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Disaster Mitigation Strategies Article by Margaret Nasieku
The basic goal behind buying insurance is to make you financially whole following a loss. You agree to pay a (relatively) small fee to an insurance company today, causing a small but certain loss to you now, in exchange for a guarantee from the insurance company that it will bear the burden of a large but uncertain loss in the future. Heavy rains in recent days have resulted in floods within Nairobi and other parts of the Region, causing not only loss of human lives and animals, but damage to residential property including household items, commercial properties including stock, motor vehicles together with infrastructure damage and water borne diseases too - with a majority of business owners reported to remain uninsured against this type of natural disaster. A total of 34,129 people have been confirmed affected so far with some business premises said to have been destroyed and many entrepreneurs have reportedly had to close their businesses due to the water damage. Many businesses do appreciate the high risk presented by natural disasters but insurance has never been regarded as highnecessity, despite the obvious risk of natural disasters. So the main challenge cited as facing the Kenyan insurance sector is a lack of awareness of insurance products and limited industry knowledge, with many individuals seeing insurance as a luxury service. A person can insure almost anything these days: be it a flight to Mombasa, rental property, or a valuable phone.
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