Britam and Habitat for Humanity Expand Partnership to Strengthen Property Insurance Penetration Rate in Kenya

Britam General Insurance and Habitat for Humanity International (HFHI) – Terwilliger Centre for Innovation in Shelter (TCIS), have signed a Memorandum of Understanding (MoU) to tackle the low market penetration of property insurance, which currently stands at 0.5%. It is estimated that one third of Kenyans are at heightened risk of property loss. 

Ahead of this MoU, Britam, with technical support and financial backing from the International Labor Organization (ILO), Swiss Capacity Building Facility (SCBF) and Habitat for Humanity - Terwilliger Centre for Innovation in Shelter (TCIS), initiated the project to develop innovative property microinsurance product(s) for Low-Mid income households. 

The project has so far successfully secured the properties of 69,000 low-income Kenyans against loss during the pilot phase, marking a significant milestone in addressing the pressing need for affordable insurance solutions. This was made possible through bundling of fire-cash microinsurance products, partnership with aggregators and focus on Content Insurance. Britam Group Managing Director and CEO, Tom Gitogo, observed that the MoU underscores Britam’s commitment to deepen insurance penetration in all its markets through education and innovation.