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{
    "id": 1337225,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1337225/?format=api",
    "text_counter": 152,
    "type": "speech",
    "speaker_name": "Kitui Rural, WDM",
    "speaker_title": "Hon. David Mwalika",
    "speaker": null,
    "content": " Thank you, Hon. Deputy Speaker for giving me this opportunity. I support this amendment on this Bill. We all know that this sector is very important to the economy because there are around 58 insurance companies and mortgage firms which employ a substantial number of people. It has a turnover of around Ksh240 billion annually. It contributes around 2.6 per cent of the Gross Domestic Product (GDP). It is one of the major tax revenue contributors in this country. However, the insurance penetration rate in this country still remains very low at around 3 per cent because of challenges which our colleagues have mentioned. One of the challenges is lack of trust. A lot of people do not even trust insurance companies because when you get a policy, it matures and you claim your money, the insurance companies always bring issues. At the end of the day, you realise that you may not get your money back. That is one of the challenges and one of the reasons why many people do not get insurance policies. You realise that most of the policies people take are the ones which are compulsory like car insurance. There is also a lot of competition. I have mentioned that there are about 58 company operators in the sector. This competition is a big challenge to some of the companies especially young companies which cannot match the big ones. You realise that most of the big insurance companies do not belong to this country. They are multinational corporations with a lot of capital base. There is a lot of mismanagement in some of these companies. That is why most of them collapse and cannot pay their policy holders. As it has been mentioned, there is no professional The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}