This archive report was first published on 30 September 2019.
Kenya's travel insurance sector is poised for sustained growth over the next two years, with a significant increase in the number of Kenyans purchasing travel insurance before embarking on foreign trips.
According to Kenindia General Manager, Mr. Valiveti Kumar, the rising threats in countries Kenyans travel to, extreme weather conditions, and medical tourism have contributed to the surge in travel insurance sign-ups.
Mr. Kumar noted that customers have come to appreciate the importance of financial protection against travel mishaps, which often outweigh the cost of purchasing travel insurance. 'Our customers have realized that the financial risks involved in a travel mishap far outweigh the small cost of getting a travel insurance cover,' he said.
Kenindia offers five types of travel insurance, including premium, business, Schengen, Worldwide excluding USA and Canada, and Worldwide including USA and Canada, as well as individual and family cover. The cover provides protection for travelers, their personal belongings, and non-refundable trip costs, with an upper limit of up to Kshs 20 million.
Mr. Kumar emphasized that travel insurance can cover or reimburse customers for unforeseen events occurring before or during their trip, with prices ranging from 1% to 12% of the total trip cost. 'We look at the overall trip, the type of coverage needed, the age of the traveler, the travel destination, the length of stay, and any pre-existing conditions to determine the type of cover,' he explained.
