From left: Prudential PLC CEO for Africa Matt Lilley and Insurance Regulatory Authority chief executive Sammy Makove during the media briefing to announcement of the entry of Prudential PLC into the Kenyan market. September 16, 2014. PHOTO| DIANA NGILA
n 2014, Prudential Insurance bought out Shield Assurance. Phoenix Insurance is said to be on the radar of some investors from Mauritius.
Experts say use of technology in the regulation of Kenya’s insurance sector is expected to trigger a major realignment of the business that currently has 48 registered insurers.
The experts say firms with poorly performing portfolio will have to scale down on the risks covered or seek fresh capital to enable them to continue business.
The insurance business in Kenya is set to change. Some international insurers that have expressed interest in either buying stake in local firms or setting up shop are expected to complete their deals in 2015.
Further, a fresh set of reforms have raised the bar for insurers on the minimum capital requirements as well as governance. This has forced companies to merge or cede shares to new entities to step up performance.
