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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: 5,875
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: 15,061
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: 5,875
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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Location: NAIROBI
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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Joined: 1/3/2007
Posts: 15,061
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
Posts: 5,875
Location: NAIROBI
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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Joined: 12/4/2009
Posts: 5,875
Location: NAIROBI
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: 199
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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Joined: 5/22/2014
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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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Joined: 12/4/2009
Posts: 5,875
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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Joined: 1/20/2011
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Location: Nakuru
When are other insurance companies announcing their 2017 results?
Dumb money becomes dumb only when it listens to smart money
VituVingiSana
#13 Posted : Tuesday, March 20, 2018 5:38:48 PM
Rank: Chief


Joined: 1/3/2007
Posts: 15,061
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: 10,937
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
Ericsson
#15 Posted : Tuesday, March 20, 2018 6:55:54 PM
Rank: Elder


Joined: 12/4/2009
Posts: 5,875
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
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Joined: 12/4/2009
Posts: 5,875
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
Ericsson
#17 Posted : Monday, November 05, 2018 10:37:41 AM
Rank: Elder


Joined: 12/4/2009
Posts: 5,875
Location: NAIROBI
https://www.standardmedia.co.ke/business/article/2001300958/life-insurers-rake-in-sh32-billion

Only a quarter of companies trading in life insurance control more than two-thirds of premiums in the segment, new industry data shows.
According to latest data from the Insurance Regulatory Authority (IRA), seven out of the 27 firms operating in the segment pocketed 77.6 per cent of the Gross Premium Income (GPI) in the six months to June 31, 2018.
The total reported GPI was Sh41.4 billion in the period under review, meaning the seven top firms in the life assurance segment pocketed Sh32 billion, leaving the remaining Sh9.4 billion for scramble by the other 20 firms. The seven firms are Jubilee, Britam, ICEA Lion, CIC Life, Kenindia Assurance, Liberty Assurance, and Sanlam. “The seven insurers’ combined market share declined to 77.6 per cent from 79 per cent recorded in quarter two of 2017. The remaining 20 companies controlled 22.4 per cent of the market,” said IRA in its quarterly report. The report also showed that Britam Insurance has overtaken Jubilee Insurance in the life insurance segment.
According to the regulator, Jubilee lost the biggest share of the market in the six months to June this year in both general and life insurance segments. The insurer shed 6.3 per cent of its market share in the life business, while Britam gained 4.2 per cent. Jubilee, however, maintained the lead in the general insurance segment despite registering a one per cent drop in market share to 9.3 per cent, down from 10.3 per cent recorded in a similar period last year.
According to the new figures, Britam now commands 25.4 per cent of the market share in the life segment, up from 22.1 per cent previously. Jubilee, on the other hand, now commands 14.5 per cent of the market in the second position followed by ICEA Lion at 13.2 per cent. IRA base its ranking by calculating how much of the industry’s gross premium income that an insurer pockets.




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