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Francis Kijogi Mutegi (PhD)

Jomo Kenyatta University of Agriculture and Technology


Dr. Mike Iravo (PhD)

Jomo Kenyatta University of Agriculture and Technology


Dr. Karanja Ngugi (PhD)

Jomo Kenyatta University of Agriculture and Technology


CITATION: Mutegi, F. K., Iravo., & Karanja, N. (2016). The Influence of Product Innovation Strategy on Insurance Penetration in Kenya. International Journal of Strategic Management. Vol.6 (1) pp 14 – 33.


Insurance companies provide unique financial services to the growth and development of every economy. Such specialized financial services range from the underwriting of risks inherent in economic entities and the mobilization of large amount of funds through premiums for long-term investments. The insurance industry in Kenya faces low insurance penetration in terms of market share, product diversification among other measures. Only 6.8% of Kenya’s population has purchased insurance cover with an overwhelming 93.2% never having embraced insurance cover either in life or property. The penetration of insurance in Kenya is estimated at 3.44% which is very low compared to other countries like South Africa with the highest penetration rate of 14%, Namibia 8% and Mauritius 5.94%. This study was designed to assess the role of product innovation strategy on insurance penetration. The study focused on the licensed insurance companies in Kenya. This study employed a descriptive research design because it involves describing a phenomenon. The population of the study was 51 Insurance Companies licensed to underwrite insurance services. The sample of the study was 34 insurance companies licenced to offer underwrite insurance services from which 68 marketing, underwriting, finance and claims managers were sampled. Data was collected using both primary and secondary sources. Multiple regression analysis was used to show relationship between independent and dependent variables. The data collected was presented using tables, bar charts, and pie charts. The result of the study will benefit several stake holders among them the insurance firms, investors, government of Kenya, the insurance industry and researchers.

Key words: Insurance Penetration, Product Innovation Strategy


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