APA Insurance and the International Finance Corporation (IFC) have unveiled a programme aimed at raising insurance uptake amongst women in Kenya.
This, as the latest statistics by the Insurance Regulatory Authority (IRA) shows women are trailing men in insurance penetration at 2.6 and 1.7 per cent respectively.
Kenya Demographic and Health Survey 2022 shows males spend an average of Sh52,924 per year for inpatient admissions whereas females spend an average of Sh27,536 per year.
Dubbed APA SHEild, the initiative aims to increase access to affordable financial products for women in Kenya, including health, wellness, personal wealth and savings insurance.
In addition to offering financial products tailored to women, APA SHEild will also provide workshops and webinars to equip women with knowledge and tools to support their personal and professional financial development and security.
“APA SHEild stands out as a truly exceptional and one-of-a-kind programme meticulously crafted with the needs of Kenyan women in mind,'' APA Life Assurance CEO Catherine Karimi said.
She added that women have unique insurance and financial needs and these often vary based on individual circumstances, life stages and financial goals.
According to the World Bank, 31 per cent of Kenyan households are women-headed.
''Women tend to be more vulnerable to physical and financial shocks and often have limited access to coping mechanisms. Insurance and financial guidance can support women to protect themselves, their families, communities and society''.
Amena Arif, IFC Country manager for Kenya, women play a crucial role in driving the economy.
"IFC and APA are working together to make tailored insurance more accessible and affordable for women in Kenya so that women have the financial products they need to take charge of their lives and futures,'' she said.
Under the SHEild programme, APA has developed a range of women-centric non-life and life insurance solutions to include health, wellness, wealth and protection.
This includes collaborating with YuBuntu on a Women’s Cancer Care Programme called ‘APA Femina Plus,’ which is geared toward positive protection by access to regular screenings and HPV vaccinations for breast and cervical cancer.
Additionally, it offers support and protection in the form of a cash benefit in the event of a positive diagnosis of breast, cervical or ovarian cancer.
“YuBuntu -“Your Wellness” - is a venture-backed by a consortium of global partners including Roche, MSD, Pfizer, Swiss_Re, Dai-ichi Life and The Bill and Melinda Gates Foundation brought together by ARK.
Dan White, CEO of Ark, said they are excited about the APA and YuBuntu teams joining forces to create an innovative, total wellness solution exclusively for women.
"Working together, we aim to make a tangible and measurable impact on the lives of women and girls in Kenya and we look forward to supporting and expanding this further in the future,'' White said.