Opinion

Insurance brokers in Kenya, as well as insurance agencies, can negotiate terms requiring insurance coverage under credit terms, as happens in the banking industry. The article seems to go all out to malign the insurance agents’ names by saying they are the ones owing the billions.

This gives the impression there could be a hidden motive in the penning of the article. The Kenyan insurance sector is highly regulated, and a working regulator should ensure that such cases are unheard of with licensed insurance agents in Kenya.

According to the Insurance Act Cap 487 Section 156 talks about insurance premiums and the manner in which they are supposed to be remitted to the insurer. Insurance brokers in Kenya are supposed to remit their premiums immediately after they receive the same from the client. Other intermediaries have a certain window within which they are supposed to remit the premiums and this goes for all the licensed insurance agents in Kenya.

It is obvious that the DRC’s desire to become a member of the EAC is to tap into the benefits of regional trade, i.e. an expanded market of 300 million people, and to increase Foreign Direct Investment (FDI) through its membership in the EAC bloc. DRC’s capital market remains underdeveloped and consists mainly of the issuance of treasury bonds.

There is no stock exchange in the country and only a small number of private equity firms are actively investing in the mining industry.  There are hardly any institutional investors in the DRC except for an insurance company and a state pension fund. The Central Bank of Congo (BCC), developed a market for short-term bonds, which are bought and held by local Congolese banks. 

The absence of a domestic debt market has meant that the fixed-rate market is limited to government-issued treasury bonds with maturities of up to 28 days traded through commercial banks.

The Vienna World Conference on Human Rights in 1993 was forced to address women’s rights as a human rights issues because of the violence and sexual abuse against women occurring in Yugoslavia at the time.

The Fourth International Women’s Conference was held in Beijing in 1995 made human rights and women’s participation in decision making at all levels key. One of the recommendations was for the countries to have gender desks in the Ministries, Departments and Agencies including Security Services. It cautioned against the specific establishment of Women’s Ministries as these would take gender issues to the periphery as that ministry would be saddled with all matters gender-related.

The conference also discussed the eradication of poverty, women in armed conflict and violence against women.

It is highly discouraged to go to a company directly and purchase a cover as in more ways than one you will be short-changed when the time comes to pay the claim. You will find that the requirements for you to get paid a claim can only be handled by an agent or broker as they will go the extra mile to make sure that you are properly sorted out.

These insurance intermediaries will also advise you on the best insurance company to insure with as they have the knowledge which most likely you do not have. I always point out about those insurance clients whom we once saw knocking on the door of an insurance company whose doors had been closed for good, but were pleading to be let in and purchase a motor insurance cover.

That is the tragedy of not trusting your agent or broker as you might find yourself holding onto a useless piece of paper known as a motor insurance sticker.