Bancassurance Faces Headwinds as Claims Surge by 140%-AKI
Kenya’s bancassurance sector is facing profitability pressure from claims which have surged from Ksh6.6 billion in 2019 to Ksh14 billion last year. “This trend raises concerns about underwriting practices and [...]
Podcast; Empowering Women in Finance: OESAI's Role in Driving Financial Inclusion
This episode focuses on the role of member-based organizations, like the Organization of Eastern and Southern Africa Insurance (OESAI), in promoting financial inclusion, particularly for women in the financial sector. [...]
Insurance Regulator Places Invesco Under Statutory Management Again
The Insurance Regulatory Authority (IRA) has placed Invesco Assurance under statutory management for the second time in the insurer's 27-year history. “Insurance Regulatory Authority (IRA) has with effect from 14th [...]Evolution of Consumer Behavior in the Insurance Sector
In this episode, Nuru Mugambi, Chairperson of the Angaza Forum, and Patience Muvea, Chief Actuary at Liberty Life Kenya, discuss the transformative impact of the COVID-19 pandemic on consumer behavior [...]First Assurance Banks on Tailored Products, Tech to Boost Insurance Penetration
The rate of insurance uptake for businesses globally stands at 7%, and it is only 3% in Africa. It is even lower than the regional rate in Kenya, standing at [...]Old Mutual, Absa Bank Launch Insurance Product for SMEs
Financial services conglomerate Old Mutual Kenya has partnered with Absa Bank Kenya to launch an insurance product for SMEs, the two companies said on Wednesday. The package will also include [...]NCBA Group Acquires Insurer AIG Kenya
NCBA Group has announced the completion of its 100% acquisition of AIG Kenya Insurance Company Limited (AIG Kenya) from its parent company AIG Group, Inc. NCBA plans to tap into [...]IRA Dismisses Reports on Closure of Directline Assurance
The Insurance Regulatory Authority (IRA) has dismissed reports on the closure of Directline Assurance company, terming them illegal. “The Insurance Regulatory Authority (the Authority) has taken note of communication released [...]Xplico Insurance's Statutory Manager Caps Compensation at KShs 250,000 per Claim
The Policyholders Compensation Fund (PCF) has started the process of compensating the clients of Xplico Insurance- which is under statutory management- with the maximum amount capped at Kshs 250, 000 [...]Insurance Regulator Blacklists Atlas Life Insurance
The Insurance Regulatory Authority (IRA) has said it does not recognise the services of Atlas Life Insurance, a foreign insurance company that has been selling life insurance products in the [...]Absa Life Assurance Posts 90% Jump in Profits to KSh 862m
Absa Life Assurance Kenya (Absa Life), an Absa Group subsidiary, has reported an increase in gross profit to KSh 862 million in 2023. “Absa Life continues to maintain a healthy [...]
Sanlam Kenya Suffers Net Loss of KSh 127 Million in 2023
Sanlam Kenya Group, an insurance, investment, and retirement firm has reported a net loss of KSh 127 million for the full year ended 31st December 2023 compared to KSh 83 [...]
