Singapore-headquartered global InsurTech bolttech has announced that it has acquired mTek, a digital insurance platform based in Kenya. This move advances bolttech's strategic goals in East Africa and enhances its global embedded insurance capabilities.
Kenya's regulatory requirements for digital insurance are set to get stricter as the country's insurance regulator, Insurance Regulatory Authority (IRA) is drafting tougher requirements around cybersecurity, data protection and digital insurance oversight.
The Insurance Regulatory Authority (IRA) has published a set of 13 draft regulations that propose to amend existing regulations or create new regulatory frameworks for the insurance sector.
Kenya based health benefits solutions provider Executive Healthcare Solutions (EHS) has entered into a sole distribution process with Axa Global Healthcare for all its international private medical insurance (IPMI) sold through Africa.
East Africa Reinsurance Company (EARe) has a track record of adequate operating performance, with return-on-equity ratios moderately exceeding inflation rates in Kenya over the past five years, notes AM Best.
The Insurance Regulatory Authority (IRA) has published draft amendments, introducing insurance coverage for risks associated with cryptocurrency holdings. Under the proposed rules, the IRA is classifying "digital asset insurance" as a new subcategory of business.
Kenya Reinsurance Corporation (Kenya Re) has reported technical profits in most years in its non-life operations since initiating corrective actions in 2020, notes AM Best.
The government has proposed to increase to 25% the proportion of business that insurers are required to place with the Kenya Reinsurance Corporation (Kenya Re), up from the current 20%, under new draft regulations.
Insurance practitioners, including brokers, in Kenya are to be registered and accredited under the Insurance Professional Act 2025, whose enactment is viewed as a landmark development in the professionalisation and regulation of the insurance industry in Kenya. The Act establishes key regulatory bodies and professional standards for the segment.
The Kenyan financial authorities will establish a periodic study review mechanism to assess and potentially increase the compensation ceiling of the Policyholders Compensation Fund (PCF), according to a draft of the Kenya National Financial Inclusion Strategy (2025-2028), released by the Central Bank of Kenya.