Eldoret: Households, farmers, motorists, and businesses have been urged to strengthen their preparedness for the anticipated El Ni±o weather conditions and review their financial protection, even as the country braces for potentially heavy rainfall. Old Mutual General Insurance Kenya Managing Director Japheth Ogalloh said the projected weather conditions could increase exposure to floods and other climate-related risks, making it necessary for individuals and businesses to assess the adequacy of their insurance cover and put in place appropriate mitigation measures.
According to Kenya News Agency, Ogalloh, speaking in Eldoret during the launch of Old Mutual’s week-long Market Storm engagement, highlighted a weather advisory indicating a 90 per cent probability of higher-than-usual rainfall, raising concerns over possible flooding and associated losses. He stated that the company had already begun engaging customers on ways to mitigate the effects of the anticipated El Ni±o, particularly in flood-prone areas.
Ogalloh emphasized that protection is a crucial part of financial wellness, noting that with the projected El Ni±o conditions likely to increase exposure to weather-related risks, it is an essential time for households, motorists, and businesses to review their insurance coverage. He pointed out that insurance provides a financial safety net, enabling individuals and businesses to recover more quickly from unexpected events.
He revealed that Old Mutual had paid over Sh200 million in flood-related claims over the past 36 months, including from flooding incidents in 2024 and the first quarter of this year. The insurer has also been working with farmers in the North Rift, a significant food-producing region, to reduce their exposure to flood-related losses.
Ogalloh noted that the risks associated with heavy rains extend beyond agriculture, affecting households, motor vehicles, buildings, and other properties, underscoring the need for comprehensive preparedness. He encouraged customers to assess their existing protection and identify gaps before severe weather strikes.
The El Ni±o preparedness message is part of Old Mutual’s broader financial wellness campaign, aiming to encourage Kenyans to balance saving, investment, and financial protection. Old Mutual Life Assurance Kenya Managing Director Martin Karenju added that the company’s Market Storm initiative is designed to bring financial solutions closer to customers and help them make informed financial decisions.
The Eldoret engagement began with a financial literacy session, bringing together current and retired athletes to discuss financial planning, saving, investment, and risk management. Karenju noted the importance of these lessons for athletes, whose peak earning years may be relatively short.
The Old Mutual Financial Wellness Monitor 2025 reported that although 91 per cent of surveyed Kenyans have a specific savings goal, only 37 per cent are saving for retirement. Additionally, 34 per cent of those not saving for retirement had no alternative retirement plan. The report also indicated that 54 per cent of working Kenyans had the same or more debt than the previous year, while 40 per cent had dipped into their savings to meet daily needs.
Karenju emphasized that stronger savings and investment habits, along with adequate protection against unforeseen risks, are critical to improving financial resilience. He stated that the company would continue engaging Eldoret communities through financial wellness conversations and activities covering savings, investments, insurance, health, and financial protection.
The Eldoret Market Storm follows similar engagements held by Old Mutual in Thika, Nakuru, and Mombasa.
