Why tougher capital rules are reshaping Kenya's insurance industry

Insurance sector is entering a stricter regulatory phase as the Insurance Regulatory Authority tightens risk-based capital requirements, forcing insurers to prove they can withstand financial shocks...

✨ Key Highlights

Kenya's insurance industry is undergoing a significant shift as the Insurance Regulatory Authority (IRA) implements stricter risk-based capital requirements, moving away from static minimums to a system demanding capital proportionate to an insurer's actual risks.

Insurance penetration in Kenya currently stands at a low 2.3 per cent.
The IRA is forcing insurers to prove their ability to withstand financial shocks to rebuild trust, which has been eroded by instances of unpaid claims.
Well-capitalised insurers like Liberty Life Kenya and Heritage Insurance Kenya are securing strong credit ratings (e.g., AA+(KE)), while weaker players face increased pressure to consolidate or exit the market.

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