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{
    "id": 736138,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/736138/?format=api",
    "text_counter": 93,
    "type": "speech",
    "speaker_name": "Hon. Kimaru",
    "speaker_title": "",
    "speaker": {
        "id": 2072,
        "legal_name": "Anthony Mutahi Kimaru",
        "slug": "anthony-mutahi-kimaru"
    },
    "content": "Thank you, Hon. Speaker. I stand to support this Bill that intends to regulate the insurance industry. Just like any other industry, there is great need to control the operations in that very important industry. Insurance is one of the key pillars in commerce. Without insurance, it is difficult to carry out trade. Insurance has gone further to play a big part in assuring the welfare of families. We have life insurance which guarantees continuity even after the breadwinners of families are gone. It is, therefore, very important to regulate this industry. If insurance is not properly regulated, if there are no safeguards in insurance, we will see rogue insurance companies thriving like they used to before. Once you have those rogue insurance companies doing business on a daily basis, the person who suffers is the common mwananchi, who will lose a lot of money, who will insure his business and, at the end of the day, no such insurance is in place. That affects the economy. That affects the livelihoods of individual citizens. Therefore, I stand in full support of this Bill that tries to streamline the insurance industry to make sure that commerce goes on as it should, the economy thrives, members of the public do not lose their money when they put their money in insurance and when claims come forth, they are not honoured. Today, insurance has entered into other fields like property. We never used to insure houses and other property like household goods. But with the benefit of insurance, there is that great need to even do more in insuring property. Livestock is another thing that we are seeing being insured. If the industry is run properly, the confidence of Kenyans in this industry will be greater and people will embrace insurance more. People will even embrace health insurance, which is very important. We cannot underscore the gains that are seen through insurances like NHIF. Today, many people are able to access expensive health services through NHIF. Unless people have confidence in insurance itself, unless insurance is properly regulated, we will not have people embracing insurance. I do not know whether this is possible in the near future, we might also need to have insurance for politicians although their trade is one of the riskiest. We see that insurance tends to mitigate against such risks. It becomes more interesting and tricky with the kind of treachery that politics goes with. I do not know whether any insurer will be willing to insure such risks or unforeseen events. As things stand now, due to the many uncertainties in politics and Jubilee Party nominations - because I was not able to mitigate against such risks - I will be standing as 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."
}