Sharp rise in insurance premiums of political risks

The general elections held last March resulted in a substantial growth of political risks underwritings. Kenyan firms have rushed to their insurers to underwrite these guarantees. Kenya, regarded as highly exposed to such risks, has seen political risks tariffs soar from 100% to 1000% for the country’s largest companies. African Trade Insurance Agency (ATI), a company specializing in this class of business reported an 88% increase of its revenues at 858.5 million KES (10.2 million USD) in one year. The insurers UAP, Jubilee, Heritage and APA are also involved in this new market.