Ipsos Synovate report: Only three percent of Kenyans have funeral insurance cover

IPSOS Synovate researcher Rom Wolf in a file picture. The latest survey shows most families could not afford funeral expenses. [File, Standard]

The survey which was commissioned by Association of Kenya Insurers found out that most families could not afford funeral expenses which costed between Sh50,000 to Sh2.5 million.

The study was done by Ipsos Synovate among 10 focus groups in Nairobi, Nyeri, Bungoma, Kisumu and Kisii counties in March found out that the respondents felt like funerals were overly commercialized.

The report further shows that those communities who buried their dead ones within 24 hours spent as little as Sh10,000. Individuals whose departed relatives were hospitalized for a long period incurred a cost of between Sh400,000 and Sh2.5 million to regain financially.

Ipsos further found out that many individuals borrowed from relatives, friends, banks, shylocks, saccos and other financial lenders to settle funeral expenses.

AKI Executive Director, Tom Gichuhi held, “With premiums as low as Sh100 per month, this is a solution that will go a long way in ensuring families are not left worse-off financially after losing a loved one.’’

Gichui said, “Culture is a good thing however, we live in different times and the reality is that it is becoming increasingly difficult to fundraise for funerals. Through the campaign we are carrying out on funeral insurance, we aim to start conversations about how we can ease the burden for families when it comes to funerals.”

He has urged all Kenyans to take insurance cover that charges Sh100 as premium per month. He says that the cover will help families regain financially after losing their loved ones.