The National Treasury is exploring ways to mobilise the KES2.5tn ($19.4bn) savings from the pension and insurance sectors to finance infrastructure projects under the Public-Private Partnership (PPP) model.
The bancassurance sector in Kenya has achieved an overall service compliance score of 79%, driven primarily by agents' customer service excellence (97%) and satisfactory product knowledge (78%), according to the findings of a study released by the Association of Kenya Insurers (AKI).
Gross written premiums generated from bancassurance grew to KES35bn ($270m) in 2023 from KES19.5bn in 2019, climbing by 79.4%, according to the findings of a study released by the Association of Kenya Insurers (AKI).
Bancassurance has experienced remarkable growth in Kenya, with premiums generated by the channel soaring by 79.4% in 2023, significantly outpacing the overall insurance industry's growth of 56.2% during the same period, according to a report by the Association of Kenya Insurers (AKI).
Kenya's Court of Appeal last week upheld the High Court's decision to quash the Motor Insurance Underwriting Guidelines issued by the Insurance Regulatory Authority (IRA) in 2009.
East Africa Reinsurance Company(EARe) has a track record of adequate operating performance, with return-on-equity moderately exceeding the inflation in Kenya over the past five years, says AM Best.
Gaps in the implementation of the Marine Insurance Act that requires the mandatory cover of imports by local insurance companies have hampered the growth of domestic marine cargo insurance in Kenya, industry sources say.
The Competition Authority of Kenya (CAK) has approved the proposed acquisition of 51% shareholding in Monarch Insurance by a consortium of three firms, Ondoba, Kenyoro and Equico Thirteen.
The operating performance of Kenya Reinsurance Corporation is seen as adequate, considering its return-on-equity ratio has consistently exceeded the generally high inflation level in Kenya in recent years, says AM Best.
Kenya Reinsurance Corporation has posted a 10% fall in profits after tax to KES1.06bn ($8.2m) for the first half of 2024 from KES1.17bn in 1H2023, despite a 20% jump in insurance revenue, according to the company's interim financial statements.