More than half of the 56 insurance firms operating in Kenya were fined for regulatory breaches, including missed reporting deadlines, underscoring transition challenges under new accounting rules.
Fresh disclosures show insurers paid Sh80.21 million in fines in 2024 to the Insurance Regulatory Authority (IRA) amid struggles to comply with International Financial Reporting Standard (IFRS) 17. The standard, which took effect on January 1, 2023, replaces IFRS 4 and marks one of the most significant overhauls in insurance accounting in two decades.
