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The East African : March 24th 2014
The EastAfrican 2 Special advertising section STATE OF RE-INSURANCE INDUSTRY Changing economies dictate to business The Insu≥ance ≥egulato≥y f≥amewo≥k is a c≥ucial dete≥minant of the pe≥fo≥mance of the Insu≥ance secto≥ and of the economy. The ≥ole the≥efo≥e of the ≥egulato≥y f≥amewo≥k in the pe≥fo≥mance and subsequent g≥owth of the Insu≥ance ente≥p≥ises in the insu≥ance indust≥y is the≥efo≥e pa≥amount. The insu≥ance indust≥y is gove≥ned by va≥ious ≥egulations and ≥ules in each the East Af≥ican count≥ies. Regulators The ≥egulato≥y bodies in East Af≥ica have played a key ≥ole in ensu≥ing insu≥ance companies and inte≥media≥ies ≥emain ope≥ationally viable, solvent and t≥anspa≥ent basis fo≥ timely, app≥op≥iate and consistent supe≥viso≥y inte≥vention. The ≥egulato≥s have taken steps to engage the se≥vices of actua≥ial fi≥ms to unde≥take a comp≥ehensive study of the ma≥ket behaviou≥ and t≥ends with a view to come up with a scientifically ≥ating st≥uctu≥e fo≥ the ma≥ket This has consequently p≥o- moted e∞cient, fai≥, safe and stable ma≥kets and has seen majo≥ ma≥ket playe≥s inc≥ease thei≥ te≥≥ito≥ial scope th≥oughout East Af≥ica hence imp≥oving consume≥ p≥otection, confidence and p≥omoted high deg≥ee of secu≥ity fo≥ policy holde≥s in East Af≥ica. Insu≥ance law in the th≥ee East Af≥ican count≥ies has set minimum capital ≥equi≥ements fo≥ new ent≥ants in both life and non-life business and define ≥ules with ≥ega≥d to placing insu≥ance and ≥einsu≥ance business locally and ab≥oad. This means that Kenya, Tanzania and Uganda insu≥ance indust≥y expe≥ience simila≥ gove≥nment cont≥ols. Howeve≥, the insu≥ance in- dust≥y in EAC faces a numbe≥ of challenges including failu≥e by some fi≥ms to maintain THE LAW INSURANCE LAW IN THE THREE EAST AFRICAN COUNTRIES HAS SET MINIMUM CAPITAL REQUIREMENTS FOR NEW ENTRANTS IN BOTH LIFE AND NON-LIFE BUSINESS AND DEFINE RULES minimum solvency ma≥gin which impedes thei≥ ability to meet thei≥ financial obligations. Othe≥ challenges include lack of t≥aining facilities fo≥ p≥ofessionals within the count≥ies especially actua≥ial science and othe≥ ≥elated ≥isk management studies. Challenges Othe≥ challenge included p≥omoting insu≥ance secto≥ as an e≠ective catalyst fo≥ enhanced economic g≥owth, st≥engthening and p≥omoting the indust≥y health and o≥de≥ly g≥owth th≥ough establishment of ope≥ating pe≥fo≥mance standa≥ds and p≥esc≥iptions within each count≥y and ac≥oss bo≥de≥s. Lastly each East Af≥ican state seem to t≥eat each othe≥ with scepticism – like if they disclosed too much about themselves they would be wo≥se o≠. This has led to the slow movement on the way fo≥wa≥d in the ha≥monisation of insu≥ance ≥egulation matte≥s in East Af≥ica. Neve≥theless, the indust≥y has made majo≥ st≥ides in offe≥ing p≥oducts and se≥vices.S Some of the well-established ≥e-insu≥ance companies in East Af≥ica include the Fi≥stRe being the fi≥st locally-owned ≥einsu≥ance b≥oke≥age fi≥m in Kenya ≥egiste≥ed and licensed in 1993. It has been a key playe≥ in t≥ansaction of ≥e-insu≥ance b≥oking se≥vices ac≥oss the whole continent of Af≥ica and beyond and in July 2012 it ≥eceived ISO 9001:2008 ce≥tification. The East Af≥ica Re-insu≥- ance Company is anothe≥ leading ≥e-insu≥ance company based in Nai≥obi, Kenya, being the fi≥st p≥ivately-owned ≥einsu≥e≥ to be established in Kenya. The company t≥ansacts all classes of ≥e-insu≥ance business and cu≥≥ently se≥ves ove≥ 35 count≥ies in Af≥ica and Asia. The Levites Inte≥national Re-insu≥ance B≥oke≥s is a Kenyan locally inco≥po≥ated b≥oke≥ that p≥ovide quality ≥einsu≥ance solutions to clients in a p≥ofessional and competitive manne≥ to exceed thei≥ expectation. It o≠e≥s ≥e-insu≥ance solu- tions no matte≥ the location of the client’s businesses and has cultivated pa≥tne≥ships ac≥oss the wo≥ld enabling it to t≥ansact business in Af≥ica, Asia, the Middle East and othe≥ in- MARCH 22-28, 2014 Loading a ship on Lake Victoria. Expanded trade requires reliable re-insurance service. Levites offers timely and quality re-insurance solutions L evites Inte≥national Reinsu≥ance B≥oke≥s is a Kenyan inco≥po≥ated b≥oke≥ that p≥ovides quality ≥e-insu≥ance solutions to clients in a p≥ofessional and competitive manne≥ to exceed thei≥ expectation. Service We o≠e≥ ou≥ clients the best ≥e-insu≥ance solutions no matte≥ the location of thei≥ businesses they want to ≥einsu≥e and have cultivated pa≥tne≥ships ac≥oss the wo≥ld enabling it to t≥ansact business in Af≥ica, Asia, the Middle East and othe≥ inte≥national ma≥kets. Partnerships We b≥ing to the East Af≥ica ma≥ket globally benchma≥ked ≥einsu≥ance facilitation solutions that a≥e necessa≥y fo≥ ≥egional businesses that a≥e inc≥easingly seeking new ma≥kets and pa≥tne≥ships ab≥oad. Ou≥ ≥ange of p≥oducts ensu≥es that clients always find solutions that they ≥equi≥e. The company o≠e≥s Life and non-Life T≥eaties; Facultative; Po≥tfolio Administ≥ation; Risk Management and Capacity Consultancy; Retakaful unde≥w≥iting; Claims Management; Po≥tfolio Management; A≥bit≥ation; Consultancy and T≥aining. The p≥ovision of ≥isk and insu≥ance man- agement and adviso≥y se≥vices with a pe≥sonal touch di≠e≥entiates us f≥om othe≥s by committing dedicated pe≥sonal attention to each client. Uniqueness Levites Inte≥national Reinsu≥ance B≥oke≥ acts as a go-between; b≥inging togethe≥ the ≥einsu≥ed and ≥einsu≥e≥ to secu≥e a cont≥act of ≥einsu≥ance on te≥ms ag≥eeable to both pa≥ties. Du≥ing this p≥ocess, the client ≥eceives ≥einsu≥ance audit to ensu≥e the p≥oducts bought suit the needs identified. We do t≥eaty ≥einsu≥ance p≥og≥am design and placement in the local and inte≥national ma≥kets to ensu≥e that its clients get the most competitive te≥ms. And also have a≥≥ange of facultative place- ments fo≥ the decant to facilitate acceptance of ≥isks beyond its no≥mal ≥etention Facultative placements a≥e also used to p≥o- tect the decant t≥eaties against excluded and undesi≥able ≥isks. Broking As an inte≥media≥y, the ≥einsu≥ance b≥oke≥ does all this fo≥ a b≥oke≥age fee, which is paid out of the p≥emium ceded f≥om the ≥einsu≥ed to the ≥einsu≥e≥. Levites Re ≥uns in-house t≥aining including wo≥kshops to build capacity fo≥ its clients at no cost. It also o≠e≥s a≥bit≥ation se≥vices as an alte≥nation dispute ≥esolution ≥oute. Mission Levites Re was established with the mission to p≥ovide quality ≥e insu≥ance solutions to ou≥ clients in a p≥ofessional and competitive manne≥ to exceed thei≥ expectation and a vision of being the p≥efe≥≥ed inte≥media≥ypa≥tne≥ing with ou≥ clients in the ≥egion and in the wo≥ld. Ou≥ co≥e st≥ength is e≠ective and e∞cient claims settlement, compute≥ised and automated se≥vice delive≥y.
March 17th 2014
March 31st 2014