Jubilee Insurance has launched an ambitious campaign titled “There’s Living, and There’s Living Free.”
This initiative aims to bridge the gap between complex insurance concepts and the everyday needs of customers across the East African community.
The “There’s Living, and There’s Living Free” campaign seeks to enhance financial literacy and empower individuals to make informed decisions regarding investment and insurance solutions. By doing so, Jubilee Insurance aims to secure their financial futures and contribute to long-term stability.
Financial literacy in East Africa faces challenges compared to more developed regions. According to the 2021 Global Financial Literacy Survey, Kenya’s financial literacy rate is 38%, Uganda’s is 34%, and Tanzania’s is 40%.
This deficiency hampers individuals’ ability to make informed decisions about savings, investments, and insurance.
Additionally, it extends to health-related choices, impacting healthcare cost management and access to preventive care.
Beyond Insurance Services
Jubilee Insurance’s commitment goes beyond traditional insurance roles. They aim to share valuable insights that help people make smart choices for their health and financial well-being. This campaign emphasizes making a real difference in the lives of their customers.
Insurance penetration in Kenya, Uganda, and Tanzania is less than 2% of GDP, as highlighted by the Insurance Outlook Report 2023 by Deloitte.
Furthermore, the Global Findex Report reveals that only 41% of adults in these countries are financially resilient. The campaign aims to address this gap.
Dr. Julius Kipngetich, Group CEO of Jubilee Insurance, emphasizes the campaign’s importance. In today’s dynamic economic environment, financial instability can impact mental health.
“By engaging with our communities across Kenya, Uganda, and Tanzania, we aim to highlight the critical importance of making informed financial and investment decisions,” Dr Kipngetich said.
