Kenyan insurers feel the pinch as policy cancellations hit US$45.4m on Covid-19

KENYA – Insurance policy cancellations and withdrawals in Kenya jumped by nearly a third in the six months to June last year after Covid-19-induced layoffs and salary cuts made it difficult for customers to keep up with premium payments. Latest data by the country’s insurance sector regulator Insurance Regulatory Authority (IRA) shows that policy surrenders rose by 26 percent to US$48.4 million from US$38.1 million posted in the preceding similar period. Insurers have linked the rise in withdrawals and surrenders majorly in life assurance and pension products on the Covid-19…

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Tony Elumelu’s insurance companies receive operational licenses along five others

NIGERIA – Heirs Insurance Limited (General) and Heirs Life Assurance Limited, insurance companies chaired by Nigerian business mogul Tony Elumelu, are among to six new insurance firms and one reinsurer that were issued operational licenses by the National Insurance Commission (NAICOM). This was disclosed by the NAICOM boss, Mr. Sunday Thomas, while handing over operational licenses to the five firms at the NAICOM Head Office in Abuja. The other firms include Stanbic IBTC Insurance Limited, Enterprise Life Assurance Company Nigeria Limited, and FBS Reinsurance Limited, Salam Takaful, and Cornerstone Insurance…

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