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{
    "id": 1159538,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1159538/?format=api",
    "text_counter": 225,
    "type": "speech",
    "speaker_name": "Kajiado North, JP",
    "speaker_title": "Hon. Joseph Manje",
    "speaker": {
        "id": 1669,
        "legal_name": "Joseph Wathigo Manje",
        "slug": "joseph-wathigo-manje"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. I also want to talk on this Bill that has been brought by Hon. Washiali on the Insurance Professionals Registration. This industry is key, especially in a developing country. This sector’s key importance is to make sure that it restores you to your original position. The main idea is that you pay for a promise that in case anything happens in your business or other endeavours you will be restored to where you were. That is the safety net. Having said that, insurance has penetrated all sectors of our economy, for example, if you want to get a mortgage, the insurance industry come in because mortgage has to be insured. If you have a motor vehicle it has to be insured. In our country auto mobile insurance is compulsory and as such, we are required to insure our motor vehicles. Therefore, it is a sector that needs to be regulated because when you have quacks in the industry, they are likely to exploit citizens. In some countries it is so important that you cannot drive a vehicle, if you are not insured. In Kenya when it comes to personal insurance, we are still lagging behind because its education is still low. The penetration is less than 10 per cent; which means that the industry has to come out strongly to advertise what it does and its importance so that in case there is any loss the insurance can come in. Our institutions educate Kenyans on insurance. We have a college of insurance that does that. In our institutions like the University of Nairobi have a branch in insurance; our education sector is doing well in educating people on insurance. With regard to the importance of this industry, it is important to also make sure that when it comes to the compulsory car insurance where many Kenyans interact with insurance, it is regulated well. For example, when a vehicle gets an accident it takes a lot of time for one to be compensated and one incurs other expenditures. As it stands, Kenyans should be educated on their rights because that is what they pay for. They pay for that risk, incur the risk and they are not compensated to go back to the original position. That is why it has to be regulated like any other professions in the country, like doctors and accountants. Therefore, the insurance sector has to be regulated. That is the importance of this Bill and I support it."
}