Kenya’s new Bribery Act set to make major changes

Kenya’s new Bribery Act set to make major changes

Kenya’s new Bribery Act set to make major changes

Risk managers in Kenya – or anyone with business interests in the east African state – need to be aware of a new Bribery Act, set to come into force. Speaking at KPMG’s two-day ‘It is Time for Change’ conference in Mombasa, Simon Dwyer, head of KPMG’s forensic advisory department in east Africa, warned: “The new Bribery Act impacts on…

Kenya’s motor insurance faces uncertain future

Kenya’s motor insurance faces uncertain future

Kenya’s motor insurance faces uncertain future

Kenya’s insurance companies that rely on motor insurance for the bulk of their revenue face an uncertain future, following a court action by a state agency to have the minimum capping of the price of the covers removed, claiming that it disadvantages consumers. But the Insurance Regulatory Authority (IRA) has warned that if the minimum price cap is removed, several…

Is Kenya its own worst enemy?

Is Kenya its own worst enemy?

Is Kenya its own worst enemy?

It is hard to understand why Kenya likes sabotaging itself. At a time when things seem to be going so well for this leading east Africa economy, a man-made disaster with global implications occurs, denting its reputation. In late February, among the many gains the country has made on the international front, was the granting by the US of Category…

Time for women in risk to stand up and be counted

Time for women in risk to stand up and be counted

Time for women in risk to stand up and be counted

International Women’s Day 2017 was celebrated last week, and women in risk management were no exception. The UK’s Institute of Risk Management (IRM), which includes a chapter in Kenya as well as in South Africa, celebrated the global event by highlighting the role of women in risk. The institute comments: “While it may not be easy to predict what tomorrow’s…

Transforming the insurance sector in Kenya

Transforming the insurance sector in Kenya

Transforming the insurance sector in Kenya

Winning consumer trust and designing insurance products fit for purpose is key in the drive to increase insurance penetration in Kenya, according to a group of insurers meeting recently in Mombasa. Some 60 insurers attending a KPMG’s ‘It is Time for Change’ event in Mombasa heard how Kenya’s new Insurance Act is set to transform the sector, driving good governance…

Farm insurer taps state agency to protect farmers

Farm insurer taps state agency to protect farmers

Farm insurer taps state agency to protect farmers

Agriculture insurer Agriculture and Climate Risk Enterprise Africa (ACRE Africa) has partnered with Kenya’s state-owned agriculture research agency Kenya Agricultural & Livestock Research Organization (KALRO) to provide agriculture risk management solutions, in a win for farmers following several such new initiatives. Kenya is among the countries starting to feel the effect of climate change, especially because most of its food…

Kenya farmers get largest ever payout as weather index insurance kicks in

Kenya farmers get largest ever payout as weather index insurance kicks in

Kenya farmers get largest ever payout as weather index insurance kicks in

Kenya pastoralists will receive $2.15m as compensation for loss of livestock in the ongoing drought, from Kenya Livestock Insurance Programme (KLIP), a World Bank- and Kenya government-backed agriculture insurance scheme. The payout comes as the UK government gives more than £230m in aid to drought-stricken South Sudan and Somalia. Aid agencies are also warning of risks of famine in northeast…

Israeli firm to guard Kenya’s oil as US border patrol deal wavers

Israeli firm to guard Kenya’s oil as US border patrol deal wavers

Israeli firm to guard Kenya’s oil as US border patrol deal wavers

An Israeli state-owned company, Rafael Advanced Defence System, will provide all security solutions to Kenya’s oil and gas industry as well as critical port and railway infrastructure, the Kenya government has announced. The deal was signed in Nairobi on Thursday (16 Feb). It signifies Kenya opting for an experienced company in infrastructure security, as threats from Somali-based Al-Shabaab terrorist group…

Kenya’s insurance compensation more than doubles

Kenya’s insurance compensation more than doubles

Kenya’s insurance compensation more than doubles

  Policyholders of collapsed insurance companies in Kenya will be paid up to $2,500 – an increase of more than 100% – in a move expected to improve public confidence in the industry. The current law restricts maximum compensation to $1,000, an amount that was seen as too low, leading to an actuarial study that revealed the Policyholder Compensation Fund…

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