Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
CIC Insurance Group has made a Ksh 1.33 billion partial repayment on a multibillion shilling loan owed to Co-operative Bank of Kenya, using proceeds from a land sale to ease a debt burden that had weighed on the insurer’s finances for years. The payment represents 27 percent of the outstanding loan, which stood at Ksh…
The Insurance Regulatory Authority (IRA) has cautioned members of the public against seeking insurance-related services from unlicensed operators. Speaking during the conclusion of the four-day grassroots engagement forum dubbed Bima Mashinani at the Kisii Agricultural Training Centre, IRA Corporate Communications and Public Relations Officer Evans Kibagendi noted the existence of illegal entities posing as insurance…
Cabinet Secretary for Cooperatives and SMEs, Wycliffe Oparanya, has announced the introduction of a Deposit Guarantee Fund aimed at protecting members’ savings in SACCOs in the event of a SACCO collapse. Oparanya assured members that their deposits would be safeguarded, ensuring that they can recover their money even if their SACCOs fail. Speaking about the…
Players in Kenya’s insurance industry are being urged to embrace artificial intelligence (AI) to accelerate claims processing and curb fraud, amid growing concerns over delayed settlements and rising cases of fraudulent claims. The call comes at a time when customer trust and operational efficiency are being tested by persistent challenges in the sector. Data from…
The Insurance Regulatory Authority (IRA) has intensified its nationwide sensitization campaign, taking its Bima Mashinani programme to Trans Nzoia County in an effort to strengthen public understanding of insurance and address persistent challenges in the sector. The outreach, which brought together key stakeholders at the Kitale National Polytechnic, was led by IRA board director Immaculate…
The Social Health Authority (SHA) has released Ksh3.4 billion to 2,048 health facilities across the country to settle verified claims under the Social Health Insurance Fund (SHIF). In a statement issued on August 21, SHA Chief Executive Officer Dr Mercy Mwangangi said the funds cover a range of services including inpatient care, drugs and substance…
The Insurance Regulatory Authority (IRA) has struck 20 brokerage firms off the industry’s register, citing non-compliance with statutory regulations. These firms are barred from conducting insurance transactions as of June 30, 2025. “The Insurance Regulatory Authority (IRA) hereby notifies the public of the de-registration of twenty insurance brokers under Section 196 of the Insurance Act,”…
Nairobi City County Government has announced plans to upscale enrollment of members of Cooperatives and Savings and Credit Cooperative Organizations (SACCOS) in to the Social Health Authority (SHA) program. This strategic move is designed to boost health coverage for the city’s informal sector, which plays a pivotal role in Kenya’s economy. During a capacity building…
The Kenya Deposit Insurance Corporation (KDIC) has intensified its dispute with Absa Bank Kenya regarding a KSh215 million refund claim made by the bank, concerning purported over payments in statutory deposit protection fund premiums. The lender listed on the Nairobi Securities Exchange (NSE), filed a legal action against KDIC on October 14, 2023, requesting a…
Kenya Reinsurance Corporation has posted a profit of KSh4.97 billion in the financial year ended December 2023 up from KSh3.5 billion posted in 2022. This has been realized as a result of net investment and insurance results that rose by 42 per cent to KSh8.19 billion, up from KSh5.78 billion in the previous year. This…
