Author: Kang'ethe Njoroge

• The meeting will share lessons and experiences on strategies deployed to catalyse the development of insurance sectors for inclusivity and innovation..
• Delegates will also explore client value and viability dimensions of national health insurance schemes in Africa.
• Insights and lessons from trends and business models on inclusive digital insurance solutions; taking stock of what has worked and what has not worked will be shared.

Kenya is preparing to host the Eastern and Southern Africa regional conference on inclusive insurance, which is part of a series of regional learning sessions aimed at contributing to the development of inclusive insurance markets in Africa.

Across the continent, insurance penetration remains low and different players including governments have been deploying various strategies to scale up uptake of various cover products.

The eighth regional conference is modeled as a combination of high-quality training and plenary forums that are aimed at sharing insights on inclusive insurance …

• Growth in sub-Saharan Africa is expected to slow to 3.6 percent in 2023, as a “big funding squeeze” tied to the drying up of aid and access to private finance hits the region. 
• If no measures are taken, the funding shortage may force countries to reduce fiscal resources for critical development areas of health, education, and infrastructure, the IMF warned.
• Persistent global inflation and tighter monetary policies have led to higher borrowing costs for sub-Saharan African countries, placing huge pressure on exchange rates.

Economic growth in sub-Saharan Africa is projected to slow to 3.6 percent in 2023, as a “big funding squeeze”, tied to the drying up of aid and access to private capital sweeps across the region, the International Monetary Fund (IMF) has said.

The Regional Economic Outlook for Sub Saharan Africa April 2023 report indicates that if no measures are taken, to tackle this shortage of funding, a …

• Telco giant Safaricom is the most valuable Kenyan brand, estimated at $648 million. It also has the highest Sustainability Perceptions Value at $93 million.
• Equity Bank and Kenya Commercial Bank rank second and third most valuable brands and top-two strongest brands with impressive AAA+ ratings.
• Crown Paints Kenya is the fastest-growing Kenyan brand, up 70 percent 

Safaricom’s value went up by 14 per cent to $648 million over the past year maintaining its position as Kenya’s most valued brand even as lenders Equity and KCB regional expansion drive also paid dividends as measured by consultancy Brand Finance.

Brand Finance East Africa Regional Director Walter Serem says Safaricom has shown considerable resilience during difficult operating conditions over the past year. In the period under review, East Africa’s most profitable telco registered significant revenue growth, while successfully completing the first two years of its five-year strategy.

This strategy is guided by the …

• Insurance firms in Kenya registered 12.2 percent jump to $2.3 billion in premiums attributable to continued economic recovery from the negative effect of COVID-19 in 2020 and 2021.
• Long-term insurance business premiums grew by 13.8 per cent  to $1 billion compared to $921 million in 2021 with life assurance accounting for 25.2 per cent.
• General insurance premiums amounted to $1.2 billion with medical and motor insurance classes maintaining a leading position in terms of contribution at 32.5 percent and 31.9 percent respectively.

Insurance companies in Kenya reported a 12.2 per cent increase in premiums to $2.3 billion in the three months ending December 2022, the latest report from the Insurance Regulatory Authority (IRA) shows.

In the quarter, long term insurance business premiums increased by 13.8 percent to $1 billion compared to $921 million during a similar period in 2021. Deposit administration and life assurance classes remained the biggest contributors to …

• The International Monetary Fund (IMF) says global economic growth is set to decline marginally as ongoing banking industry turmoil raises uncertainties.
• IMF’s World Economic Outlook for April 2023 update indicates that global output will fall to 2.8 per cent in 2023 from 3.4 per cent last year, before rising to 3 per cent in 2024.
• Advanced economies to experience a slowdown to 1.3 per cent in 2023 from 2.7 per cent  in 2022 as the world economy recovers from the unprecedented upheavals of the last three years.

Global economic growth is likely to decline marginally as the US banking turmoil raises uncertainties in the markets, the International Monetary Fund (IMF) has warned.

IMF’s World Economic Outlook for April 2023 update indicates that global output growth will decrease to 2.8 per cent from 3.4 per cent last year, before rising to 3 percent in 2024,

According to the report, advanced economies …

• The European Investment Bank (EIB) and the City Climate Finance Gap Fund (Gap Fund) will support the municipality of Chefchaouen, Morocco to optimize municipal waste management services.
• The technical assistance implemented by the Gap Fund will make it possible to carry out a pre-feasibility study to assess, develop and organize waste management, in accordance with the city’s master plan.
• This project will contribute to the achievement of local and national environmental and climate objectives, while improving the quality of life of the inhabitants.

The European Investment Bank (EIB) has announced plans to assist Morocco improve management, treatment and recovery of organic waste. The technical assistance will be implemented by the City Climate Finance Gap Fund for the benefit of the municipality of Chefchaouen.

The technical and financial support first provides for an assessment of the composition of household waste to estimate its economic potential. It will enable the development of …

• Power tools maker STIHL East Africa has lined up $1 million every year for investment in local equipment manufacturing.
• The company has partnered with Proteq Automation Ltd and Tippers and Trailer Ltd, who have been tasked to make accessories for all STIHL East Africa products in the region.
• Company Managing Director Francois Marais says the move will see the firm lower accessory costs, create jobs and inject $1 million every year into the Kenyan market.

Power tools maker STIHL East Africa is set to invest $1 million every year in initiatives that enhance the manufacturing of various equipment part as the company seeks to ensure a wider range of its machines are made locally, opening the doors for new jobs.

The company has already partnered with Kenyan firms including Proteq Automation Ltd as well as Tippers and Trailer Limited, which have been tasked to start making accessories for the entire …

• The Kenyan Government has partnered with ZEP-RE (PTA Reinsurance Company), Kenya Development Corporation (KDC), and the World Bank, to launch the De-Risking, Inclusion, and Value Enhancement of pastoral economies (DRIVE) project.
• Over 250,000 households are expected to benefit from the World Bank-backed project representing 1.6 million pastoralists and their dependents across Kenya, Ethiopia, Somalia, and Djibouti over a five-year period.
• DRIVE project seeks to de-risk pastoral systems through insurance, savings, and financial education while de-risking private sector investments that provide reliable markets to millions of pastoralists including women and youth.

In drought-stricken Kenya, millions of dead livestock tell of lost livelihoods as the worst dry spell in a half-century sweeps across the Horn of Africa. Latest data estimates that over 2.6 heads of livestock—cattle, goats and even camels, erstwhile “ships of the desert”—have died due to lack of water and pasture following failed rains, piling huge pressure on pastoral families …

• The African Development Bank (AfDB) has exceeded its mobilisation target for the Just Green Transition (JGT) initiative, raising $2.3 billion to help address Egypt’s climate woes.
• Initially, AfDB had set a target of $1.4 billion for the programme aimed at building the resilience of vulnerable systems and promoting sustainable development.
• JGT initiative has a pipeline of investment-ready projects worth $14.8 billion to tackle the water-food-energy nexus. 

The African Development Bank (AfDB) has surpassed its mobilisation target for The Just Green Transition (JGT) initiative after raising $2.3 billion which will be invested in tackling climate change-related challenges in Egypt. 

The financial institution had initially set a target of $1.4 billion for the initiative to build resilience of vulnerable systems and promote sustainable development in the country.

Already, the Just Green Transition (JGT) initiative has a pipeline of investment-ready projects worth $14.8 billion to tackle the nexus on water, food and …

• The global tourism industry is set for a huge boost, with major investments expected following a partnership between United Nations World Tourism Organisation (UNWTO) and Middle East Based Annual Investment meeting (AIM). 

• Under the partnership, UNWTO and AIM have committed to jointly support  the effective implementation of the Agenda 2030 and the 17 Sustainable Development Goals through tourism investments, and the promotion of innovation and technology. 

• The MoU will also see UNWTO spearhead the “Tourism Investment Forum” to be held on the framework of the upcoming AIM Global 2023 in Abu Dhabi, United Arab Emirates on May 8-10, 2023.

The global tourism industry is set for a huge boost, with major investments expected following a partnership between United Nations World Trade Organisation (UNWTO) and Middle East Based Annual Investment meeting (AIM). 

The two organisations  have signed a Memorandum of Understanding aimed at driving up global development by harnessing the power …