Call to boycott companies as Kenyan political risk intensifies

Call to boycott companies as Kenyan political risk intensifies

Call to boycott companies as Kenyan political risk intensifies

Leading local and international businesses may be boycotted by some Kenyans after opposition leader Raila Odinga put his weight behind a newly formed National Resistance Movement (NRA). The NRA is calling for Odinga supporters to boycott businesses, which it says “continue to support the disenfranchising of the will of the people”. On the list are multinational companies such as Shell…

Kenyans left in limbo after election re-run

Kenyans left in limbo after election re-run

Kenyans left in limbo after election re-run

Kenyan risk managers and businesses have been left in limbo by the presidential re-run, marred by a low turnout and closed polling stations. Now, predictions are that there will be another legal challenge to the result. Results are still trickling in but sitting President Uhuru Kenyatta is expected to be the clear winner. However, the turnout was about 35% –…

Political risk rises across Africa, driven by uncertainty

Political risk rises across Africa, driven by uncertainty

Political risk rises across Africa, driven by uncertainty

Political risk is high on the agenda once again across Africa, as Kenyans face another polling day and South Africans see yet another cabinet reshuffle sending the rand downwards against major currencies. In Kenya, a group of 20 foreign ambassadors and high commissioners said Thursday’s repeat presidential election must be held as provided for in the Constitution. Robert Godec, the…

Call for papers

Call for papers

Call for papers

The Insurance Institute of Kenya (IIK) has made a call for papers ahead of its annual conference on 27 October. The IIK is looking for professional submissions of an article for possible publication in the upcoming conference journal. The theme for this year’s conference is: ‘Growing the east Africa insurance industry in a turbulent environment’. The IIK said the article…

Kenya tops list in terms of financial inclusion

Kenya tops list in terms of financial inclusion

Kenya tops list in terms of financial inclusion

Kenya tops the list in financial inclusion, with a new report giving the country a rating of up to 89%. According to the 2017 Brookings Financial and Digital Inclusions Project Report, the country emerged top among 26 countries that provide easy access to financial services to underserved people, beating Brazil, South Africa and Nigeria, which scored 79%, 78% and 74%…

Political risk heightened in Kenya as Supreme Court becomes first African court to annul election result

Political risk heightened in Kenya as Supreme Court becomes first African court to annul election result

Political risk heightened in Kenya as Supreme Court becomes first African court to annul election result

Kenya’s Supreme Court has annulled the presidential election result of 8 August and ruled that a new election must take place within 60 days. Opposition leader Raila Odinga has described the Supreme Court’s annulment of last month’s presidential election result as a “very historic day for the people of Kenya and by extension the people of the continent of Africa”.…

Fitch comforted by lack of unrest after Kenya election

Fitch comforted by lack of unrest after Kenya election

Fitch comforted by lack of unrest after Kenya election

The risk of post-election unrest has been reduced by the Kenyan opposition’s decision to seek a legal resolution after it disputed this month’s general election result, according to Fitch Ratings. The agency said: “Pursuing legal action rather than focusing on popular protests has helped contain the social unrest sparked by the result, which saw violent clashes and some fatalities in…

Kenyans remained resilient through election

Kenyans remained resilient through election

Kenyans remained resilient through election

Kenyan consumers continued to spend during the 2017 elections in Kenya, despite fears that the economy might contract. Consumer Wallet, a platform launched by mSurvey and Safaricom in March 2017, showed that the overall spending from 5 to 11 August, only decreased by an average of 3%. In the days ahead of the 8 August vote, Kenyan consumer spend plummeted…

Britam increases income but profits fall

Britam increases income but profits fall

Britam increases income but profits fall

Kenyan insurer Britam Holdings has reported that its total comprehensive income for the first six months of the year has increased to KSh1.9bn, compared to KSh1.88bn for a similar period last year. The pre-tax profit was KSh1.3bn, which is reported to be a 78.89% drop from last year’s KSh1.78bn in the same period. Britam said insurance business, which accounts for…

SCOR opens representative office in Kenya

SCOR opens representative office in Kenya

SCOR opens representative office in Kenya

Scor Global P&C is opening a representative office in Nairobi after winning approval from the Insurance Regulatory Authority of Kenya (IRA) The new office will become operational on 1 September 2017 and will be headed by Christian Ramamonjiarisoa. It will support SCOR’s marketing activities in the east African markets. The reinsurer said: “The creation of this representative office in Kenya…

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