KENYA RE TO GROW EXPERTISE IN NEW, EMERGING INSURANCE RISKS LIKE CYBER SECURITY

 KENYA RE TO GROW EXPERTISE IN NEW, EMERGING INSURANCE RISKS LIKE CYBER SECURITY AND CLIMATE CHANGE


Nairobi, Kenya 16th February 2024

The Kenya Reinsurance Corporation (Kenya Re) will partner with local insurers to create a pool of specialized professionals in new and emerging risk areas like cyber security and climate change.

The capacity building initiative will be rolled out through the recently established Kenya

Re Academy and will enrol local professionals in diverse insurance risk areas.

“We are focusing on enhancing industry knowledge and building skill sets in line with

the evolving nature of our business,” says the Kenya Re Group Managing Director Dr

Hillary Wachinga. He was speaking at an inaugural award ceremony attended by 31

insurance and brokers, hosted by Kenya Re.

PHOTO: (Left) Kenya Re’s Group Managing Director, Dr. Hillary Wachinga awards Mr Ashok Shah, Group CEO of Apollo Investments Limited (APA Insurance), who are among the insurance companies awarded by the reinsurer for timely premium remittance and profitability.

The Corporation, he said, had launched the incentive programme to encourage prompt

premium payments by the insurers to help the national reinsurer meet its reinsurance

obligations and safeguard its profitability.

“By contributing to our profitability, you give us the impetus and the financial resources

to invest in research, development, and innovation. You also contribute to the growth of

the local insurance and the reinsurance sector and improve the national economy since

we retain more premiums locally,” he said.


Kenya Reinsurance Corporation Limited (Kenya Re) is the oldest Reinsurer in Eastern

and Central Africa and among the 10 companies listed in the NSE Share 10 Index. It was

established through an Act of Parliament in December 1970 and commenced business

in January 1971. Kenya Re’s core activity is providing reinsurance services for most

business classes. Since its inception, Kenya Re has progressively and consistently

continued to provide reinsurance services to more than 480 companies spread out in

over 80 countries in Africa, Middle East and Asia.


Kenya Re is committed to offering world-class reinsurance services. In 2004, the

Corporation tried to benchmark its services with international standards by subjecting

itself to a rating process by an International rating Agency, AM Best. It was rated B (Fair).

The Corporation has successfully maintained this rating to date. The Corporation is also

rated AA+ by Global Credit Rating (GCR).

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