Last week I got an email from an insurance company titled insurance vs. gambling. I deleted it immediately, but later thought about what it meant. Why is it that it is hard for vital sectors like insurance and pensions to get traction in this country? Their levels remain low, yet people flock to what are likely losers like sports betting, gambling and pyramid scheme.
Every time my cousins visit from the village, I marvel at how many of them are into sports betting. They know teams in many obscure soccer leagues in many countries and make bets to fill out their winning brackets. They all remember their big wins, “Kshs 8,000” or “Kshs 22,000” that was sent directly to their mobile phone as they slept, but they can’t or won’t tell you about how much spend every week to get those winnings.
As I started to write this I was at a doctor’s office. I ate some food and ended up with a bad stomach. A mentor had warned me that bad food and the flu were “putting down” a lot of people in Nairobi now, and so I went to get some help.
Earlier, I had been at Coop Bank to speak to them about their various medical insurance products. They have high-end packages and low-end ones that costs Kshs 15,000 to cover a family for one year, and with just Kshs 9,000 to start, a family is covered with both in-patient & out-patient care.
For small companies they waive all waiting requirements and pre-conditions and for individual joining from another medical cover plan, the same requirements are also waived. There is no co-pay (no money paid for treatment) and they are accessible at centres all over the country. It covers people goes up to 74 years and includes operations and treatment in India and South Africa, if a doctor recommends treatment that’s not available locally.
A typical doctors visit in Nairobi ranges from Kshs 3,000 to 10,000 for doctors visits, medication and lab work (if required). Every young person should have insurance, for themselves and their families such as the plans at Co-op branches and agents.
But back to the inspiration for the post. I also got an email from a popular sports betting company. It came just a few days before the final of the Euro 2016 soccer tournament, and listed some of the odds that could have won me some money. Besides the outcome of the game, which few could have predicted, here are other bets that one could have placed:
- Portugal vs. France: 1 (4.13) X (3.10) 2 (2.02 [whatever that means!]
- Cristiano Ronaldo not to score. 1.24
- Cristiano Ronaldo to score first and Antoinne Greizmann not to score. 8.82
- Both Cristiano Ronaldo and Antoine Greizmann to score anytime. 8.70
- Renato Sanches to score anytime. 8.50
- Paul Pogba to score anytime. 4.50
- Over 2.5 goals: 2.60
- Both teams to score: 2.20