News
Seven insurance firms face IRA fines for reporting breaches
11+ hour, 48+ min ago (722+ words) Commissioner of Insurance and The Insurance Regulatory Authority CEO Godfrey Kiptum speaks at a past event held at JW Marriott Hotel in Nairobi on November 26, 2025. Seven insurance firms are facing regulatory fines for missing deadlines to submit records of their…...
Budget: Key policy pronouncements by Mbadi - highlights
1+ mon, 2+ day ago (51+ words) Business Daily Treasury Cabinet Secretary John Mbadi presents the Budget for the 2026/27 fiscal year in Parliament on June 11, 2026. National Treasury Cabinet Secretary John Mbadi presented the Sh4.82 trillion budget for the financial year 2026/27 in Parliament on Thursday afternoon....
Agricultural insurance to be offered separately amid rising climate risks
1+ mon, 2+ day ago (383+ words) The government has proposed a major overhaul of Kenya’s agricultural insurance market by creating a standalone class of underwriting business targeting risks unique to the farming sector. In his budget speech, Treasury Cabinet Secretary John Mbadi announced that the government…...
Medical insurance claims double in five years
1+ mon, 1+ week ago (422+ words) Medical insurance claims have nearly doubled over the past five years to Sh52.61 billion, driven by rising healthcare costs and increased utilisation, forcing insurers to raise premiums to remain viable. Latest industry data shows claims rose by 97.7 percent from Sh26.69 billion in…...
Jubilee blocks Sh1.28bn in fake insurance claims using AI
1+ mon, 3+ week ago (453+ words) From left: Jubilee Holdings Limited Group's CEO Dr Julius Kipngetich, Chairman Zul Abdul and Deputy Group CEO Juan Cazcarra pose for a picture after the release of the company's 2024 Full Year Financial Results at their offices in Upper Hill, Nairobi…...
AI saves Old Mutual Insurance Sh400m in fraud and costs
2+ mon, 1+ week ago (474+ words) Old Mutual General Insurance says its investment in artificial intelligence (AI) helped save about Sh400 million last year by streamlining routine tasks and flagging fictitious claims, pointing to the increasing adoption of automation in the industry. The insurer explained that using…...
CIC stake in Takaful Insurance falls to 7pc after Djibouti firm deal
2+ mon, 3+ week ago (462+ words) CIC Insurance’s stake in Takaful Insurance of Africa has dropped to 7.4 percent. This is after a Djibouti-based firm, Tamini Insurance SA, acquired a 65 percent holding in Takaful Insurance, diluting the holding of the Nairobi Securities Exchange-listed insurer. Tamini acquired the…...
Why court okayed liquidation of collapsed Xplico Insurance
3+ mon, 1+ week ago (612+ words) Commissioner of Insurance and Insurance Regulatory Authority (IRA) Chief Executive Officer, Mr Godfrey Kiptum speaking during the 19th Annual Regional Conference of the Association of Insurance Brokers of Kenya (AIBK) held at Sarova Whitesands Beach Resort, Mombasa on November 6, 2025. The High…...
Trident client sues IRA over cancellation of policies at three insurers
3+ mon, 3+ week ago (552+ words) The Milimani Law Courts. A city lawyer has sued the Insurance Regulatory Authority (IRA) for placing three insurance firms under statutory management and invalidating their policies before expiry. Christopher Njoroge Kimiti says in a petition filed at the High Court…...
Equity enters pharmacy business to rein in medical insurance costs
3+ mon, 3+ week ago (531+ words) Equity Afia’s entry into pharmacy signals a push to cut drug costs and lower insurance premiums through vertical integration. Equity Group-backed medical franchise has ventured into pharmaceuticals as it seeks to lower the cost of drugs and pass the savings…...