Details

  • Type: Business and industry issue, KPMG information, Press release
  • Date: 2/2/2016

Time for a new way of managing our disasters 

There was a time when some of my friends headed to the Caribbean. It was the place to be in their professional lives – a 9 to 5 job and then being on the beach relaxing at 5.15 p.m. While there, they were introduced to tropical storms, hurricane watch warnings and advisories, and a hurricane season that runs from June to November.
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Homeowners had an additional cause for worry – homeowners insurance. If a hurricane hit the island in a certain year, it meant higher premiums the following year. The regulator could not do anything about it, so homeowners had to pay extra premium. Eventually, the majority could not afford the increments and suffered losses on their property. On the other hand, some insurance companies excluded certain areas prone to such disasters in a bid to manage their losses.

 

Locally, the El Niño phenomenon could have severe impact on our economy and region. Some insurance companies and brokers have alerted their customers about these effects and asked them to ensure their homeowners policy is up to date. For a vast majority of Kenyans, the concept of homeowner insurance, is a foreign one. So what next? ... Read more