Motor insurance rates to be reviewed in Kenya

The Insurance Regulatory Authority (IRA) plans to recruit a consultant to conduct an actuarial study in order to determine an appropriate premium rate for motor insurance.

This decision has been taken following numerous complaints against some insurers who allegedly increased their motor tariffs by 50% in January 2022.

The consultant will be charged with making recommendations on changes to the legal and regulatory framework, the development of guidelines for the pricing of insurance products.

The IRA calls for interested parties to submit their applications before 9 March 2022.