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Why insurance penetration is low among EAC States

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IRA Chief Executive Godfrey Kiptum. [David Njaaga, Standard]

Increased rural-to-urban migration has been cited by regional insurance regulators as one of the key setbacks to the growth of the sector.

In their first strategic plan, the East African Insurance Supervisors Association (EAISA), to which the Insurance Regulatory Authority (IRA) is a member, have also noted negative perceptions and mistrust towards the sector's services and low levels of financial literacy as hindrances to product uptake.

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