Kenyan insurers have maintained stable top-line profitability through the coronavirus pandemic, Fitch Ratings says, but recorded a significant reduction in investment income in 1H2020, resulting in a 57% decline in net income.
Agriculture deserves all the joint efforts from relevant stakeholders to ensure that food security is sustained, says Mr Clifford Ochieng, chairman of the Association of Kenya Professional Insurance Agents (AKPIA).
The insurance sector in Kenya has recorded KES3.27bn ($30.05m) in underwriting losses, its worst in over two decades. The underwriting losses in 2018 stood at KES1.12bn.
ZEP-RE has a track record of strong operating performance over the longer term, despite challenging market conditions, evidenced by its five-year (2015-2019) weighted average return on equity (ROE) of 9.4%, notes AM Best.
Businesses and individuals have spent KES35.73bn ($329m) on non-existent insurance covers after brokers failed to remit premiums to insurers, exposing the customers to risks and heavy losses that the clients thought they had been insured against.
Nairobi-headquartered East Africa Reinsurance Company (EARe) has a track record of solid operating performance in challenging market conditions, evidenced by its good five-year (2015-2019) weighted average return on equity (ROE) of 14.3%, notes AM Best.
Insurance Regulatory Authority (IRA) CEO Godfrey Kiptum has warned that the regulator will have to withdraw the licences of a number of insurers next year unless they comply with minimum capital requirements by 31 December 2020.
The Kenyan insurance market should expect growth due to the mergers and acquisitions in the industry as well as big government infrastructure projects being undertaken, says Mr Jadiah Mwarania, the managing director of the Kenya Reinsurance Corporation in an article on the website of Kenya Broadcasting Corporation.
International Livestock Research Institute (ILRI) has launched a new drought index-insurance for resilience in the Sahel and Horn of Africa (DIRISHA) project, focusing on pastoral systems in the Intergovernmental Authority on Development region(IGAD), the eight-country trade bloc in Africa.
Kenya Reinsurance has posted a 46% surge in net profit after tax to KES1.57bn ($14.5m) for the half year ended 30 June, according to unaudited interim financial statements issued by the reinsurer.