Africa News - Kenya: Regulator launches training scheme for over 100,000 agents

Source: Middle East Insurance Review | Dec 2015

The Insurance Regulatory Authority (IRA) has, in conjunction with the College of Insurance, launched a countrywide programme targeting to train over 100,000 agents in Kenya, as part of its plans to deepen insurance penetration, said media reports.

IRA Commissioner of Insurance Sammy Makove said this will ensure that insurance is available, accessible and convenient up to the village level. The initiative has so far covered more than 20 counties.

Insurance penetration in Kenya dropped to 2.93% in 2014 from 3.44% in 2013, according to a report by the Association of Kenya Insurers (AKI) due to the recalculation of Kenya’s GDP in the period under review.

Gross premiums increased by 20.2% in the period under review to KES157.1 billion (US$1.5 billion) compared to KES130.65 billion in 2013. Industry profit before tax fell 13.1% to KES15.46 billion in 2014 against KES17.79 billion recorded in 2013.

KES100 = US$0.98

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