Stiffening control over the insurance sector
While stiffened supervision of the banking sector has revealed the weaknesses of management policies, the insurance industry is poised to reveal the same findings, as authorities have requested to step up control.
This measure has been designed to bring the problems of some insurance companies under the spotlights. According to the Kenyan association of insurance brokers, the accounts of some insurers are not crystal clear. It is therefore urgent to intervene before it is too late by introducing a transparent model.
Kenya counts 49 insurers but has little diversification when it comes to product offers. This lack of diversification is at the origin of the decline in profitability of the insurance companies.
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