Kenya: Jubilee launches campaign to boost insurance coverage across East Africa

Jubilee Insurance has introduced a new campaign called ‘There’s living, and there is living free,’ designed to simplify complex insurance concepts and align them with the everyday needs of customers across Kenya and the broader East African region.

This initiative aims to meet individuals where they are by making investment and insurance solutions more understandable and accessible. By doing so, the company hopes to empower people to make informed decisions that protect their financial futures and promote long-term stability.

Financial literacy in East Africa remains significantly lower compared to more developed regions, creating challenges for both individuals and the wider economy.

The 2021 Global Financial Literacy Survey reveals that Kenya’s financial literacy rate is 38 percent, Uganda’s is 34 percent, and Tanzania’s is 40 percent. This lack of basic financial knowledge hinders individuals from making informed choices about savings, investments, and insurance.

Additionally, the gap in financial literacy also affects health-related decisions, leading to challenges in managing healthcare costs effectively and accessing preventive care.

According to Jubilee Insurance CEO Julius Kipngetich, bridging this gap is essential for fostering sustainable economic growth and enhancing overall well-being in the region.

“Our new initiative truly reflects our commitment to going beyond the usual role of insurance. We’re not just offering services; we’re sharing valuable insights that help people make smart choices for their health and financial well-being,” Kipngetich said.

As the Insurance Outlook Report 2023 by Deloitte points out, insurance penetration in Kenya, Uganda, and Tanzania is less than two per cent of GDP.