First Assurance, ICPAK in deal to boost professionals insurance uptake

Insurance provider First Assurance has partnered with the Institute of Certified Public Accountants of Kenya (ICPAK) to boost penetration among the professional body’s members.

The deal seeks to boost insurance uptake in Kenya by giving ICPAK members access to tailored and comprehensive insurance solutions at affordable rates.

ICPAK members will get products like private motor vehicle cover, auditors or accountants’ professional indemnity, family or individual medical cover, as well as SME and corporate medical cover.

“Built on a shared vision to promote financial literacy among professionals, this initiative aligns with First Assurance’s mission of securing the future of individuals and businesses,” said First Assurance Managing Director Stephen Lokonyo.

Insurance penetration remains low in the country, with estimates showing that only three per cent of Kenyans are insured.

Several factors like high premium costs and inefficiency in claims settlement have been named as the major factors hindering the penetration.

“Embracing innovative partnerships such as this acts as a key factor in encouraging communities and individuals alike to embrace insurance as a key element of financial planning,” added Lokonyo.