The insurance bridge protecting the wealth Kenyan women build
The insurance bridge protecting the wealth Kenyan women build is becoming more important than ever as more women take charge of their families’ finances, run businesses, and invest in their future.
Across Kenya, women play a major role in building wealth. They manage household budgets, save for their children’s education, grow businesses, and make financial decisions that keep their families stable. But despite working hard to build financial security, many women have little or no insurance to protect what they have achieved.
According to the Association of Kenya Insurers (AKI), only 2.4% of Kenyans have insurance. This is much lower than the global average of 7%. Many people still see insurance as something they can buy later, after taking care of other expenses.
However, life does not always go as planned. A medical emergency, a fire, theft, or the loss of income can quickly wipe out years of hard work. Insurance helps families recover from these unexpected events without losing everything they have built.
For women, insurance is even more important because they generally live five to seven years longer than men. This means many women may one day have to manage their homes and finances without the support of a spouse. Having insurance can provide financial protection during those years.
Why many Kenyans do not have insurance
Many people want insurance but face challenges that stop them from buying it. A 2025 GeoPoll survey found that the biggest reasons are high costs, irregular income, and a lack of trust in insurance companies.
These challenges affect many women, especially those running small businesses, working in the informal sector, or managing family finances on a limited budget. When money is tight, people often choose to spend on immediate needs instead of paying for insurance.
Some people also worry that insurance companies may delay or reject claims. This has made many Kenyans lose confidence in insurance, causing them to postpone buying cover until it is too late.
How bancassurance is changing the story
Bancassurance is helping to make insurance easier to access. It is a partnership between banks and insurance companies that allows customers to buy insurance through their bank.
Many people already trust their banks to keep their money safe. By offering insurance alongside savings accounts, loans, and investments, banks make it easier for customers to protect their finances in one place.
Absa Bank Kenya is one of the country’s leading bancassurance providers. Through Absa Bancassurance Intermediary Limited (ABIL), the bank works with different insurance companies to offer affordable insurance solutions for individuals and businesses.
One example is the partnership with Old Mutual Kenya to offer Linda Biz, an insurance solution designed for small and medium-sized businesses. The product provides cover for business assets, medical expenses, and life insurance. This is especially important because many Kenyan women own and manage small businesses that support their families.
Protecting what matters most
Building wealth takes years of hard work, but losing it can happen in a single day. Insurance helps protect savings, businesses, homes, and loved ones from unexpected events.
Every woman should ask herself one important question: If something unexpected happened tomorrow, would everything I have worked so hard to build be protected?
Insurance is not only for the wealthy. It is an important part of financial planning for anyone who wants to secure their future. Through bancassurance, more Kenyan women can now access trusted and affordable insurance solutions that help protect the wealth they have worked so hard to build.