This archive report was first published on 8 October 2019.
On October 8, 2019, ICEA Lion Group made a significant move in the Kenyan insurance market by launching a cancer insurance cover. This innovative product aims to alleviate the financial burden on families affected by cancer, a disease that is increasingly prevalent in the country.
According to the World Health Organisation's Globocan report for 2019, cancer claims the lives of 32,987 Kenyans annually, with 45,000 new cases reported. The high cost of cancer treatment, averaging Sh2.5 million, has put a significant strain on families.
George Nyakundi, Business Development and Technical Services General Manager at ICEA Lion Group, explained that the new cancer insurance cover is designed to cater for the financial needs of patients from diagnosis to treatment, surgery, palliative care, and relapse. The cover is renewable each year, with premiums increasing gradually with age.
Mr. Nyakundi noted that the premiums will vary depending on factors such as gender, age, habits, the period of the cover, and medical history. For instance, an 18-year-old male non-smoker seeking a sum assured of Sh1 million will start with premiums of Sh165, while smokers at the same age will pay Sh370 a month.
The cover comes with an inbuilt remission bonus and also covers benign brain tumours with an additional 10 per cent of the sum assured. It is open to Kenyans between 18 and 59 years who have been cancer-free for a year before taking up the cover.
