The Insurance Regulatory Authority (IRA) is set to enforce regulations for underwriters to meet new minimum capital requirements after a delay of more than two years, says National Treasury Cabinet Secretary Mr Ukur Yatani.
Five out of nine countries in Africa posted real growth of at least 7% in terms of premium income in 2021, according to data compiled by Swiss Re Institute.
Demand for insurance against political violence remains muted in Kenya ahead of the General Election in August, underwriters say.
Acre Africa, a beneficiary of the World Bank's One Million Farmers Platform (OMFP), is one group in Kenya that is leveraging technology to help farmers manage climate risks.
The reserve volatility of Kenya Reinsurance Corporation (Kenya Re) is expected to subside now that the reinsurer has now largely exited crop business, says AM Best. Kenya Re has a recent history of severe reserve deficiencies relating to crop business.
Mauritius's biggest insurer, having won a $10m investment from France's Proparco this month, is eyeing a 10% market share in a number of East African markets after outgrowing its Indian Ocean island home, reported Bloomberg.
The Insurance Regulatory Authority (IRA) has urged Kenyans to desist from making fraudulent insurance claims as the practice is hurting the economy, keeping premiums high, and slowing down the pace of claims settlement. One in every five insurance claims made is fraudulent, says the IRA.
The Insurance Regulatory Authority (IRA) will probe how underwriters offering insurance products to boda boda operators set their premiums, to stop the riders from being overcharged.
General insurance is becoming a commodity, says Mr Nizar Juma, chairman of Jubilee Holdings, an investment holding company primarily operating in the regional insurance sector.
Resolution Insurance has collapsed with over KES6.5bn ($56m) of clients' funds, nearly nine years since the last underwriter, Concord Insurance, collapsed in 2013.