Towards improvement of insurers’ solvency in Kenya

The new international requirements adopted by Insurance Regulatory Authority (IRA) are poised to trigger structural reforms in the Kenyan market.

Insurance companies are, henceforth, required to apply international financial reporting standards upon submission of their annual declarations. Such requirements will push several companies to improve their level of solvency, especially through merger-acquisition transactions.

Recourse to experts as regards risk management and the deployment of new technologies stand among the solutions on the agenda.

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• The Insurance industry in Kenya