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.

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.

Kenya Re results expected by the end of March [given the 3 month deadline for financial firms]
Same for Britam, Jubilee, etc

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...

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.

Quoting BD? Didn't you say BD isn't a source of accurate info?

#BringBackMwarania

I said at times mzee.
This one i verified from IRA report before posting

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.