IFRS 17, or the International Financial Reporting Standard 17, is a set of accounting standards developed by the International Accounting Standards Board (IASB) that governs the accounting for insurance contracts. It replaces IFRS 4, which was previously the standard for insurance contracts but was seen as lacking comparability and transparency. IFRS 17 was developed to […]
How much life insurance do I need?
Determining how much life insurance you need depends on various factors such as your age, income, existing debts, number of dependents, lifestyle, and future financial goals. Here’s a general approach to calculate your life insurance needs: Evaluate Your Debts: Take stock of your outstanding debts such as mortgage, car loans, student loans, and credit card […]
What happens if I miss a premium payment?
If you miss a premium payment on an insurance policy, the consequences can vary depending on the type of insurance and the terms of your policy. Here are some common scenarios: Grace Period: Many insurance policies have a grace period, typically ranging from 30 to 90 days, during which you can still make your premium […]
How does the insurance company determine my premium?
Insurance companies determine your premium based on various factors, including: Risk Factors: Insurance companies assess the level of risk you pose as an insured individual. For example, if you’re insuring a car, factors such as your driving record, age, and the make and model of your car will influence your premium. Similarly, for health insurance, […]
Benefits of insurance
Insurance plays a crucial role in modern society by providing individuals, businesses, and organizations with financial protection against various risks and uncertainties. Here are some key reasons why insurance is important: 1. **Risk Management**: Insurance allows individuals and businesses to transfer the financial risk of potential losses to an insurance company. This helps to mitigate […]
7 Reasons Why everyone needs a health insurance
Everyone needs health insurance for several important reasons: 1. **Medical Expenses:** Healthcare costs can be incredibly high, and unexpected medical emergencies or illnesses can quickly deplete savings or put individuals and families into significant debt. Health insurance helps cover these costs, including hospital stays, surgeries, prescription medications, and other medical treatments. 2. **Preventive Care:** Health […]
How to Select a Home Insurance Plan in Kenya
Selecting a home insurance plan in Kenya involves careful consideration of several factors to ensure you choose the most suitable coverage for your needs. Here are some steps to guide you through the process: Assess Your Needs: Start by evaluating your property and belongings. Consider the value of your home, the contents inside, and any […]