Insurance regulator limits buying of foreign reinsurance - Business Daily

The Insurance Regulatory Authority (IRA) has tightened rules on offshore reinsurance, requiring insurers to first exhaust local capacity before seeking approval to place Kenyan risks with foreign reinsurers. The circular states that the mandatory reinsurance cession to Kenya Reinsurance Corporation (Kenya Re) has been increased to 25 percent from 20 percent to strengthen local reinsurance capacity as insurers renew their contracts. These measures aim to reduce reliance on foreign reinsurers and promote the development of the local sector.