International tax advisory firm Ernst & Young (EY) has raised concerns about the potential negative impacts of the proposed amendments to the VAT Act, 2013, particularly regarding the insurance sector.
The insurance sector can play a pivotal role in Kenya's economic recovery. In particular, financial lines can provide the stability that businesses in the country look for, according to Mr Steven Oluoch, CEO of MNK Re Kenya.
The Kenyan government is planning to merge three major financial regulatory bodies in a move aimed at enhancing service delivery, cutting bureaucracy and avoiding duplication, reported Bloomberg.
Almost half (48%) of working Kenyans are financially stressed. An overwhelming nine in 10 Kenyan consumers are earning less than or the same as they did prior to the COVID pandemic, according to Old Mutual's "Financial Service Monitor 2024" covering Kenya.
Insurance companies have started repricing their insurance plans as they comply with the new 16% Value-Added-Tax (VAT) introduced through the Finance Act of 2023.
Embedding insurance into loans boosts financial resiliency and improves healthcare access for Africa's unbanked population while simultaneously de-risking lending portfolios, according to a report by Turaco, a pan-African InsurTech.
The government plans to contract private medical insurance providers and claim settlement agents to review and process claims under the planned Social Health Insurance Fund (SHIF).
The amount of premiums not paid to insurers increased by 15.5% to KES52.25bn ($330.7m) as of the end of June 2023 from KES45.25bn as of the end of December 2022, according to data from the Insurance Regulatory Authority (IRA).
The key finding of a study on retirement savings highlights that 97% of businesses in Kenya are aware of the various retirement savings options available.
Listed insurance company, CIC Insurance Group, has announced that it is trimming its headcount by 75, representing around 10% of a workforce of 728.