Kenya Re Managing Director Dr Hillary Wachinga. [Jonah Onyango, Standard]
Regional disparity in insurance sector standards forces Kenyan firms to incur extra costs to train staff in new markets where they set up subsidiaries.
These differences in the sector may be contributing to the slow pace of Kenyan insurance firms expanding to the rest of the region compared to banks.
Additionally, it explains why insurance penetration in Kenya, while low, is still above the rest of the markets whose numbers show they are below 1.0 per cent.
Kenya Reinsurance Corporation (Kenya Re) Group Managing Director Dr Hillary Wachinga says the firm has incurred extra costs to upskill its staff in new regional markets.
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