As the world continues to battle the novel-CoronaVirus pandemic, which is still ravaging countries with rising daily news cases, the situation has thrown many into uncertainties not knowing what to do.
This has led to companies laying off staff and thereby contributing to the loss of income from taking time off work, it is important to start planning for unfortunate situations that may arise.
According to the Underwriting and Claims manager at Enwealth Financial Services, Rahab Kinuthia, making a list of important financial contacts while advising to it is better to ensure one stays out of debt as much as possible.
“It is important to be able to access financial accounts and institutions, especially during difficult situations”, Kamau, Claims manager, Enwealth Financial Services.
Few insurance solutions are available in the country with no specific covers for pandemics as they are mostly treated as an exclusion in insurance policies.
However, recently, the Insurance Regulatory Authority (IRA), in consultation with insurance companies, confirmed they will extend to cover claims arising from Covid-19 as payouts will also have to cover deaths and last expenses, too.
With scientists warning of an increase in frequency in pandemics in the future, Kamau advises preparing in several ways such as building an emergency fund to help cover unexpected medical expenses, having some cash in hand, and reviewing the health insurance coverage.
She further states the need to make the most of digital banking services as an easy form of accomplishing financial preparedness.
For the insurance industry, Kamau says this is the time for companies to come up with a product that covers pandemics or have it as an extension as it was with terrorism.