Minet Kenya rolls out tailor-made product for MSME’s against unforeseen risks

Minet Kenya has rolled out a Sh5,000 cover for small businesses that will protect their entities against unforeseen risks.

Dubbed BiznaSure, the cover allows businesses to customize insurance policies based on specific risks and business requirements. It will be underwritten by Fidelity Insurance.

Minet Kenya’s Chief Executive Officer Sammy Muthui said that the insurer will continue to develop and offer innovative solutions that cater for the needs of every Kenyan business.

“We are giving SMEs the power of choice and access to the same level of protection as larger businesses, at affordable rates,” said Muthui.

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, signaling the recovery of SMEs in a post-pandemic era.

“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,” Richard Marisin, Fidelity Insurance’s CEO, said.

The Ministry of Industrialization, Trade, and Enterprise Development says there are approximately 7.4 million MSMEs in Kenya, accounting for roughly a third (24 percent) of the country’s GDP.

Despite its impressions, the contribution is far lower than the one for South Africa, at 55 percent, indicating there is still an opportunity to grow the sector.

“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,” Insurance Regulatory Authority Chairman Mwambu Mabongah said.

Kenya National Chamber of Commerce and Industry President Richard Ngatia urged SMEs to take advantage of the solution by Minet and Fidelity to mitigate unforeseeable risks.

“I invite Minet to work with our chamber in supporting SMEs in enhancing financial inclusion and ensure sustained businesses through mitigation strategies as offered by the cover.” Said Richard.