Browsing: Bima Intermediaries Association of Kenya(BIAK)

There’s no single Insurance company in Kenya that has complained of delayed premiums or in effect named any of those that could be delaying their premiums. They are simply not paying insurance claims because they have mismanaged their finances. It is also important to point out that since the entry of banks into the insurance field, Bancassurance in Kenya, a lot of bad blood has been created, mainly caused by the banks encroaching on and forcing clients to take up insurance with them. Banks never remit insurance premiums to insurance companies in Kenya unless when forced to do so. Any insurance company doing business with a bank can attest to this. They simply do not follow the insurance rules as stipulated.

The storm inside Kenya’s insurance sector

Opinion

By Washington Ndegea

In the year of our Lord Two thousand and Eighteen, the Treasury Secretary Henry Rotich strode to parliament carrying the characteristic brief case just in time to read the twenty eighteen-twenty nineteen budget. That was in the month of June.

Expectations were high, that the prices of various basic commodities would reduce, and that we in the insurance industry would get the much needed relief and create an enabling environment to do business.

The issue of the prices of the basic commodities were met, but we in the insurance sector were left reeling by the recommendations that were being proposed in the Insurance Act in form of Insurance (Amendment) Bill 2018, that it would be criminal to handle insurance premiums from then on if the recommendations were to be made law.

We quickly instituted an emergency meeting to look at what could have prompted the Treasury department …