The Insurance Regulatory Authority (IRA) has concluded a successful four-day outreach campaign in Trans Nzoia, focusing on raising awareness about the importance of insurance, its types, and the IRA’s role in regulating the insurance sector.
IRA Director Immaculate Shamala emphasized the need for communities in Trans Nzoia, a region heavily reliant on maize farming, to understand the role of insurance in securing their financial future.
“We are here to help the people of Trans Nzoia understand the objectives of the IRA, the importance of different types of insurance, and how they can benefit from the insurance products available in the market,” Shamala said.
The initiative, which brought on board several stakeholders, aimed to inform the public about a wide range of insurance options, including personal insurance, community insurance, and business insurance.
“We have engaged with a wide range of people to ensure that every sector understands the importance of insurance. It’s not just about big businesses, but also about protecting individuals and small businesses,” Shamala explained.
Through these interactions, the IRA gained valuable insights into the challenges residents face, including concerns about the insurance industry’s practices.
“We’ve noted down the feedback and are now in a position to review and potentially amend insurance laws based on these concerns,” Shamala added.
One major issue identified during the campaign was the lack of discipline and poor practices within the insurance sector. Shamala highlighted that the IRA has already taken steps to address these concerns, including establishing a fraud unit to investigate corruption within the industry.
“We want to ensure that insurance claims are processed fairly and that consumers are protected from fraudulent practices,” she stated.
In addition to tackling corruption, Shamala underscored the IRA’s efforts to promote transparency and good practices within the industry.
The IRA is working with insurance providers to ensure that products are clear and understandable for ordinary citizens.
“We are also offering education to help the public understand the different types of insurance available, including both high-end and more affordable options, so that everyone has access to the protection they need,” Shamala noted.
Another key topic discussed during the campaign was agricultural insurance, particularly for farmers in Trans Nzoia who are vulnerable to weather-related risks like drought and floods.
Shamala explained that the IRA is working to support the agricultural community by offering crop insurance for crops like maize and coffee.
“We are organizing forums with farmers to discuss how insurance can protect their livelihoods from unpredictable weather conditions,” she said.
Shamala also emphasized the critical role the IRA plays as a mediator in resolving disputes, saying that rather than immediately resorting to the lengthy and costly process of going to court, the IRA offers a platform where both parties can engage in discussions and work toward a fair resolution.
“Many people rush to court when they have a complaint, but the IRA is here to help settle many issues without needing to go to court. We encourage citizens to bring their complaints to us so we can mediate and resolve them efficiently, saving both time and money,” she said.
