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Browsing: Insurance Regulatory Authority
- East Africa’s insurance sector regulators held the 7th Special Meeting of the Executive Committee (ExCo)of the East African Insurers Supervisors Association (EAISA) in Kenya on Friday.
- The East African insurance supervisors have resolved to promote the development of cross-border insurance products and services jointly.
- The members have also agreed to coordinate joint innovation initiatives relating to insurance development in member states.
Joint resolve for East Africa’s insurance sector supervisors
The East African insurance supervisors have resolved to jointly promote the development of cross-border insurance products and services to address the challenges of low insurance uptake and penetration in the region.
The members have also agreed to coordinate joint innovation initiatives relating to insurance development in member states.
Working under the auspices of the East African Insurance Supervisors Association (EAISA), the supervisors, at their 7th Special Meeting of the Executive Committee (ExCo) meeting held in Eldoret, Kenya, also agreed to employ …
- 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 …
