Nairobi-headquartered financial services group, Equity Group, is piloting its insurance services in the Democratic Republic of Congo (DRC) ahead of a plan to roll out the business across its regional markets.
The NCBA Group, the fourth-biggest bank by market capitalisation, has acquired fully the insurer AIG Kenya from American International Group following receipt of all regulatory and corporate approvals.
The Kenyan government has withdrawn the proposed 2.5% levy on motor vehicles in the Finance Bill 2024 in the face of the tax's likely unfavourable impact on the insurance industry.
Britam Holdings is seeking opportunities to enter the massive but underserved insurance market in the Democratic Republic of Congo later this year, reported Bloomberg.
The Association of Pension Trustees and Administrators of Kenya (APTAK) has called for mandatory pension savings for all citizens to ensure financial security and stability for individuals in their retirement years.
International tax advisory firm Ernst & Young (EY) has raised concerns about the potential negative impacts of the proposed amendments to the VAT Act, 2013, particularly regarding the insurance sector.
The insurance sector can play a pivotal role in Kenya's economic recovery. In particular, financial lines can provide the stability that businesses in the country look for, according to Mr Steven Oluoch, CEO of MNK Re Kenya.
The Kenyan government is planning to merge three major financial regulatory bodies in a move aimed at enhancing service delivery, cutting bureaucracy and avoiding duplication, reported Bloomberg.
Almost half (48%) of working Kenyans are financially stressed. An overwhelming nine in 10 Kenyan consumers are earning less than or the same as they did prior to the COVID pandemic, according to Old Mutual's "Financial Service Monitor 2024" covering Kenya.
Insurance companies have started repricing their insurance plans as they comply with the new 16% Value-Added-Tax (VAT) introduced through the Finance Act of 2023.