Listed insurance company, CIC Insurance Group, has announced that it is trimming its headcount by 75, representing around 10% of a workforce of 728.
ZEP-RE (PTA Reinsurance Company) is expected to show a favourable underwriting performance in the short-to-medium term as a result of remedial actions taken by management, points out AM Best.
The Insurance Regulatory Authority (IRA) is encouraging insurance companies in Kenya to expand their businesses to compete with global insurers.
Kenya's President William Ruto has approved controversial legislation that will see the biggest shake-up of the health sector in more than 20 years.
Whilst the life operations of East Africa Reinsurance Company (EARe) have generally been profitable, the reinsurer recorded a breakeven underwriting performance in its non-life business, which accounted for over 70% of total premiums over the past five years (2018-2022), notes AM Best.
American Insurance Group (AIG) is set to earn at least KES2bn ($13.7m) from the disposal of its majority shareholding in AIG Kenya Insurance to the commercial banking group NCBA.
Kenya Re plans to exit India, citing increased losses in a market which generates about 32% of its gross premiums, making it the second-largest market after Kenya for the reinsurer.
The demand for actuaries in Kenya is projected to expand following the implementation of the International Financial Reporting Standard 17 (IFRS 17), the Insurance Regulatory Authority (IRA) has said.
Little or the lack of sufficient income has hampered access to private health insurance for around 39m Kenyans, leaving them to rely on the state-owned National Health Insurance Fund (NHIF) and out-of-pocket payments.
The number of microinsurance products has increased in Kenya in the past seven years from 32 in 2015 to 55, according to the findings of a survey by the Association of Kenya Insurers (AKI).