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Kenya’s Insurance sector is set to face disruption following the launch of a new InsurTech ecosystem seeking to create new solutions to the ailing insurance sector. Over 60 InsurTech start-ups pitched to investors at the inaugural two day Africa 3.0 conference held in Nairobi, as they seek to partner in increasing insurance penetration in the region. According to a new report released by the BaoBab Network, Africa’s InsurTech space is worth US$60 billion but remains largely untapped. The East Africa Insurance Industry has been traditionally focused on the established markets such as life insurance and mining and oil where returns are greater.

New ecosystem to disrupt Kenya’s insurance sector

Kenya July 22, 2019

Kenya’s Insurance sector is set to face disruption following the launch of a new InsurTech ecosystem seeking to create new solutions to the ailing insurance sector.

READ:Why Kenya’s insurance sector is “rotten”

Over 60 InsurTech start-ups pitched to investors at the inaugural two day Africa 3.0 conference held in Nairobi, as they seek to partner in increasing insurance penetration in the region.

The Conference which was organised Market Minds in partnership with Evolution East Africa and the UK Department for International Trade also saw over 150 start-ups from Africa participate.

Market Minds Founder, Sebastian De Zulueta, says a number of deals are expected to be signed with over 30 venture capitalists keen to tap into the opportunities in the insurance market in Kenya and Africa at large.