Wafa Assurance’s US$317mn Acquisition of Egypt’s Delta Puts Kenya’s Insurers on Alert

The planned takeover of Egypt’s Delta Insurance by Morocco’s Wafa Assurance has rattled the East Africa's insurers...

✨ Key Highlights

The proposed acquisition of Egypt's Delta Insurance by Morocco's Wafa Assurance for US$317 million has put Kenya's insurance sector on alert, with regulators and industry experts scrutinizing the regional implications of the deal.

The COMESA Competition Commission is reviewing Wafa's application to acquire between 51% and 100% of Delta Insurance.
An anonymous Nairobi-based insurance executive stated that Kenya is likely on Wafa's radar as a hub market.
Kenya's insurance sector, ranked third in sub-Saharan Africa, has a penetration rate of just 2.3% of GDP.

Continue Reading

Read the complete article from The Kenyan Wall Street

📰 Read Full Article

Related News

top3w ago

Kenyans Warned as Govt Deregisters Insurance Provider

The Insurance Regulatory Authority (IRA) has warned the public against engaging with Underwriting Africa Insurance Brokers Limited, which continues to operate despite being deregistered in December 2021. The firm, headquartered in Nairobi, was deregistered via a gazette notice but reportedly continued to transact insurance business.

Kenyans

📰 Read Full Story

top1w ago

Kenyans on Alert as US to Revoke Visas, Deport Foreigners Amid Assassination Incidents

Kenyans are on high alert as the United States has announced stricter visa measures, including revocations and deportations, for foreigners found celebrating assassinations, particularly following the killing of conservative activist Charlie Kirk.