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Kenya Insurance Market

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The Kenyan Insurance Market is governed by the Insurance Act (1984) administered by the Insurance Regulatory Authority (IRA). Under this Act, all assets, liabilities and lives within Kenya must be insured with an Insurance Company registered in Kenya under the Insurance Act. It is also a requirement under the Insurance Act that the Insurance Regulatory authority must approve all reinsurances abroad.

Additionally, all insurance companies must deposit with the Insurance Regulatory Authority their schedule of premium rates for all classes of business.

The Insurance Act lays down the terms and standards required by Law for the efficient operation of the Insurance Industry. We comply with all the requirements under the Law, to the letter.

There are two Kenyan Reinsurance companies i.e. Kenya Reinsurance Company Limited and East Africa Reinsurance Company Limited. There are also two regional reinsurance companies namely Africa Reinsurance Company and PTA Reinsurance Company Limited operating in Kenya. However, the capacities of these reinsurance companies are small and more than half of the reinsurances are placed overseas.