The Central Bank of Kenya in Nairobi. [File, Standard] In 2004, the Central Bank of Kenya (CBK) took a significant step by granting the first commercial bank the authority to operate a bancassurance business. This landmark decision paved the way for nearly 30 banks and microfinance institutions to establish bancassurance services through specialised agencies and subsidiaries. The emergence of bancassurance has proven to be a critical factor in increasing insurance penetration in Kenya, a sector that has traditionally struggled to reach a broad audience. As reported by the Insurance Regulatory Authority (IRA), the insurance penetration rate in Kenya remains below…