Bluesky sees growing pains
NASHVILLE, Tenn. (AP) — After more than 150 shows across five continents over nearly two years, the global phenomenon that is is coming to an end. There is no simple way to encapsulate the effects of Swift’s decision to put on a 31⁄2-hour concert, showcasing 44 songs representing 10 different “eras” of her career — a feat she kicked off in March 2023 and will end Sunday in Vancouver, Canada. The tour shattered sales and attendance records and created such an economic boom that even But for many who attended the concerts, and the millions more who eagerly watched fan-broadcasted livestreams on their screens, the tour also became a beacon of joy — a chance not only to appreciate Swift's expansive music career, but also celebrate the yearslong journey fans have taken with her. “Right now we have this special designated time to be together, talk about the show and hang out,” said Tess Bohne, a stay-at-home mom of three turned content creator dedicated to livestreaming Swift’s concerts — by attending herself or coordinating with others to highlight their streams. “For some, it’s their therapy.” Bohne, who has earned the title among as the “livestream queen,” says she often interacts with fans hosting parties to watch an Eras concert live at home with their closest friends. People have also made lasting friendships as they geek out together watching the show from afar. Swift has long been known for leaving Easter eggs for her fans to pinpoint and decipher, a quirk that quickly took on a life of its own during the tour as eagle-eyed devotees began analyzing the possible meaning of her outfits, surprise songs and subtle lyric swaps. The buzz has been so large that multiple mobile apps were launched so fans could guess and track all the various changes. There’s even a game that gives out prizes for correctly predicting various particulars of a show, including what color guitar Swift uses while playing “Lover.” “Imagine your favorite sports team,” Bohne said. “They’re still a team, but they’re not going to play any games for the foreseeable future. That’s going to leave a hole for some folks.” Swift herself appeared to struggle that while performing at her 100th Eras show in June at Liverpool. “This is the very first time I’ve ever acknowledged to myself and admitted that this tour is gonna end in December,” she said, stressing that “this tour has really become my entire life.” Late last month, in Toronto, she briefly broke down at the thought of the tour's impending end. Swift kicked off the Eras tour the first of many sold-out stadiums as the tour progressed first in the U.S. and later into South America, Asia, the United Kingdom and Canada. By the end of 2023, it had become the first tour to ever and saw hundreds of millions of dollars spent on merchandise. She is likely to bring in over $2 billion by the time the tour wraps on Dec. 8, according to concert trade publication Pollstar. Throughout the tour, Swift was named . Apple Music named her its and Spotify revealed she was . She dropped a box office-topping concert film and helped send NFL viewership skyrocketing when Kansas City Chiefs tight end Travis Kelce. Toward the end of the tour, she released a coffee table book. And if that wasn’t enough, she released re-recordings of her ” and as well as released her “I think it’s perfect in these times to have somebody like Taylor to kind of give us distraction, give us inspiration, give us hope,” said Ralph Jaccodine, an assistant professor at Berklee College of Music and a former concert promoter who has worked with Bruce Springsteen and others. “And this is a woman that owning it, she’s come a long way. And now she can talk about artist rights and women’s rights and equality. And really, just her work ethic is relentless." Even the word “era” has become ubiquitous, with fans and casual observers using the term to explain both frivolous and transformative phases — are you in your “villain era” or a “healing era”? “I think this tour really solidified her position as a legend,” said Kayla Wong, an influencer who runs the popular @headfirstfearless. “Whether or not you like her music, whether or not you think she’s talented, the numbers really speak for themselves. The tour broke so many records and was such a global phenomenon for so long that I think she’s achieved a level where it’s undeniable as to how everlasting her impact is.” Yet the tour did experience its own dark moments. In Brazil last year, one concertgoer — 23-year-old Ana Clara Benevides — passed out and later In July, during a Taylor Swift-themed summer holiday dance and yoga class that left three little girls dead. News outlets reported that Swift met with some of the survivors backstage in London. And in August, all three of Swift's concerts in Vienna were called off after officials announced arrests over an apparent plot to launch an attack on an event in the city. from around the world had traveled to Vienna for the shows. “Having our Vienna shows cancelled was devastating,” Swift later wrote in a statement. “The reason for the cancellations filled me with a new sense of fear, and a tremendous amount of guilt because so many people had planned on coming to those shows.” Through the hardships and celebrations, Swift's connections to her fans has only ballooned and deepened throughout the tour. After the Vienna cancellations, to sing Swift's songs and placed friendship bracelets — which also became an iconic feature of the shows — on a nearby tree. Over the past two years, the fandom has welcomed new audiences — both old and new. “I feel like years ago, we were kind of all the same age and fans for the same reason,” Wong said of Swifties. “Now the fandom has people from all kinds of backgrounds, all ages, all different reasons for following her in the first place.”King and PM honour former US president Jimmy Carter after his death aged 100
Gov.-elect Bob Ferguson's early approach to fix Washington's $10 billion budget deficit
NEW YORK (AP) — Shohei Ohtani wins his third MVP and first in the NL following a historic offensive season with the Los Angeles Dodgers.NoneHere is a look at the latest town-by-town totals for the snow that fell Saturday night into Sunday morning. These totals may be updated as more reports come in. If you do not see your city or town listed, that means no one has submitted a snowfall report. Feel free to send in your total to weather@wmur.com to be added to the list. Be weather aware! Download the WMUR app for Apple or Android devices and turn on push notifications. You can choose to receive weather alerts for your geolocation and/or up to three ZIP codes. In addition, you can receive word when precipitation is coming to your area. Get storm coverage through the free Very Local app on your smart TV. Follow the Storm Watch 9 team on social media:
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Colts coach Shane Steichen feeling heat after playoff elimination
WASHINGTON—Participating in the annual tradition one last time before leaving office, President Joe Biden reportedly told a pardoned Thanksgiving turkey “You’re the Bonnie to my Clyde” on Monday before running off with it and disappearing over the horizon. “It’s us against the world now, turkey,” said the commander-in-chief, grabbing the bird by the wing and laughing wildly as the two of them fled the White House grounds in a convertible, the turkey’s handlers in hot pursuit. “They’re going to keep coming after us, you know, but I’ve got your back, and I know you’ve got mine. It’ll be just you, me, and the wide open road, together until the end. Don’t worry, I’ve got a cozy little place in Delaware we can hide out in until things die down.” At press time, Biden urged the turkey to take the wheel so that he could fend off the Secret Service agents on their tail.Facebook Twitter WhatsApp SMS Email Print Copy article link Save EGG HARBOR TOWNSHIP — Next year, the township will consider continuing to make improvements to its public parks, including renovating the football field at Veterans Memorial Park and continuing to fund the Tony Canale Park soccer field reconstruction. Rick Audet, the township's director of parks and recreation, made a presentation on the topic last week to the Township Committee. "You guys have been very supportive of our goal to improve our parks, and the public has benefited greatly from that," Audet said. "We've been very busy. We've had a lot of projects on our capital list." There have been more than 20 parks projects in the past few years, Deputy Mayor Joe Cafero said. Audet made his presentation, but his requests still need to be sent to Township Administrator Thomas J. D'Intino, and the Township Committee will need to approve the budget requests and the overall municipal budget. Hammonton police sergeant accused of failing drug test, stealing drugs from evidence room Mays Landing man charged in hit-and-run that injured man, killed dog in Absecon $680,000 Atlantic City charter bus purchase mostly covered by state, Small says Mainland Regional falls to Old Tappan in state final Atlantic County Sheriff's Office warns of new scam 19 arrested following street operations in Atlantic City Everything you need to know about Mainland Regional's state title game Holy Spirit overcomes rain, mud, Atlantic City to win Thanksgiving rivalry, clinch WJFL division Atlantic City mayor waives first appearance on witness tampering charge Mays Landing man busted for meth Pleasantville man accused of murdering girlfriend Some Atlantic City casino workers call on union boss to resign for opposing a smoking ban Wonderland developer seeks to win over skeptical Ocean City Biden pardons his son Hunter despite previous pledges not to Longport administrator and former police chief Scott Porter dies The other park improvement requests include a batting cage at Childs-Kirk Memorial Park, lighting at Veterans Memorial Park in the rear BMX/baseball parking lot and to continue to fund tennis court reconstruction. Besides the new and continuing requests, some work should be finished this winter, Audet said. The lacrosse scoreboards and rebounding wall at Veterans Memorial Park and the final improvements to the Community Center should be completed by spring, Audet said. The Egg Harbor Township Committee has decided against spending the money to pay for an artificial turf field at Tony Canale Park. Audet thanked the elected officials for what they authorized in recent years. "Veterans Park was somewhat a forgotten park and not in the best of condition and repair a number of years ago. It shows what capital funding can do. Its turned that park into a place that wasn't much on my radar the first few years I was here in the township, and it's become one of our most popular parks," said Audet, who added pickleball is the reason. Oakland and Tremont Park saw a very nice improvement to its basketball court this year, which made it seem like a brand new facility, Audet said. Aaron Holibaugh, a physical education teacher at the Davenport School Complex and the coach for the past 10 years of the EHT Running Club for grades 4 through 8, which uses the township Nature Reserve, made an appeal for a public running track that the community can use. The high school track is locked up and not publicly accessible, he said. "Having this community track will also hopefully foster people in the township to get up and give them somewhere safe to go to walk," Holibaugh said. "Just having the track and somewhere open and safe will hopefully allow more people to show up and want to get out the door and walk as well." Bargaintown Park has a walking loop, Holibaugh said. "Atlantic Christian (in the township) has a track, but it's blacktop. It's not a real track surface, so it's not really giving you what we are looking for from a track. It's just like running on the side of the road," Holibaugh said. Many times, Egg Harbor Township High School alumni, who ran track in high school and continue to do so in college, come home for winter, spring or summer break, and they need somewhere to train, said Holibaugh, a 2009 high school graduate. The 27th annual Flemings Pumpkin Run was held Saturday at Flemings Junkyard, a retired auto graveyard in Egg Harbor Township. Thousands came out to eat food, check out the vendors, over 500 cars and demonstrations as well as see pumpkins rifled into the side of an RV. "It's hard for our athletes to train without having the proper location to train on," he said. Holibaugh heard a running track was in the works a couple of years ago, but nothing came of it. Such an amenity would be a great benefit to the township, said Audet, who added spacing and the site characteristics of the township's existing parks would have to be given a close look to see whether one could accommodate a track. "It might be a bit of a challenge finding space for it," he said. Contact Vincent Jackson: 609-272-7202 vjackson@pressofac.com Twitter@ACPressJackson Get Government & Politics updates in your inbox! Stay up-to-date on the latest in local and national government and political topics with our newsletter. Staff Writer Author twitter Author email {{description}} Email notifications are only sent once a day, and only if there are new matching items.
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David Herndon, the Kansas bank commissioner, told a joint committee of the Kansas Legislature that he continued to have reservations about the banking charter issued to Beneficient Fiduciary Financial LLC of Hesston because the law creating the unique form of banking prevented state regulators from fully reviewing operations of SFF. (Sherman Smith/Kansas Reflector) TOPEKA — The Kansas banking commissioner renewed apprehension about regulatory limitations in state law that inhibit thorough examination of the unusual business granted a banking charter by order of the Kansas Legislature. State banking commissioner David Herndon said Kansas law adopted in 2022 provided the charter to Beneficient Fiduciary Financial LLC of Hesston and simultaneously forbid the Kansas Office of State Banking Commissioner from applying international evaluation standards to BFF. The statute blocked the commissioner from rating BFF in terms of capital adequacy, asset quality, management, earnings, liquidity and sensitivity to market risk. Kansas kept state banking regulators from fully examining operations of BFF, Herndon said, despite his belief BFF’s debt instruments should be considered a “substandard asset.” Two recent limited evaluations of BFF by Herdon’s staff remain confidential, he said. In addition, Herndon last week told the Kansas Joint Committee on Fiduciary Financial Institutions that state law failed to meet requirements established by the Federal Bureau of Investigation for background checks of organizers at BFF or any other technology-enabled fiduciary financial institution, or TEFFI, authorized by the state. So far, BFF is the lone TEFFI in Kansas. “Those concerns remain, and in some cases, have deepened,” said Herndon, who had sounded alarms since inception of the TEFFI concept. “It is still impossible to conduct a meaningful safety and soundness examination.” The U.S. Securities and Exchange Commission launched an investigation of Beneficient, the Dallas-based parent company of BFF. In July, Beneficient said the SEC closed that inquiry and wouldn’t recommend enforcement action by the SEC. However, Herndon said, financial problems at the parent company could bleed into BFF and other Beneficient subsidiaries. A series of executives associated with Beneficient and BFF offered the bipartisan House and Senate oversight committee a contrary perspective on work to implement a TEFFI law unique to Kansas. The executives said the company had faced challenges, but were bullish on prospects of generating revenue, contributing to economic development in Kansas and serving as a positive example for how business could be conducted under a TEFFI model. The heart of the operation involved Beneficient assisting wealthy individuals and business owners to exchange illiquid assets locked in investment funds for liquid assets such as cash and stock. Beneficient has no interest in the deals on expensive artwork, antique vehicles or wine collections, but has targeted private equity assets that hold value but don’t produce regular cash flow. The Kansas-endorsed business earns fees for work with these alternative assets. Twenty percent of a 2.5% cut in fee revenue must be diverted to the Kansas Department of Commerce for distribution to economic development projects across the state. The remaining 80% of this slice of fee revenue must flow to the Beneficient Heartland Foundation for economic development in Hesston. Brad Heppner, CEO and board chairman of BFF, said constraints in the U.S. economy inhibited mergers and acquisitions that would have contributed to Beneficient’s TEFFI business model. After taking Beneficient public on Nasdaq in 2023, the financial services company’s stock crashed. The 52-week high in Beneficient stock value was $51.14 per share and the 52-week low was less that $1 per share. On Tuesday, it sat at 82 cents per share. Heppner told state lawmakers he was optimistic there would be a surge during the next year or so in U.S. mergers and acquisitions. He said the forecast was based, in part, on promises made by President-elect Donald Trump. “We have turned the corner,” Heppner said. “Finally, after a pretty disastrous previous year.” He said there were no guarantee of a stronger market for alternative asset deals, “but there’s general euphoria.” In April 2022, Heppner predicted as many as 50 companies eager to operate as a TEFFI could open offices in Hesston within two years. None have done so. Rep. Stephen Owens, a Hesston Republican and legislative champion of BFF and Beneficient, said when the TEFFI law was created that it could attract alternative asset businesses to Kansas in the same way the credit card issuing industry boomed in South Dakota. He said two years ago a business-friendly TEFFI model could drive as much as $1 billion over a decade into Kansas. Owens is on the joint legislative oversight committee responsible for monitoring BFF. Democratic Sen. Jeff Pittman of Leavenworth, another member of the committee, said he was concerned the TEFFI concept hadn’t taken off in the way Heppner and Owens predicted in the past. He said members of the Legislature would benefit from testimony by independent experts in the banking industry who might explain what was holding back investment in the TEFFI market. During the joint committee’s recent hearing at the Capitol, testimony came from BFF associates, the state banking commissioner and the state Department of Commerce. Heppner said it was true BFF remained the lone TEFFI in the United States, but he asserted there was interest from two out-of-state groups that might be willing to enter the alternative asset business in Kansas. He didn’t identify those entities. The state banking commissioner said he’d had no inquiries from companies intrigued by Kansas’ first-of-its-kind alternative asset framework. Sen. Michael Fagg, R-El Dorado, praised BFF’s distribution of several million dollars in economic development seed grants through the Department of Commerce. The third round of grants were released by the Department of Commerce in September. Fagg lauded plans to move ahead with revitalization of Main Street in Hesston, including development of a grocery store. That work is funneled through the Beneficient’s foundation. “We wouldn’t have any of this economic development without BFF,” Fagg said. “We’re trying to promote a new idea. I wanted to personally and publicly thank them (BFF) for that.” Former state Sen. Jeff King, an attorney with Crossroads Legal Solutions who represents Benificient and BFF, said the federal SEC investigation of Beneficient came to an end. He said the Beneficient believed it was time for the Legislature to consider how the current regulatory structure had performed and how changes could more effectively attract clients. Alan Dienes, managing director and chief operating office at BFF, urged lawmakers to exempt BFF from certain regulations typical of a bank. He said state law required BFF to complete daily and monthly reports in the manner of a bank, but the TEFFI shouldn’t be treated as such. He said the 2025 Legislature should allow BFF more time to compile quarterly reports and be exempted from lending limits. “We think it’s time to start fine-tuning the statute,” he said. “The world changes a little bit.” BFF executives urged the Legislature to compel the Department of Commerce to launch a marketing campaign to recruit businesses that might make use of a TEFFI charter. BFF president Derek Fletcher said the state’s TEFFI law should be amended during the upcoming session to recognize movement toward digitization of asset ownership. He said the state’s $250,000 application fee for a TEFFI was too high, despite the scheduled lowering of that fee to $100,000 next year. He said the fee was a barrier to entry into the TEFFI business world. If the Legislature took up a TEFFI reform bill, the state banking commissioner said lawmakers should include provisions that would address voluntary or involuntary termination of BFF operations or of any subsequent TEFFI. Beneficient executives previously opposed placement into statute of language that outlined what would happen if a TEFFI was declared insolvent. In the past, Sen. Tom Holland, D-Baldwin City, was unsuccessful in generating interest in legislation that would grant state regulators the authority to suspend Beneficient’s operations. Holland also had sought a state-led inquiry of Beneficient and Beneficient’s former parent company, GWG Holdings. A federal lawsuit alleges GWG Holdings misled investors by selling hundreds of millions of dollars in bonds. GWG Holdings spun off Beneficient in 2022 as the Legislature was engaged in developing a program to create the TEFFI sought by Beneficient.Luis Sanchez former member of the group Skandalo broke the silence in the midst of the controversy between his former teammates, Ricky Trevitazo and Luigui Carbajal. In a statement published on his social networks, the singer expressed his position on the situation, making clear his intention to remain neutral. The controversy arose after Ricky Trevitazo publicly announced the end of his work and personal relationship with Luigui Carbajal, unleashing divided opinions among the group’s followers. Given this, Luis Sánchez decided to speak out, leaving his fans to expect how he will handle his role in the conflict. Luis Sánchez asks for respect and calls for unity In his statement, Luis Sanchez He emphasized that he will not take sides in the conflict between Ricky Trevitazo and Luigui Carbajal. “I want to address all Skándalo followers with a lot of respect and affection. “I know that there are currently differences between some of the members of the group, but I want to make it clear that my intention is not to take sides or generate more divisions,” he expressed. The singer also reaffirmed his commitment to the public and to the professional commitments he still has pending. “My priority has always been to fulfill work commitments and be responsible with the decisions I make. “I am very grateful to all the members of the group, each one has been like a brother to me, and also to you, our fans, for your unconditional support for so many years,” he added. Despite the controversy, Luis Sanchez He assured that his focus remains on work and providing the best possible show to the fans of Skandalo . “I hope these differences can be resolved in the best way for everyone. My greatest wish is for unity and respect to prevail,” he concluded. Join our entertainment channelCMBT stock touches 52-week low at $11.73 amid market shifts
ince the 1980s, when the implemented the fashion of soaking head coach to celebrate an important victory, the bath at the end of championship games in the has become a tradition. The Gatorade shower for the winning coach is as striking as the commercials or the halftime show itself in the NFL's championship game, to the point that there are already statistics and even bets on the particular moment. For example, for , purple Gatorade became the favorite color for the bath to , coach of the . This is because a year earlier that color was the one received by the coach who already has three titles with the team. In this year's edition, is the favorite to be the color of the winning coach's bath at the with a betting line of . is second in the betting line at , while and . It's incredible to say, but the color of the teams playing on Super Sunday has influenced betting statistics since Super Bowl LIII, when the won. The history of Gatorade shower colors in the Super Bowl This is the list of colors that have been used since , when Gatorade replaced the water in the jugs with which they bathe the winning coach of a game for the .
WASHINGTON (AP) — Treasury Secretary Janet Yellen said her agency will need to start taking “extraordinary measures,” or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling , as early as January 14, in a letter sent to congressional leaders Friday afternoon. "Treasury expects to hit the statutory debt ceiling between January 14 and January 23," Yellen wrote in a letter addressed to House and Senate leadership, at which point extraordinary measures would be used to prevent the government from breaching the nation's debt ceiling — which has been suspended until Jan. 1, 2025. The department has in the past deployed what are known as “extraordinary measures” or accounting maneuvers to keep the government operating. But once those measures run out the government risks defaulting on its debt unless lawmakers and the president agree to lift the limit on the U.S. government’s ability to borrow. "I respectfully urge Congress to act to protect the full faith and credit of the United States," she said. The news comes after President Joe Biden signed a bill into law last week that averted a government shutdown but did not include President-elect Donald Trump’s core debt demand to raise or suspend the nation’s debt limit. The bill was approved by Congress only after fierce internal debate among Republicans over how to handle Trump's demand. “Anything else is a betrayal of our country,” Trump said in a statement. After a protracted debate in the summer of 2023 over how to fund the government, policymakers crafted the Fiscal Responsibility Act, which included suspending the nation's $31.4 trillion borrowing authority until Jan. 1, 2025. Notably however, Yellen said, on Jan. 2 the debt is projected to temporarily decrease due to a scheduled redemption of nonmarketable securities held by a federal trust fund associated with Medicare payments. As a result, “Treasury does not expect that it will be necessary to start taking extraordinary measures on January 2 to prevent the United States from defaulting on its obligations," she said. The federal debt currently stands at roughly $36 trillion — which ballooned across both Republican and Democratic administrations. And the spike in inflation after the coronavirus pandemic pushed up government borrowing costs such that debt service next year will exceed spending on national security. Republicans, who will have full control of the White House, House and Senate in the new year, have big plans to extend Trump's 2017 tax cuts and other priorities but debate over how to pay for them. Fatima Hussein, The Associated PressThe Reserve Bank of India Innovation Hub (RBIH) has onboarded digital lender Vivifi Finance to run a pilot project to offer unsecured loans to gig workers, two people with the knowledge said. ET Year-end Special Reads What kept India's stock market investors on toes in 2024? India's car race: How far EVs went in 2024 Investing in 2025: Six wealth management trends to watch out for The pilot that was launched a fortnight ago is aimed at creating a digital platform that offers loans to drivers of cab-hailing apps like Ola and Uber drivers, food delivery drivers employed with Swiggy and Zomato , and other temporary jobs. "The RBI innovation hub is running a pilot with Vivifi Finance and three other gig platforms, where alternate data is being used to underwrite these gig workers," said a source aware of the matter. "The idea is to bring them into formal banking channels and offer them credit based on that data." The RBI and Vivifi India Finance did not respond to ET's queries until Sunday press time. The pilot is currently in the early stages. 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"Once the pilot is successful, the next plan is to link it with the Unified Lending Interface (ULI) platform." More than 600,000 loans amounting to ₹27,000 crore have been disbursed using the ULI platform in the pilot project. The RBIH had earlier launched a Public Tech Platform for Frictionless Credit, which was used to build an end-to-end digital solution to offer agriculture loans. This platform was renamed Unified Lending Interface which commenced in a pilot phase on August 17, 2023. According to data from RBI, as of December 6, 2024, over 6 lakh loans amounting to ₹27,000 crore have been disbursed using application programming interfaces from the platform. A substantial number of micro, small and medium enterprise (MSME) loans worth ₹14,500 crore to 160,000 beneficiaries have been disbursed. The ULI is a digital public infrastructure in the lending space, which aims to unlock critical financial, non-financial and alternate data for lenders to enable informed credit decisions. So far, 36 lenders, including various banks and NBCs have been onboarded. These lenders are using more than 50 data services including, authentication and verification services, land records data from six states, satellite service, property search, dairy insights and document verification, to gain customer information. Nominations for ET MSME Awards are now open. The last day to apply is December 31, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )Nobel prize winner Jimmy Carter’s push for peace ‘set a powerful model’ for ex-presidents despite brutal political blows
Please enable JavaScript to read this content. Growing insurance penetration remains one of the uphill tasks that players in the sector still face amid a growing population and improved technology. How to crack the code for in the informal sector, who make the majority of the market is also still a major challenge for industry players. And despite attempts to introduce micro-insurance products , catapulted by technology, insurance penetration still stands at 2.3 per cent. The sector, from analysis of figures in the technology sector and employment, has enough tail winds to push penetration yet as the economy expands, penetration almost does not move simultaneously. Conversations with experts in the sector and analysis of the data shows the sector cannot rely on technology alone to increase these numbers. In some instances, as noted by Bancassurance Association of Kenya chairperson and KCB Bancassurance Ltd Managing Director Aggrey Mulumbi, the need for in-person interaction at the point of sale is still important despite growing digital sales. The question is: if smartphone penetration is improving, so is internet access and the industry is witnessing an increase in micro-insurance products distributed using technology, why isn’t penetration increasing as well? Is technology failing to crack this market? “The challenge is not technology,” says Mr Mulumbi. “The challenge is financial literacy.” He poses: “Can you solve financial literacy through technology? Yes, and no. Yes, because you can make that information available on google. But do these people really access? Not necessarily.” The other issue he points out is coverage of internet. “Is the internet available 100 per cent all over the country? There are also various levels of speeds and costs,” he says. The issue of trust also plays a role, especially to the informal economy who live hand to mouth who not only guard their income selfishly but also have competition interest. How to reach these individuals is also an issue, he says, referencing the government stipends to the elderly and how it is distributed and beneficiaries enrolled. “Three things are important for mass enrolment: religious affiliation, provincial administration and banking networks,” he says. He adds: “If the Social Health Authority is onboarding people directly, you and I will be registered via the digital platforms. What about those in the interior part of Turkana? You will need somebody to talk to them. That is why the micro platform must be a blend of the digital and the trusted person who will come to tell them about insurance solutions.” According to Sector Statistics Report for Quarter Four of 2023/24 by the Communication Authority, as at the end of June 2024, the total number of mobile phone devices connected to mobile networks was 66.1 million - a penetration rate of 128.3 per cent. Stay informed. Subscribe to our newsletter “The penetration rate for smartphones and feature phones were 68.3 and 59.9 per cent respectively,” the report says. As at June 2023, the number of smartphones stood at 30.8 million while feature phones were 32.1 million. This is a ratio of one-to-one for smartphones to feature phones. This gives the impression that almost three –quarters of the population have a smartphone hence it should be easier for underwriters to reach them. But that seems not to be the case. CA report shows that of June 2024, total fixed data or internet subscriptions experienced growth driven by increasing reliance on digital platforms for work, education, healthcare and entertainment. It adds that the total fixed internet subscriptions grew by 7.4 per cent to reach 1.5 million while satellite subscriptions recorded a significant growth of 73.1 per cent in quarter four and a 1,995.3 per cent growth in the 2023/24 financial year. “This growth is attributed to licensing and subsequent launch of Starlink Internet Services Kenya earlier in the financial year,” the report says. Yet with these milestones, it is still a challenge to crack the informal sector and lower middle income segments of the market to expand the insurance coverage using technology. Liaison Group General Manager - Risk and Insurance Brian Rop says there are products that are being embraced easily by these segments of the market such as home insurance and last expense. Others are still hard to sell. “There are products that require special underwriting and those whose pricing is risk based. It is therefore difficult to simplify them for uptake at the digital market place,” he says. He adds that with the development of Artificial Intelligence (AI) and its incorporation into businesses, players will soon be able to overcome the challenges of data gathering and processing which will enable accurate risk profiling. Apart from last expense and home insurance, health, motor, and business insurance, eh says are the other products that are gaining traction in the market. “It (last expense) comes with a no surprise that uptake of this product cuts across both the informal and lower middle class individuals. This can easily be attributed to the simplicity of the cover and the competitive cost attached with examples of Mfariji Cover by Laison Group,” he says. Mr Rop discusses how influential technology is in development of products saying such (products) respond to the financial realities of consumers. Combined with the fact that there were 22.71 million internet users in Kenya at the start of 2024, representing a penetration rate of 40.8 per cent, Mr Rop says technology made them open a digital shop, Insurance Online, to cater for this demographic, majority of whom are below 35 years. He notes that in 2023, the informal sector employed 16.7 million people which is 83.5 per cent of total employed individuals in the economy. These figures correspond to the Kenya National Bureau of Statistics (KNBS) 2024 Economic Survey. “The uptake of products in our digital space by the informal market has been slow,” he says. “There is better traction in the lower middle class individuals that can majorly be attributed to better penetration in insurance knowledge, greater insurable interest and the amount of disposable income.” Data from the Association of Kenya Insurers (AKI) shows that insurance penetration stands at 2.3 per cent. This has been the figure since 2019 when it was 2.37 per cent, 2.30 per cent in 2020, 2.29 per cent in 2021, and 2.33 per cent in 2022. The 2024 KNBS Economy shows insurance subsector grew by 12.7 per cent in 2023 compared to 14.4 per cent in 2022. This figure was 26.9 per cent in 2021, 11.7 per cent in 2020 and 9.5 in 2019. KPMG, an audit and tax advisory firm, in an overview of the Kenya’s insurance sector cites the below three per cent penetration as the third lowest rate in Sub-Saharan Africa. South Africa leads with 17 per cent. “This is due to most of Kenya’s population perceiving insurance as ‘nice to have-easy to discard’ product rather than one that is essential,” says KPMG. Fraud cases that affect 25 per cent of claims, is cited as one of the challenges the sector faces in addition to cyber-attacks. “Companies offering insuretech services such as mobile claims and policy payment services and micro-insurance companies offering low cost products such as funeral and livestock insurance are most likely to succeed in the Kenyan market,” says KMPG. It has been asserted by industry players that the low insurance penetration in the country is a s a result of the country’s strong growth of the economy. “It is the economy that is growing much faster than insurance penetration,” said Kenya Re Group Managing Director Dr Hillary Wachinga during an interview on the sidelines of the CEO’s Summit that brought insurance sector players. This is confirmed by AKI who document the same in their 2020 industry report. “This figure(insurance penetration) has been decreasing since 2017 which could be due to GDP growing faster than insurance premiums,” reads the report.