INSURANCE DEBATES – 2017
WHY INSURANCE DEBATES
Based on the latest United Nations estimates, Kenya’s current population is over 47.5 million and is still increasing (http://www.worldometers.info/world-population/kenya-population/). On population distribution, Kenyans aged 0-19 years represent 52.1% of the total population; 20-34 years – 25.2%; 35-64 years – 19.7% and 65+ years – 2.9%.
The youth are the most underinsured generation and this presents a great opportunity to the insurance industry. The success of insurance companies in building a market for their products with the youth is reliant on their respective abilities to attract young people and retain relevancy among the youth. Insurers should therefore start signing up and retaining the youth as customers, whose buying strength will, within only a few years, exceed that of the previous generations, particularly in relation to young entrepreneurs.
A majority of the youth in Kenya are unable to grasp the seriousness of risk management and securing future outcomes through insurance products. Further, most young people are not even aware that some insurance products are designed with the needs and future requirements of young people in mind.
The top-bottom approach hitherto adopted by insurance companies has alienated most of the citizenry and made the actualization of insurance awareness a preserve of the elite few.
It is also important to note that due to their significant numbers, the youth should not be delinked from efforts by insurance providers to achieve risk awareness among nations in Africa Their involvement, active participation and transformative contribution can only be secured if they are able to conceptualize risk awareness and the importance of insurance during their youth. Complementary Top-Bottom and Bottom-up approaches must be encouraged by insurance providers. The youth primarily, and non-state institutions need to set the tone around the risk awareness and insurance debate. The government as a political arm and policy maker will need to adopt the tone set by these institutions moving forward.
With the urgency to create a more resilient nation, through risk management and risk awareness, our work at Kenya National Debate Council becomes instrumental. Kenya National Debate Council has a proven history of constructive engagement with young people in learning institutions and communities within Kenya.
Through a potential partnership with Swiss Reinsurance, KNDC will offer extensive sustained campaigns aimed at creating awareness among and giving platforms for young people to conceptualize and discuss matters concerning risk management and insurance.
Through various activities including training, policy dialogues with experts in various fields and debate, the youth will have a platform to acquire information and disseminate the same amongst themselves as they discuss challenges and benefits for young people in obtaining insurance products as well as solutions to achieving a more informed young population on risk awareness and prevention of unplanned events.
In September 2017, after 4 months of intensive training with a key bias on insurance and risk management and most importantly, after the General elections, the Insurance Debates will be held on the 8th and 9th of September 2017.
As is with most of our debates, the Insurance debates will be done in the British Parliamentary way. This is also the format used in most upscale debating competitions such as the Pan African Debates and the Worlds Debates.
Kenyatta University Main Campus.