Over 200 delegates from across East Africa convened at the Safari Park Hotel for the first-ever AAR Insurance East Africa Sales Conference 2025 to recalibrate, reimagine, and redefine how insurers can engage its customers.
Themed “Business Unusual”, the forum provided a platform for industry players to share insights, explore innovative strategies, and foster collaboration aimed at transforming how insurers address the unique needs of their customers in the region.
According to the East African Community (EAC), small and growing businesses (SGBs) make up the largest share of all registered entities in most sectors across East African countries, accounting for an average of 60% or as much as 90% when micro enterprises are included.
Insurance plays a vital role in safeguarding SGBs from unforeseen risks, serving as a critical form of risk management that enhances their ability to withstand challenges and build resilience in a competitive and unpredictable market environment.
During the conference, AAR Insurance, in partnership with WYLDE International, launched the “Insurance Usage & Awareness Report 2024”, which shares key insights on the SME sub-sector while highlighting significant opportunities and gaps.
The report reveals that 53% of SGBs do not have any form of insurance. Among those that do, 52% rely on a single insurance provider, while only 43% engage with two to three providers.
AAR Insurance Kenya Group CEO, Justine Kosgei, commented on the findings, said.
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“Many small businesses are still finding it challenging to fully protect themselves from the risks they face. To address this, we need to raise awareness about the variety of insurance products available and engage more closely with SGBs to understand their unique needs. By developing tailored solutions, we can help these businesses build the resilience and confidence they need to grow. It’s essential that insurers, policymakers, and SGBs work together to create a sustainable environment where businesses are equipped to face challenges, unlock new opportunities, and contribute to economic growth in the region.”
The report also highlights that despite the challenges, the potential for insurance uptake among SGBs is vast.
Over 70% of SGBs expressed a willingness to invest in insurance solutions if products are tailored to their specific needs, with a focus on affordability and accessibility.
This indicates a significant opportunity for insurers to innovate and offer products that address the distinct risks faced by small businesses.
On his part, WYLDE International CEO, Christopher Odongo said,
“Misinformation has long made it difficult for business owners to access reliable information about insurance solutions. Risk management is often misunderstood, and the complexity of insurance can be overwhelming. However, the growing adoption of digital platforms presents a significant opportunity to bridge this gap. By leveraging technology, we can engage more effectively with SMEs, simplify the insurance process, and provide clearer, more accessible information that empowers business owners to make informed decisions and protect their businesses with confidence.”
As the SME sector continues to grow and become an even more critical driver of economic development in the region, it is clear that the insurance industry must adapt to better serve these businesses with affordable, accessible, and relevant solutions.
AAR Insurance and WYLDE International reaffirmed their shared commitment to supporting the growth of the SME sector in East Africa, highlighting their roles as key partners in fostering resilience and innovation.
Through the insights shared at the conference, AAR Insurance emphasised its dedication to providing accessible, tailored insurance solutions, while WYLDE International reinforced its focus on empowering SMEs with strategic guidance and support.
Together, they continue to actively contribute to building a more robust and sustainable ecosystem for small businesses across the region.
