High prices costly for Kenya insurers

High prices costly for Kenya insurers

High prices costly for Kenya insurers

An insurance insider in Kenya says the cost of insurance services is too high, making it unaffordable for many people who therefore prefer unsustainable methods of insurance like fundraising to manage disasters. The chairman of Bima Intermediaries Association of Kenya, Washington Degea, has also blamed the Insurance Regulatory Authority (IRA) for doing little to make premiums affordable. “The premiums are…

Kenya grows hospital insurance covers

Kenya grows hospital insurance covers

Kenya grows hospital insurance covers

Overall membership of Kenya’s National Hospital Insurance Fund (NHIF) grew by 16.5% to 6.1 million in 2015/16, a pointer to the increasing awareness and growing need for primary medical cover. Most of the members are however from the formal sector, which is a statutory requirement, meaning the more venerable informal sector is paying for its medical insurance out of pocket.…

Kenya lining up for more private sector investment

Kenya lining up for more private sector investment

Kenya lining up for more private sector investment

Fitch Ratings has been analysing the recent budget in Kenya and believes it signals a move from government spending to increase private sector development. It said: “The fiscal targets in Kenya’s recent Budget statement suggest a shift away from strongly expansionary fiscal policy. The FY18 budget appears to signal that a cycle of expansionary fiscal policy is coming to an…

Kenya court ends motor insurance price fixing deal

Kenya court ends motor insurance price fixing deal

Kenya court ends motor insurance price fixing deal

It’s back to the drawing board for Kenya motor vehicle insurers as the regulator-sanctioned price-fixing deal implemented in 2010 has been dismissed by the High Court in Nairobi, giving a chance to motorists to enjoy cheaper premiums. The Office of the Ombudsman has petitioned the High Court to review the 2010 directive by the Insurance Regulatory Authority (IRA) through intense…

S&P shows confidence in three of Africa’s largest economies

S&P shows confidence in three of Africa’s largest economies

S&P shows confidence in three of Africa’s largest economies

Standard & Poor’s (S&P) has affirmed its ratings on Kenya, Ghana and Morocco, with a positive message for all three African states. In terms of Kenya, the ratings agency has affirmed its B+/B long- and short-term foreign and local currency sovereign credit ratings. The outlook is stable. It said upcoming elections, drought and decelerating credit growth pose short-term risks to…

Terror threats force Kenya into security spending

Terror threats force Kenya into security spending

Terror threats force Kenya into security spending

Kenya is investing more on security as it seeks to wade off terrorism threats at a time that it is positioning itself as the preferred investment hub of the eastern Africa region, with ambitions to overtake Johannesburg as Africa’s financial hub. Security investments have ranged from real-time CCTV monitoring on the main Nairobi streets and roads to procurement of armoured…

Fortune 500 firms look to new markets in Africa

Fortune 500 firms look to new markets in Africa

Fortune 500 firms look to new markets in Africa

Major corporations are continuing to expand operations in the Middle East and Africa (MEA) as they seek to look beyond ‘traditional’ markets into ones that offer new opportunities for development and growth. By the end of 2016, 196 of the Fortune 500 companies had offices in the region, an increase of 17% (from 167) from 2015. Firms based in the…

Kenya insurance industry registers 12.3% growth in 2016

Kenya insurance industry registers 12.3% growth in 2016

Kenya insurance industry registers 12.3% growth in 2016

Kenya’s insurance industry continued its growth path last year, with new data showing that gross premiums increased by 12.3% to reach $1.9bn, compared to growth of 9.9% last year. The reinsurance industry however recorded lower growth. “The increase in premiums was largely driven by growth in the life sector,” said the acting chief executive of the Insurance Regulatory Authority, Godfrey…

CEO outlines Kenya banking challenges

CEO outlines Kenya banking challenges

CEO outlines Kenya banking challenges

Kenya’s banking industry is still paying the price resulting from the receivership of three banks in late 2015 and early 2016, as panic withdrawals and negative reputation resulted in lower liquidity in the industry, the chief executive of Kenya’s largest bank by customer base, Equity Bank’s James Mwangi, has said. Chase Bank, Dubai Bank and Imperial Bank were placed under…

Kenyans move most money digitally as early adopters of technology

Kenyans move most money digitally as early adopters of technology

Kenyans move most money digitally as early adopters of technology

The Kenyan diaspora is the biggest sender of digital remittances to mobile accounts, according to WorldRemit which released new data to mark the 10th anniversary of Mpesa. Transfers to mobile money accounts make up 93% of WorldRemit transactions to Kenya now – showing that Kenyans continue to be early adopters of innovative technology, even when abroad. Mobile money has played a…

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