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Minet Kenya has launched an insurance cover that allows small and medium enterprises (SMEs) in Kenya to mitigate against various risks.

The cover which is priced as low as Ksh. 5,000 allows SMEs to choose the type of insurance they need, based on their specific risks and business requirements and is underwritten by Fidelity Insurance.

Minet Kenya’s Chief Executive Officer, Sammy Muthui, had this to say, “We are giving SMEs the power of choice and access to the same level of protection as larger businesses, at affordable rates. Kenya’s SME sector remains an untapped market for insurance products. And as the economy continues to recover, we expect demand for business insurance to grow as enterprises seek to protect themselves from uncertainties as seen with COVID-19.”

Fidelity Insurance CEO, Richard Marisin said:” Biznasure offers unique, differentiated, and customized comprehensive coverage options to cover against property damage, liability,
theft, business interruption and various other risks which may affect the owner, employees and third parties. In a nutshell, Biznasure protects you against a broad spectrum of risks.”

The Ministry of Industrialization, Trade and Enterprise Development says there are approximately 7.4 million MSMEs in Kenya, accounting for roughly a third (24%) of the
country’s GDP. Though impressive, that contribution is far lower than, for example, that of South Africa at 55%, indicating there is still an opportunity to grow the sector.

The Insurance Regulatory Authority Chairman Hon. Mwambu Mabongah commended the broker for the new move added: “The launch of the product is indeed a welcome addition to the range of insurance products that are being introduced to the market to meet the varied needs of Kenyan consumers and enterprises.”

The announcement comes at a time when Kenya’s economy is projected to grow by 5.3 percent this year, according to the latest International Monetary Fund (IMF) projection,
signalling the recovery of SMEs in a post-pandemic era.