East Africa Reinsurance Company(EARe) has a track record of adequate operating performance, with return-on-equity moderately exceeding the inflation in Kenya over the past five years, says AM Best.
Gaps in the implementation of the Marine Insurance Act that requires the mandatory cover of imports by local insurance companies have hampered the growth of domestic marine cargo insurance in Kenya, industry sources say.
The Competition Authority of Kenya (CAK) has approved the proposed acquisition of 51% shareholding in Monarch Insurance by a consortium of three firms, Ondoba, Kenyoro and Equico Thirteen.
The operating performance of Kenya Reinsurance Corporation is seen as adequate, considering its return-on-equity ratio has consistently exceeded the generally high inflation level in Kenya in recent years, says AM Best.
Kenya Reinsurance Corporation has posted a 10% fall in profits after tax to KES1.06bn ($8.2m) for the first half of 2024 from KES1.17bn in 1H2023, despite a 20% jump in insurance revenue, according to the company's interim financial statements.
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The Kenyan government has withdrawn the proposed 2.5% levy on motor vehicles in the Finance Bill 2024 in the face of the tax's likely unfavourable impact on the insurance industry.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.