Policyholders to get money back from failed Kenyan insurers

Policyholders to get money back from failed Kenyan insurers

Policyholders to get money back from failed Kenyan insurers

Policyholders with the failed insurer Concord Insurance are to start receiving a maximum KSH250,000 payout from the country’s Policyholders Compensation Fund (PCF). The Kenyan Insurance Regulatory Authority (IRA) told Business Daily that payments will start with Concord but will then move onto Standard Insurance. Other recently failed companies include Blue Shield Insurance, United Insurance Company, Access Insurance Company, Stallion Insurance…

Minet Kenya scoops best business insurance broker award

Minet Kenya scoops best business insurance broker award

Minet Kenya scoops best business insurance broker award

Insurance broker, Minet Kenya has been named as the overall best insurance broker of the year for 2020, at the Think Business Insurance Awards. The firm was recognised as the best medical broker of the year, best general broker of the year and the most customer-centric. Minet Kenya has been singled out for its innovative use of technology in insurance…

Kenyan companies warned that banks are preparing for bad loans

Kenyan companies warned that banks are preparing for bad loans

Kenyan companies warned that banks are preparing for bad loans

Company defaults on debt are expected to surge in Kenya as the Covid-19 pandemic hits the east African economy hard. In reaction, Kenya’s top eight banks are increasing their loan loss provision by almost four times in the first half of 2020 as they seek to erect a strong buffer against a possible surge in bad loans. The government, together…

Risk managers face uncertainty over reopening of Kenyan economy as infections spike

Risk managers face uncertainty over reopening of Kenyan economy as infections spike

Risk managers face uncertainty over reopening of Kenyan economy as infections spike

A cloud of uncertainty hangs over Kenya’s economy after Covid-19 infections began to spike, dashing hopes of a quick end to lockdown. As a result, major economic forecasters have projected the country’s economy to underperform this year before it recovers in 2021, a worry for risk managers and their organisations looking to rebuild their balance sheets. The International Monetary Fund…

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

There will be no economic “snap back” from Covid-19 until late 2021 as the pandemic causes civil unrest and splits open geopolitical tensions, a Risk Advisory webinar has warned. The global economy will not see a sudden uptick in growth post-Covid-19 and is most likely to be depressed into next year, followed by a slow and gradual pickup towards the…

Kenya in partial lockdown as coronavirus disrupts businesses

Kenya in partial lockdown as coronavirus disrupts businesses

Kenya in partial lockdown as coronavirus disrupts businesses

Kenya has tightened measures to prevent further spread of the coronavirus after the number of confirmed cases doubled to 16 in three days, sparking fears of increased risk. The state has suspended all social gatherings including religious activities and entertainment and has also limited funerals to a maximum of 15 people. In a country where more than 70% of the…

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Fraud is a major issue in the Kenyan insurance market and is thought to be one of the main reasons why insurance penetrations levels remain so low. Patrick Alushula reports on a new initiative from the insurance regulator to discover the true scale of the problem Kenya’s insurance industry regulator wants to measure the extent of fraud in the sector…

Kenyan insurance brokers retain almost 20% of premiums

Kenyan insurance brokers retain almost 20% of premiums

Kenyan insurance brokers retain almost 20% of premiums

The Kenyan courts have been told that insurance brokers are withholding some 19.8% of premiums amounting to about KSH500bn from insurers, after receiving the funds from clients. The Insurance Regulatory Authority (IRA) is reported to have told the courts that businesses and private clients have spent KSH43bn in premiums on non-existent insurance covers. The brokers have taken to the courts…

Kenya launches new data protection rules

Kenya launches new data protection rules

Kenya launches new data protection rules

Kenya has introduced a new data protection law, which should safeguard against the commercialisation and misuse of data. The law, which brings Kenya into line with similar rules in South Africa, has been backed by the local information and communications technology (ICT) fraternity, which has described it as a good regulation policy framework for the industry. Robert Nyamu, partner and…

Global healthcare plan for Kenyan companies

Global healthcare plan for Kenyan companies

Global healthcare plan for Kenyan companies

Global customer benefits and loyalty company Collinson has launched Collinson SmartHealth International, in Nairobi, Kenya. The solution is delivered in partnership with Kenbright, one of Kenya’s leading medical insurance providers. SmartHealth International will deliver a suite of new affordable health insurance products aimed at Kenyan companies, which want to protect and give peace of mind to employees and their families.…

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