Kenyan brokers continue fight to stop payment changes

Kenyan brokers continue fight to stop payment changes

Kenyan brokers continue fight to stop payment changes

Kenyan brokers are due back in court on 26 September to continue their fight against changing regulations, which they claim will seriously impact their survival. Nelson Omolo, chair of the Association of Kenyan Brokers, explained that legal changes would ensure premiums are paid directly to insurers without passing through intermediaries. However, he said the change in the law would seriously…

Kenya insurance market slows down

Kenya insurance market slows down

Kenya insurance market slows down

The Kenyan insurance industry’s performance slowed in 2018 but still recorded 3% growth, compared to 6.5% in 2017. The Association of Kenya Insurers’ (AKI) consolidated industry report for the year ending 31 December 2018 shows the industry’s gross written premium (GWP) grew to KSH216.11bn in 2018, from KSH209.70bn in 2017. Overall insurance penetration dropped to 2.43% in 2018, from 2.71…

Britam launches first cyber cover for Kenya

Britam launches first cyber cover for Kenya

Britam launches first cyber cover for Kenya

Britam General Insurance has launched cyber insurance cover for Kenya, to allow businesses to protect themselves against the increasing trend of cybercrime. The Kenyan insurer said it is responding to the needs of corporates, which are facing increasingly sophisticated and aggressive cyberattacks. The product, which is among the first in the Kenyan insurance market, comes hot on the heels of…

Japanese export insurance company opens office in Nairobi

Japanese export insurance company opens office in Nairobi

Japanese export insurance company opens office in Nairobi

Japan’s Nippon Export and Investment Insurance (NEXI) is opening an office in Nairobi, at the headquarters of the African Trade Insurance Agency (ATI). The move comes as the Tokyo International Conference of Africa’s Development (TICAD7) concluded after providing a platform for several high-value partnerships and transactions to be sealed. The two insurance institutions also committed to strengthening risk mitigation cover…

Kenya Re’s profits fall after increase in claims

Kenya Re’s profits fall after increase in claims

Kenya Re’s profits fall after increase in claims

The Ethiopian Airlines plane crash  and the Dusit terror attack resulted in a 48.57% spike in claims has resulted in a 12.2% fall in net profit for Kenya Re in the half year ended on 30 June. Kenya Re blamed the rise in claims on the Ethiopian Airlines plane crash in March and the Dusit terror attack in January, for…

Kenya’s finance minister denies corruption charges which name Italian construction firm

Kenya’s finance minister denies corruption charges which name Italian construction firm

Kenya’s finance minister denies corruption charges which name Italian construction firm

Kenya’s finance minister Henry Rotich has pleaded not guilty to corruption charges involving construction of two dams and Italian company CMC de Ravenna. He has also placed a newspaper ad, denying corruption. President Uhuru Kenyatta made a pledge to drive corruption out of government as part of his elections promises. Mr Rotich is reported to have surrendered himself to the…

Kenyan insurers see reduced costs, faster claims settlement on direct premiums collection

Kenyan insurers see reduced costs, faster claims settlement on direct premiums collection

Kenyan insurers see reduced costs, faster claims settlement on direct premiums collection

Patrick Alushula reports on a parliamentary decision set to benefit insureds and insurers at the expense of brokers and intermediaries Risk managers and insurance buyers are expected to welcome a Kenyan parliament move that should speed up the insurance-buying process. The cost of administration for insurance policies should fall while the claims settlement period should also reduce, according to the…

App set to change shape of Kenyan insurance market

App set to change shape of Kenyan insurance market

App set to change shape of Kenyan insurance market

An app has been launched to revolutionise the buying and then the claims handling process of motor policies. James Wambugu, who previously headed up UAP in Kenya, has joined SolvIT to ‘Uberise’ the insurance market. He told Commercial Risk Africa that, looking at motor policies first, insureds often struggle to find accurate values for their vehicles and insurers will send…

George Otieno suspended by ATI

George Otieno suspended by ATI

George Otieno suspended by ATI

George Otieno, former CEO of Africa Trade Insurance Agency (ATI), has been suspended with immediate effect by the board of directors of the ATI. John Lentaigne, ATI’s chief underwriting officer, has been appointed acting CEO. The ATI explained: “This [follows] Mr Otieno starting court proceedings against ATI in relation to his employment contract, which makes his position untenable as the…

Kenya’s general insurance uptake drags on rising fraud, poor selling

Kenya’s general insurance uptake drags on rising fraud, poor selling

Kenya’s general insurance uptake drags on rising fraud, poor selling

Patrick Alushula takes a look at the state of Kenya’s insurance industry and finds some worrying signs. He discovers some of the problems have existed for some years but are still to be meaningfully addressed The pace of growth in the short-term insurance business in Kenya has slowed, reducing its share of overall gross written premiums. The sector blames the…

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