offer the cover.
”The insurance penetration as measured against GDP is 3.19 percent having increased from 2.7 percent in 2008 and that there still remains potential to raise this,” Said Commissioner of Insurance Sammy Makove, on Monday at the opening of the insurance village at the Nairobi International Trade Fair.
Makove revealed that the insurance industry posted a 15 percent growth in the first half of 2013 with the cumulative industry gross written insurance premium being at Sh63.3 billion.
“The increase can be attributed to the various consumer education activities that the Insurance Regulatory Authority and individual companies have engaged in,” he said.
“Majority of Kenyans still do not have insurance covers thus insurers should identify needs of consumers and address them through the development of suitable insurance products,” he said.