Browsing: insurance in kenya

• Britam Holdings Board of Directors has appointed Lofti Baccouche of Capgemini Invent in the UK as an Independent Non- executive Director. 
• The appointment is subject to the Insurance Regulatory Authority’s approval amidst a low insurance penetration in the country. 
• Lotfi is a financial services executive with solid experience in both developed and emerging markets with over 35 years of experience in finance, insurance and risk management.  

Britam Holdings Board of Directors has appointed United Kingdom’s Lofti Baccouche the Vice President – Insurance practice lead in Capgemini Invent in the UK as an Independent Non- executive Director. 

The appointment is subject to the Insurance Regulatory Authority’s approval amidst a low insurance penetration in the country. 

Lotfi is a financial services executive with solid experience in both developed and emerging markets with over 35 years of experience in finance, insurance and risk management. He has wide experience in multiple countries across Africa, …

• Kenya’s Insurance industry premiums increased by 11.4 percent to hit $2.379 billion in the third quarter of (Q3) 2022 from $2.13 billion in Q3 2021
• The growth is attributed to the continued economic recovery from the negative effect of COVID-19 in 2020 and 2021.
• Long term insurance business premiums stood at $1.0349 billion accounting for 43.5 percent of the total industry premium while general business premiums amounted to $1.34 billion (56.5 percent).

Kenya’s Insurance industry premiums increased by 11.4 percent to hit Ksh 293 billion ($2.379b) in the third quarter of (Q3) 2022 from Ksh 263 billion ($2.13b) in Q3 2021, latest data from the Insurance Regulatory Authority (IRA)) indicates. 

The insurance industry report for the period July – September 2022 attributes the growth to the continued economic recovery from the negative effect of COVID-19 in 2020 and 2021.

Long term insurance business premiums stood at $1.0349 billion  accounting …

• The Global Business Magazine Awards has awarded AAR Insurance Kenya the Most Innovative Insurance Mobile App Kenya 2022
• The Kenyan insurer has also been named the Best New Fully Digital Insurance Company, Kenya, 2022
• AAR said the awards cement their aggressive approach towards being a technology-first operation model to make products and services accessible to their customers easier

Kenya’s AAR Insurance has been named “Most Innovative Insurance Mobile App Kenya 2022″ & “Best New Fully Digital Insurance Company Kenya 2022” by the Global Business Magazine Awards.

On October 3, 2022, AAR Insurance Kenya Acting Principal Officer Hosea Kiprop said the awards cement their aggressive approach towards being a technology-first operation model to make products and services accessible to their customers easier and seamless through the press of a button.

The awards honour business innovators, market disruptors, and leaders from all over the world. They are organised by a Dubai-based publication …

• Jubilee Holdings Limited has reported a half-year profit before tax of KES 4.1 billion ($34.1 million) for the period ended 30^th June 2022
• The Kenyan-headquartered insurer said its profitability had declined compared to the KSh 5.2 billion ($43.3 million) it posted in a similar period a year earlier
• The NSE-listed insurer blamed the decline on a tough economic environment characterised by uncertainty arising from elections in Kenya and rising interest rates
• Jubilee Holdings Board declared an interim dividend of KSh 1 per share, payable on 11 October 2022

Jubilee Holdings Limited has reported a half-year profit before tax of KES 4.1 billion  ($34.1 million) for the period ended 30^th June 2022 to defy a tough economic environment characterised by uncertainty arising from elections in Kenya and rising interest rates.

On August 30, 2022, the Kenyan-headquartered insurer said its profitability had declined compared to the KSh 5.2 billion ($43.3) …

• The Insurance Regulatory Authority has revealed that claims paid in the general insurance business hit KSh 16.85 billion ($142 million) in the first quarter of 2022
• The report further revealed that medical, motor private, and motor commercial had the highest amounts of paid claims at 46.3 per cent, 25.9 per cent and 19.5 per cent, respectively
• Claims incurred in the general insurance business amounted to KSh 18.43 billion during the period under review
• The high premium volume classes of the general insurance business – medical, motor private and motor commercial, contributed the largest proportions of incurred claims

A new report by the Insurance Regulatory Authority has revealed that claims paid in the general insurance business hit KSh 16.85 billion in the first quarter of 2022, marking a 13.3 per cent increase compared to the same period last year when insurers paid claims worth KSh 14.88 billion.

The report further revealed …

• Insurance Regulatory Authority (IRA) has indicated that the insurance industry in Kenya continued to register improved performance in the first quarter of 2022 compared to previous quarters
• Gross written premiums in the first quarter of 2022 went up by 11 % to KSh 88.43 billion from KSh 79.26 billion in a similar quarter in 2021
• General insurance premiums amounted to KSh 53.92 billion. In contrast, the premium reported by the long-term insurers in the period under review hit KSh 34.51 billion

New data by the Insurance Regulatory Authority (IRA) indicates that the insurance industry in Kenya continued to register improved performance in the first quarter of 2022 compared to previous quarters.

The data, released on August 1, 2022, noted that gross written premiums among Kenyan insurance firms in the first quarter of 2022 went up by 11 % to KSh 88.43 billion from KSh 79.26 billion in a similar quarter …

• Britam Holdings says it is changing tact to focus on low-income earners, even as it marks paying KSh 3 billion ($26.3 million) in health and life insurance claims to under-insured customers since 2015
• Emerging Consumer Business Director Saurabh Sharma said many Kenyans could not afford insurance covers currently offered in the Kenyan market
• Sharma noted that low-income earners continued to be the ones affected mainly by risk events, including hospital admissions, loss of a loved one, or business interruptions such as fires and theft

Kenyan insurer Britam Holdings says it is changing tact to focus on low-income earners, even as it marks paying KSh 3 billion ($26.3 million) in health and life insurance claims to under-insured customers since 2015.

The company’s Emerging Consumer Business Director Saurabh Sharma said many Kenyans, especially smallholder farmers and small businesses, could not afford insurance covers currently offered in the Kenyan market.

Sharma noted that …

• Equity Group has been given a life insurance license through its Equity Life Assurance (Kenya) Ltd
• The group said it will use the license to provide life insurance solutions to an underserved market
• Kenya’s insurance industry has continued to witness steady growth over the years, with the insurance market premiums currently being valued at approximately KSh 235 billion 

Equity Group joins insurance sector

The Insurance Regulatory Authority (IRA) has issued a license to Equity Group to joins the insurance sector business under Equity Life Assurance (Kenya) Limited (ELAK).

Equity Group said the license will enable it to provide life insurance solutions to the underserved market and contribute towards the vision of Equity Group to transform lives and expand opportunities for wealth creation.

IRA said the new business entity is a fully-fledged business with separate structures and commercial arrangements in line with its regulations.

The Commissioner of Insurance and …

In November 2012, Nduati sold 27 percent of his stake in the insurance company to private equity firms in a deal estimated at Sh300 million.

According to the Business Daily, the African Development Corporation (ADC), which previously held 25.1 percent in Resolution Health, was one of the companies that bought the new shares.…

• Zamara Group, has entered into a Memorandum of Understanding with the Kenya National Federation of Jua Kali Associations
• The deal is aimed at driving financial inclusion to the informal sector to enable saving, protection from old age poverty and pertinent risks that come along with the life cycle of the average Jua Kali worker
• The two parties have come to an agreement seeking for ways to continue with the existing framework aimed at the protection of the sector’s members

Financial services provider Zamara Group has entered into a Memorandum of Understanding with the Kenya National Federation of Jua Kali Associations (KNFJKA) aimed at driving financial inclusion to the informal sector to enable saving, protection from old age poverty and pertinent risks that come along with the life cycle of the average Jua Kali worker.

The two parties have come to an agreement seeking ways to continue with the existing framework …