AfricaIRA Empowers Taita Taveta MSMEs with Insurance Awareness Training
Sixty Micro, Small, and Medium Enterprises (MSMEs) in Taita Taveta County have completed a two-day training on insurance awareness and risk management, organized by the Insurance Regulatory Authority (IRA).
The initiative aimed to equip entrepreneurs with essential knowledge on insurance products, business sustainability, and strategies to mitigate financial risks. IRA's Director of Market Conduct, Anne Chelagat, emphasized that many MSMEs remain vulnerable due to inadequate risk management practices.
According to a recent IRA study, 63% of Kenyan MSMEs lack insurance coverage, relying instead on informal methods that expose them to financial shocks. The training sought to bridge this gap by promoting a proactive approach to risk mitigation.
The 2023 Insurance Industry Report highlights that Taita Taveta is among 40 counties contributing only 7% of Kenya’s total insurance premiums, compared to Nairobi's 82.3%. IRA hopes that localized consumer education will boost insurance uptake and strengthen financial resilience among MSMEs.
Participants gained insights into assessing insurance needs, selecting suitable products, and integrating risk management into their business operations. IRA plans to expand such initiatives across the country to enhance informed decision-making within the MSME sector.