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Insurance Firms Given 3 Months to boost Core Capital
Ericsson
#1 Posted : Wednesday, February 28, 2018 11:01:41 AM
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Joined: 12/4/2009
Posts: 4,829
Location: NAIROBI
Insurance firms in the country have three months to boost their core capital requirements in line with the new risk based supervision model aimed at cushioning consumers.

According to the regulations, the minimum capitalization for general insurers has been doubled to 600 million shillings while life insurers have nearly been tripled to 400 million shillings.

The risk based capital supervision model introduced last year by the Insurance Regulatory Authority seeks to ensure that insurance firms maintain their capital resources at a level that matches the nature, scale, complexity and profile of the risk they underwrite.

And with the June deadline fast approaching; only Britam has so far fully complied with the law.
VituVingiSana
#2 Posted : Wednesday, February 28, 2018 11:16:14 AM
Rank: Chief


Joined: 1/3/2007
Posts: 14,164
Location: Nairobi
Ericsson wrote:
Insurance firms in the country have three months to boost their core capital requirements in line with the new risk based supervision model aimed at cushioning consumers.

According to the regulations, the minimum capitalization for general insurers has been doubled to 600 million shillings while life insurers have nearly been tripled to 400 million shillings.

The risk based capital supervision model introduced last year by the Insurance Regulatory Authority seeks to ensure that insurance firms maintain their capital resources at a level that matches the nature, scale, complexity and profile of the risk they underwrite.

And with the June deadline fast approaching; only Britam has so far fully complied with the law.

Hmmm, is Kenya Re affected?
That said, they are cash rich and as soon as they publish the FY 2017 results, we will know more.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#3 Posted : Friday, March 09, 2018 9:00:44 AM
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Joined: 12/4/2009
Posts: 4,829
Location: NAIROBI
https://www.reinsurancen...aham-finances-1bn-deal/

South African life insurer Sanlam Ltd has announced plans to acquire the remaining 53.4% stake in SAHAM Finances, the insurance subsidiary of SAHAM Group, in a US $1.05 billion acquisition deal.

Sanlam_already owns a 46.6% stake in SAHAM Finances, and the companies have been partners since February 2016.

With a market capitalisation of over $16 billion, Sanlam is already a leading Pan-African financial services group, and the acquisition of this new insurance business, which operates over 26 countries and through 35 insurers, will significantly enhance its position on the continent.
Ericsson
#4 Posted : Friday, March 09, 2018 10:02:19 AM
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Merger of Sanlam and Saham insurance in kenya coming up
VituVingiSana
#5 Posted : Friday, March 09, 2018 12:25:17 PM
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Location: Nairobi
Kenya Re results expected by the end of March [given the 3 month deadline for financial firms]
Same for Britam, Jubilee, etc
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#6 Posted : Friday, March 09, 2018 1:39:13 PM
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Joined: 12/4/2009
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VituVingiSana wrote:
Kenya Re results expected by the end of March [given the 3 month deadline for financial firms]
Same for Britam, Jubilee, etc


Insurance firms it is 4 months (April 30th)
The Merchant
#7 Posted : Monday, March 12, 2018 2:28:57 PM
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Joined: 5/24/2010
Posts: 846
Location: KENYA
How is Mayfair insurance? And how does the link with the newly formed bank Mayfair bank work for them?
Ericsson
#8 Posted : Monday, March 12, 2018 7:31:55 PM
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The Merchant wrote:
How is Mayfair insurance? And how does the link with the newly formed bank Mayfair bank work for them?


Ask the Ndegwa family how ICEALION and NIC bank work for them
Wororo
#9 Posted : Monday, March 12, 2018 8:37:22 PM
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Joined: 1/30/2011
Posts: 123
The Merchant wrote:
How is Mayfair insurance? And how does the link with the newly formed bank Mayfair bank work for them?


Mayfair Insurance targets corporates/groups as opposed to individuals...

I suppose Mayfair Bank will also target a niche market...
Mtafiti
#10 Posted : Tuesday, March 13, 2018 7:48:58 AM
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Location: Ndeiya
...as Britam Kenya prepares for a massive staff lay off.
Ericsson
#11 Posted : Tuesday, March 20, 2018 12:06:07 PM
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Location: NAIROBI
https://www.businessdail...49318-c45xc4/index.html

Insurers turned an underwriting profit in 2017 in general business, the first since 2014.

The profit stood at Sh556.1 million from a loss of Sh390.8 million in 2016 and Sh226.2 million in the previous year.

Underwriting profit consists of the earned premium remaining after losses have been paid and administrative expenses have been deducted.
Fyatu
#12 Posted : Tuesday, March 20, 2018 1:39:11 PM
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Location: Nakuru
When are other insurance companies announcing their 2017 results?
Mnataka nifanye nini jameni?? d'oh! d'oh!
VituVingiSana
#13 Posted : Tuesday, March 20, 2018 5:38:48 PM
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Joined: 1/3/2007
Posts: 14,164
Location: Nairobi
Ericsson wrote:
https://www.businessdailyafrica.com/markets/marketnews/Insurers-rebound-first-underwriting-profit-in-3-years/3815534-4349318-c45xc4/index.html

Insurers turned an underwriting profit in 2017 in general business, the first since 2014.

The profit stood at Sh556.1 million from a loss of Sh390.8 million in 2016 and Sh226.2 million in the previous year.

Underwriting profit consists of the earned premium remaining after losses have been paid and administrative expenses have been deducted.

Quoting BD? Didn't you say BD isn't a source of accurate info?
Laughing out loudly Laughing out loudly Laughing out loudly
#BringBackMwarania
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
obiero
#14 Posted : Tuesday, March 20, 2018 6:50:05 PM
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Joined: 6/23/2009
Posts: 9,207
Location: nairobi
VituVingiSana wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/markets/marketnews/Insurers-rebound-first-underwriting-profit-in-3-years/3815534-4349318-c45xc4/index.html

Insurers turned an underwriting profit in 2017 in general business, the first since 2014.

The profit stood at Sh556.1 million from a loss of Sh390.8 million in 2016 and Sh226.2 million in the previous year.

Underwriting profit consists of the earned premium remaining after losses have been paid and administrative expenses have been deducted.

Quoting BD? Didn't you say BD isn't a source of accurate info?
Laughing out loudly Laughing out loudly Laughing out loudly
#BringBackMwarania

Hehe
DISCLAIMER: @obiero, MBA-MIS, CISA. Opinionated, owner of www.winda.co.ke. Aims to be factual and logical..
Ericsson
#15 Posted : Tuesday, March 20, 2018 6:55:54 PM
Rank: Elder


Joined: 12/4/2009
Posts: 4,829
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/markets/marketnews/Insurers-rebound-first-underwriting-profit-in-3-years/3815534-4349318-c45xc4/index.html

Insurers turned an underwriting profit in 2017 in general business, the first since 2014.

The profit stood at Sh556.1 million from a loss of Sh390.8 million in 2016 and Sh226.2 million in the previous year.

Underwriting profit consists of the earned premium remaining after losses have been paid and administrative expenses have been deducted.

Quoting BD? Didn't you say BD isn't a source of accurate info?
Laughing out loudly Laughing out loudly Laughing out loudly
#BringBackMwarania

I said at times mzee.
This one i verified from IRA report before posting
Ericsson
#16 Posted : Friday, June 15, 2018 11:56:19 AM
Rank: Elder


Joined: 12/4/2009
Posts: 4,829
Location: NAIROBI
European financial services company Allianz Group has agreed to acquire 8.0% in African reinsurer Africa Re. The total cash consideration payable at closing would amount to Eur. 69.0 mn
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