Kenya's regulatory requirements for digital insurance are set to get stricter as the country's insurance regulator, Insurance Regulatory Authority (IRA) is drafting tougher requirements around cybersecurity, data protection and digital insurance oversight.
According to a report by Beinsure.com, this move signals a shift that mirrors broader regulatory moves across Africa.
The proposed regulations aim to create a safe and secure operating environment for digital insurance providers. This would help to boost confidence among consumers and investors.
It is significant to note that the IRA's move aligns with Africa’s growing InsurTech landscape, which has been gaining momentum as technology enhances accessibility and affordability in the insurance market.
The growing market and those planning to jump in are also looking for stable, trusted and stronger safeguards that can take care of investors and consumers alike.
The regulator’s proactive approach is a positive move and will encourage innovation in the InsurTech domain, which will help grow the market in the long run.