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{
    "id": 1521388,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1521388/?format=api",
    "text_counter": 269,
    "type": "speech",
    "speaker_name": "Mwea, UDA",
    "speaker_title": "Hon. Mary Maingi",
    "speaker": null,
    "content": "Hon. Temporary Speaker, having a controlled insurance sector in this country is important because it employs thousands of people. In fact, this country has more than 13,000 players in the insurance industry. The finance and insurance industry contributed 6.7 per cent to our country's Gross Domestic Product (GDP). The insurance sector contributed 2.4 per cent to our GDP. Such a sector cannot go unchecked. There is a direct and positive correlation between insurance penetration and economic growth. Countries that have a strong insurance penetration also have strong economies. Economies like South Africa, the United Kingdom (UK) and the United States of America (USA) have a very high insurance penetration, meaning their insurance uptake is higher than ours. This is because our insurance industry is not regulated, and our customers have no confidence in it. If we establish the Insurance Institute of Kenya as a regulatory body to regulate all insurance professionals, we will increase the confidence levels in this country and have more insurance partakers. Even our Technical and Vocational Education and Training (TVETs) institutions will provide insurance examinations because they know the Insurance Institute of Kenya (IIK) will be recognised. Subsequently, their exams will be recognised. That will mean that our people will not spend money sitting for exams in London with the Chatham Insurance Institute. The role of insurance cannot be underestimated. Insurance provides cash for investment through financial markets, capital investments like real estate, the banking and construction sectors, and protecting people and their properties. When you consider the terrorist attacks at Westgate Mall, World Trade Centre or the more recent attack on Parliament by outsiders, if those places had no insurance covers, operations would not have resumed as quickly as they did to allow people to continue working and the economy to continue growing. Insurance also creates employment and makes nations even more prosperous because people will invest and take riskier chances. They will risk more because they know that in the event that their businesses go under, insurance will compensate for their losses. Confidence levels will increase because people are assured that insurance will take care of their businesses and lives. With those few remarks, I beg to support the Bill and thank the Chairperson of the Departmental Committee on Finance and National Planning for bringing it up for discussion."
}