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…

Kenya’s medical insurers blame ill-equipped hospitals for losses

Kenya’s medical insurers blame ill-equipped hospitals for losses

Kenya’s medical insurers blame ill-equipped hospitals for losses

Medical insurance firms in Kenya are blaming the rising number of poorly equipped hospitals using unregistered staff, for increased claims that have sunk more than half of the insurers into losses. The largest health insurer in Kenya, Jubilee Insurance, said many registered institutions are not hiring approved doctors, leading to higher costs and the increased likelihood of a wrong diagnosis…

Corporates targeted by environmental protests

Corporates targeted by environmental protests

Corporates targeted by environmental protests

Greenpeace Africa activists and volunteers delivered a #PlasticMonster partly covered with Nestlé-branded plastic packaging back to its source: the Nestlé factory servicing Kenya and other east African countries. The activists called on the multinational corporation to end its reliance on single-use plastic. They also held protests at Nestlé offices in the Philippines, Germany and other countries as part of a global…

Kenya attack: lesson in risk management

Kenya attack: lesson in risk management

Kenya attack: lesson in risk management

With some people trapped inside the Dusit complex in Nairobi for some 30 hours after terrorists attacked last Tuesday, killing 21, further lives were saved by having security plans and practising them. The address at 14 Riverside was home to a Thai-owned hotel as well as a number of office blocks, housing international companies. These included risk consultancy Control Risks.…

Kenyan tourism industry likely to suffer in wake of Dusit terror attack

Kenyan tourism industry likely to suffer in wake of Dusit terror attack

Kenyan tourism industry likely to suffer in wake of Dusit terror attack

International investors may well be re-assessing their Kenyan portfolios in the wake of the Al-Shabaab attack on the Dusit hotel complex in Nairobi last week. Some 21 people were killed by the terrorists, in what was the latest of a string of attacks across Kenya. However, Patricia Rodrigues, an analyst with Control Risks who was in the complex when the…