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Whistleblowing
Nairobi, 16th June 2026… Have you ever paused and wondered whether you could be paying for an insurance cover you don't need, or, on the flip side, carrying far less protection than the risks you face today require?
This is a question many people with active insurance policies rarely ask. But why should someone bother whether they have too much? Picture this; if you’re an entrepreneur, as a business grows, your assets increase and if you have dependents, your family responsibilities evolve.
As such, an insurance cover that once seemed adequate months or years ago can quickly become outdated. You may be paying for multiple covers that protect the same risk, or you may be exposed because your insurance has not kept pace with how your circumstances are evolving.
According to Equity Life Assurance Kenya Managing Director Angela Okinda, regularly reviewing your insurance portfolio can help ensure you are neither overinsured nor underinsured.
Am I paying for insurance I don’t need?
Speaking during the Endeleza Biashara podcast, Okinda encouraged individuals and business owners to revisit their insurance arrangements periodically rather than treating insurance as a one-time purchase that will fix it everything.
She noted that as businesses expand, personal and family circumstances evolve, many people unknowingly create protection gaps or continue paying for covers that no longer match their needs.
“Think of it this way, many people don't realize they may be paying twice for the same protection. For example, you could have a medical insurance cover that includes a funeral benefit, while your employer's group life cover also provides the same benefit. In such cases, you may be paying for multiple policies covering the same risk. From experience we've seen customers reduce their insurance costs by between 20%and 30% simply by removing unnecessary duplication, especially where they are overinsured,” she explained.
How can a growing business become underinsured?
At the same time, underinsurance remains a major concern, and particularly for growing businesses. Okinda cited the example of a business whose operations have expanded significantly while its insurance cover has remained unchanged, not matching current risks.
“Imagine a business that deals in cash in transit, they transport KSh1 million in cash to the bank at the end of each day, but its cash-in-transit insurance only covers up to KSh100,000. If that money is lost or stolen, the business could recover only a fraction of what was at risk. Often, in such instances, you find that, the cover was taken years earlier when the business handled much smaller amounts, but as the enterprise grew, nobody reviewed it as the business grew,” she continued.
What does an insurance review actually reveal?
According to Okinda, reviewing insurance cover is not simply about reducing premiums. It is about ensuring your protection reflects the realities of your life and business today.
“We look for areas where you're paying twice for the same protection, identify risks that may no longer be adequately covered, and then realign your cover so it reflects your current circumstances. In many cases, the money saved from duplicate cover can be redirected to areas where protection is genuinely needed.”
The discussion formed part of a broader conversation on how insurance can support business resilience, particularly among micro, small and medium-sized enterprises (MSMEs), which remain a key pillar of Kenya’s economy.
Okinda said Equity’s journey into insurance was driven by a realization that wealth creation and wealth protection must go hand in hand.
“We realized that it’s not enough to use credit as a means of creating wealth if one incident then forces that family or that business to sell property or collapse a business to meet the cost of an unforeseen incident,” she said.
Why should insurance be part of your financial plan?
To help address this challenge, Equity has developed insurance solutions tailored to MSMEs, including umbrella covers for traders, employee benefit solutions, hospital cash benefits, group life cover and business protection products designed to support continuity when disruptions occur.
For Okinda, insurance should be viewed as part of business planning rather than an optional expense.
Throughout the podcast, her message was simple and clear: as your life and business evolve, your protection should evolve too. She spoke fondly about taking time to review your insurance cover revealing that such a step could reveal areas where you are paying for protection you do not need, while also uncovering risks that have outgrown the cover you currently have.
Not sure whether you're overinsured, underinsured or adequately protected? Review your cover today to identify gaps, eliminate unnecessary duplication, and ensure your family, business, employees and assets are adequately protected. Speak to an Equity insurance advisor or visit the Equity Insurance page or nearest branch to learn more.
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