Insurers will be required to increase to 25 percent the portion of business that they must mandatorily place with Kenya Reinsurance Corporation (Kenya Re), in a move that will boost revenues for the Nairobi Securities Exchange-listed firm.
The National Treasury has proposed new regulations that will see insurers cede at least a quarter of their reinsurance business to Kenya Re, up from the current 20 percent. The reinsurer is 60 percent owned by the government.
