What challenges that face publishing industry in Kenya?

Answer 1

CHALLENGES FACING INSURANCE INDUSTRY IN Kenya

Insurance industry in Kenya is faced by several challenges that make their operation in the Kenyan market not so easy. These challenges are dependent on the people, the status of the market, laws governing insurance in Kenya and the lack of proper information about insurance.

The Kenyan people don't have enough trust in the insurance business majorly due to the number of non-paid claims that lie about within the market. Many claims have not been paid due to prolonged investigations to the point that rather than other insureds recommend insurance to their friends they always end up discouraging them and most of those who seek insurance always do so in order to gain the benefit of tax reduction that comes with the package.

Kenyan market is also a young market that is still not well versed with the diversity of the insurance industry as most people are not used to paying premiums in order to alleviate the risks. Most Kenyans therefore consider these rates exorbitant thus they don't seek insurance. This has been bad for business in the industry as most insurance companies are found straining to meet their budget and pay claims. Some have resorted to unethical means of luring customers into this industry. These are mainly through reduced rates that thus lead to unpaid claims.

Mismanagement of insurance companies is also a notorious factor that hamper insurance industries in Kenya. Some insurance industry lack proper management due to lack of transparency, this has led to customers losing their money in the process and thus making the public lose trust in the industry. Incompetent management could lead to unrealistically low premiums that make insurance affordable yet not payable. Incompetency is also found in the relay of wrong message to the public by various insurance agents whose qualifications are most times in question.

Legal laws set by parliament to govern the insurance industry has also sometimes failed to meet the unique needs of the third world market prominent in Kenya. When insurance companies are forced to pay up a big amount of money for licence and the burden ends up passed to the public has led to high insurance rates that have proved difficult to pay. The motor industry has been forced into insurance by the law such that normally motorists just insure in order to use the roads not as a means of protection.

Dishonesty by the public has also hampered business in Kenya as the public has failed to meet the principle of distribution in cases of double insurance thus leading to benefiting from a misfortune. Sometimes the claims are overstated thus proving to be costly to the public. In situations of insurance application, most people have ended up filling in half-truths and lies so as to be charged cheaper premiums.

Lack of a big pool of customers has led to some risks being uninsurable as the insurance lies on the principle of creating a common pool so that the good of many benefit the misfortune of some. This has really hampered insurance companies in Kenya.

Lack of proper research has led to a poor background for decision making especially in finding out the insurable risks and setting up the premiums to forgo in order to gain the insurance cover.

Answer 2

Insurance industry in Kenya is faced by several challenges that make their operation in the Kenyan market difficult. These challenges are dependent on the people, the status of the market, laws governing insurance in Kenya and the lack of proper information about insurance.

The Kenyan people don't have enough trust in the insurance business mainly due to the number of unpaid claims that remain in the market. Many claims have not been paid due to prolonged investigations to the point that, rather than other insured's recommending insurance to their friends, they end up discouraging them. Most of those who seek insurance always do so in order to gain the benefit of tax reduction that comes with the package.

The Kenyan market is also a young market that is still not well versed with the diversity of the insurance industry because many people are not used to paying premiums in order to alleviate the risks. Most Kenyans therefore consider these rates high and therefore they don't seek insurance. This has been bad for business in the industry as most insurance companies strain to meet their budget and pay claims. Some have resorted to unethical means of luring customers into this industry through inadequate rates leading to inadequate claims paying ability.

Mismanagement of insurance companies is also a notorious factor that hampers insurance industries in Kenya. Some insurance companies lack proper management due to lack of transparency, which has led to customers losing their money in the process and thus making the public lose trust in the industry. Incompetent management could lead to unrealistically low premiums that make insurance affordable yet not payable. Incompetency is also found in the relay of wrong messages to the public by insurance agents who are often unqualified.

Laws set by parliament to govern the insurance industry have also sometimes failed to meet the unique needs of the third world market. When insurance companies are forced to pay large amounts of money for licenses and that burden is passed to the public, rates are affected.

Dishonesty by the public has also hampered business in Kenya, such as by duplication of coverage so as to attempt to realize double recoveries.

Lack of a big pool of customers has led to problems in realizing the "law of large numbers" on which insurance is predicated.

Lack of proper research has led to decision making, especially as to insurability of risks and setting rates and premiums accordingly.

Answer 3

Discuss the challenges facing entreprenural vengers in kenya

Answer 4

the main challenges are insecurity whether its theft or fraud, lack of confidence in the issued bonds poor infrastructure,lack of resources.

Answer 5

setle claims at a short time by doing investigations at a shorter span in order to win the trust of kenyan people.

Answer 6

they are faced by lack of enough capital.

Answer 7

competition

Answer 8

wololo