New insurance cover targeting SMEs launched in Kenya
A new insurance cover targeting small and medium–sized enterprises (SMEs) was launched in Kenya on Wednesday (February 27th).Kenyan Finance minister Njeru Githae said it is a welcome boost to small traders as it will enable them to afford insurance cover, The Star reports.
"As a government we recognise the unique challenges that SMEs are facing and that diminish their ability to contribute effectively to sustainable development," he added.
Launched by Cannon Insurance, the "Small Market & Enterprises" insurance should help facilitate SME's operations and protect businesses from unforeseen risks - such as fire, theft and liability.
Business Insurance eliminates the need for small business owners to take out individual policies to cover various business risks.
The development of SME insurance is particularly beneficial for the agricultural sector, which contributes up to 26 percent to the Kenyan economy.
"Weather-index insurance schemes are making a measurable impact where payouts enable farmers to recover from what would otherwise be financial disaster, said the Central Bank Governor at the launch of the Continental Reinsurance brand and products in July 2012 in Nairobi.