The insurance industry reports that claims in the period July to September 2022 declined by 12% to 1.8 million compared to two million reported in the second quarter of 2022.

Subject to the requisite regulatory approvals, Holmarcom Insurance Activities will become the majority shareholder of the Monarch Insurance Company with a stake of 51%, along with Kamu Group and Maisha Bank. The companies did not disclose the value of the amount. The Monarch Insurance is a composite insurance company (life and non-life) that has been operating in Kenya for over 40 years.

The industry net profit increased significantly by 108.0% from Ksh7.27 billion to Ksh15.12 billion in 2019.

The Insurance Regulatory Authority (IRA) has already approved his appointment as the company’s new honcho

The group’s expansion strategy focuses on increasing insurance penetration in Kenya, a market with enormous potential.

Equity Group is planning to venture into the insurance industry fully after a decade of learning the ropes as a bancassurance agent.