# AAR Insurance

An episode of [The Mwango Capital Podcast](https://invisiblenetwork.ai/podcast/1583367792), 23 Jul 2024, 50 min.

Audio: https://api.substack.com/feed/podcast/146909910/c3b89f9fcc722df776b95518a5c94022.mp3

In this episode recorded on 11.07.2024, we host the AAR Insurance CEO, Justine Kosgei, for an in-depth conversation on the firm. We cover the firm’s product offering, insurance penetration in Kenya, affordable health insurance, Social Health Insurance Fund (SHIF), and IFRS 17’s implementation and impact. Subscribe to get notified when we make a new post. Key Quotes On insurance penetration: “Many people don't know how the penetration is calculated. Usually, it's a percentage of total insurance premiums that we have in the industry compared to the GDP. So right now it's below 3%. That is very low compared to other countries such as South Africa. For example, whereas our penetration is 3% as a contribution to the GDP for developed countries and in Africa, places like South Africa, they're talking about 17%. So it means we are very far off. It means that the number of people also that have insurance if you take the number of people who have health insurance in Kenya, or private insurance, is about 2 million. Yet we have 55 million Kenyans in total. Meaning we have over 50 million Kenyans who have no insurance.” On cultural aspects: “We have very strong bonds and very strong support systems that sometimes do not encourage people to take insurance.” On Insurance cost: “When you have a smaller pool, you, as actuaries or as statisticians, realize that for you to have adequate premiums together for expenses, you have to charge more. But if we have more penetration, then it will be easier to price and create solutions that are more affordable.” Show Notes 00:00:33 CEO’s Career Journey 00:09:48 Company History 00:15:47 Insurance Penetration 00:26:20 Product Offering 00:31:37 Affordable Health Insurance 00:35:23 Social Health Insurance Fund (SHIF) 00:38:04 Dos and Donts of Insurance Policies 00:40:27 Responsibilities as a CEO 00:43:57 IFRS17 00:48:49 Closing Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

Shows are listed from Apple Podcasts' charts and directory, and Podcast Index where it is used. Every show and episode belongs to its publisher and plays from the publisher's own feed; this site hosts none of them.