Catastrophic risk and Covid 19 : a review in the context of Kenyan insurance market

Abstract

This project was chosen to acquire a thoughtful of the prevailing state of affairs in the Kenyan insurance industry in terms of insurance risk management with a keen focus on catastrophic risks. Insurance is a component of risk transmission and risk management procedure. It was necessary to acquire several understandings of the extent to which this framework is being used. An investigative survey methodology was adopted, and triangulation was used. This necessitated the utilization of data catalogue techniques like semi-structured survey questionnaires. The obtained statistics was evaluated employing a variety of methods, including statistical techniques for quantitative data and framework assessment for qualitative data. The findings offered information on the current risk management procedures utilized by insurance firms to reduce catastrophic risks. The impressions of the dangers presented by catastrophes, the risk management viewpoint, as well as the efficiency and appropriateness of procedures utilized in disaster management were identified as concepts. This study is valuable to the Kenyan insurance industry since insurance firms were contacted to procure the details. Assumptions about the current scenario were made based on the literature acquired by the investigator in early findings. This project gives an improved concept of what is presently available.