Huge investments in GOK securities.

Indeed, the state holds too much of corporate assets. If GOK defaults...

Difficult,they just increase taxes to get the money 💵

https://www.businessdailyafrica.com/corporate/companies/Kenya-Re-adopts-global-outlook-amid-competition/4003102-4729902-6byg3l/index.html
Kenya Reinsurance Corporation (Kenya Re), which offers cover to more than 160 insurance companies spread out in over 45 countries in Africa, Middle East and Asia says it is eyeing new markets across the globe to boost income in the face of stiffening competition both locally and abroad.
Chief executive officer Jadiah Mwarania said the NSE-listed re-insurer is looking to open regional offices in new markets besides expanding the company's line of insurance products where it already operates.
Mr Mwarania noted that several countries have domesticated their reinsurance markets or set up State-owned national reinsurance companies that are eating into its business.
“When they form these national reinsurers it means they get compulsory cessions which reduces the volume of business available for foreign reinsurers.”
Countries that have done this include Uganda, Ethiopia, Zimbabwe, Ghana, Sri Lanka, Nepal and Vietnam among others.
“We will counter this by setting up regional offices in response to domestication which will help us become more competitive,” said Mr Mwarania at a Friday press briefing shortly after announcing the company’s results. “We are also pursuing new reinsurance markets such as northern Africa, Middle East and Asia.”

Slowly but it's coming back to the old days of 10 Bob