Insurance firms made a fortune during Covid outbreak
Insurance firms in the country made huge profits after the outbreak of Covid 19 pandemic , it has emerged .
According to the Insurance Regulatory Authority, (IRA), Senior Manager Thomas Odhiambo, the risk of insurance of vehicles was reduced to a bare minimum following the total lock down of mobility by the government .
“Following the lock down, Insurance Firms started laughing all the way to the bank as profits soared up during the lock down period ,”Odhiambo said.
Speaking at a media sensitization workshop at the Roswam hotel , Kerugoya town , Kirinyaga County ,the official said the sector made the profits since the county had come to a standstill due to the lock down leaving the sector not exposed to any risks .
The workshop that brought together all media practitioners in the county was meant to sensitize the group on the need to have an Insurance cover that can protect them in the event of an eventuality .
Another Senior Manager Noella Mutanda told the newsmen never to take their lives for granted .
“Unless you are healthy you cannot perform nor deliver . If you value your body and health then protect it by taking an Insurance cover, “she told the daylong session of participants .
Mutanda also said other than journalists getting their personal accident covers they should also ensure their tools of the trade were equally covered .
“Should you break your cameral and it was uninsured, it means you will not be able to gather news and the consequent dissemination to your respective newsrooms as required ,”the official said .
The Authority which polices the Insurance Industry is on a countrywide sensitization campaign on all sectors which include Boda Boda, Public Service Vehicles and all the concerned stake holders with an aim to bring sanity into this lucrative sector of the economy .
The participants were taken through various insurance terminologies like Insurance Brokers , Agencies ,Re-Insurance etc which they were not familiar with hitherto .