Why More Kenyans Now Eye Guaranteed Financial Products

Rising living costs, job insecurity and weakening family support networks are pushing more Kenyans, particularly salaried workers, toward financial products that promise a guaranteed outcome. Inflation rose from 5.6 to 6.7 percent in May, while transport costs increased 16.5 percent over the past year. Insurance penetration reached 2.63 percent of GDP last year, an eight-year high, and life insurance surpassed general insurance in premiums and economic share. Life cover more than tripled between 2016 and 2025, and gross premiums grew 36 percent in the first quarter of this year.