- Mudavadi said the state will seek strict enforcement provisions for local retentions to grow institutions and mobilise savings for investments.
- He spoke on Tuesday, when he presided over the 30th anniversary of PTA Reinsurance Company (ZEP-RE) in Nairobi.
Image: PCSPS
Prime Cabinet Secretary Musalia Mudavadi has called on the insurance industry to be more innovative and invest in products, skills, and technologies that will meet the needs of Kenyans at the lower end of the economic ladder.
He spoke on Tuesday when he presided over the 30th anniversary of PTA Reinsurance Company (ZEP-RE) in Nairobi.
The Prime CS in his remarks noted that the government is also working on policies to help the sector grow.
“We are initiating policies and a conducive environment to help the insurance sector which lags behind to grow, and close the protection gap in building the resilience of our communities,” Mudavadi said.
He said in collaboration with the regulator, organizations like Zep-Re, should focus on building a strong and progressive industry with the capacity to retain premiums and invest in the region.
Mudavadi said the state will seek strict enforcement provisions for local retentions to grow institutions and mobilise savings for investments.
He lauded ZEP-RE, which has invested over US$1.5 billion in Africa, saying it has grown its footprint beyond the Common Market for Eastern and Southern Africa and is one of the best-rated institutions on the continent.
Similarly, he said the Zep-Re Academy is an industry thought leader in technology and innovation, a situation, which speaks to the need for excellent home-grown institutions to drive growth in the continent.
He said of great significance is ZEP-RE’s appointment as the implementing agent of Component 1 of the Horn of Africa - DRIVE – on behalf of the region.
The Prime CS said the DRIVE project, which builds the resilience of the most vulnerable pastoralists through Insurance and savings; connects them to markets and private sector participation, should be a best-case example of Public Private Partnerships.
“By providing risk management solutions and promoting financial inclusion, ZEP-RE is paving the way for sustainable growth and prosperity,” he said.
“Your support for affordable housing is sport-on - covering mortgage deposit so that our deserving teachers, health workers and informal sector, can access full mortgages and own homes without a deposit. This is true inclusion that also promotes insurance diffusion, which currently stands at a paltry 2-3 per cent."