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.…

Kenyan government closes consulting on major study of insurance buying

Kenyan government closes consulting on major study of insurance buying

Kenyan government closes consulting on major study of insurance buying

The Kenyan government has closed its call for public views on developing a national insurance policy to increase uptake of cover. Penetration levels for insurance have dipped to the lowest level in 15 years and the government had called for individuals and institutions to send memorandums identifying the gaps in the industry, as well as to provide policy proposals backed…

Kenya insurers halve underwriting loss to KSH1.26bn in Q2

Kenya insurers halve underwriting loss to KSH1.26bn in Q2

Kenya insurers halve underwriting loss to KSH1.26bn in Q2

Patrick Alushula reports on the 2019 half-year figures from the Kenyan insurance market, which provide some notes of optimism Kenyan insurers cut underwriting losses by 54% to KSH1.26bn in the second quarter of 2019, marking a significant improvement from the KSH2.66bn loss posted in the same quarter last year. Insurers will hope for another strong performance for the remainder of…

Kenyan insurers turn to innovations on the back of worst performance in 12 years

Kenyan insurers turn to innovations on the back of worst performance in 12 years

Kenyan insurers turn to innovations on the back of worst performance in 12 years

Patrick Alushula reports on the state of the Kenyan insurance markets and on efforts to drive profitability and a new direction Kenyan insurance firms are turning their attention towards innovative products to catch the attention of the rising young population, in a bid to stave off further market losses and to build business in new markets. Many insurers are concerned…

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…

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