More than 30 years later, having to leave a lucrative job in an insurance company and take up a less-paying one in the public sector is still the most difficult decision he has made. For Mr Sammy Makove, the Director, Financial & Regulatory Affairs at Kenbright Actuarial and Financial Services, his choice has paid off in a big way, with an illustrious career in the public service that has seen him become the face of insurance regulation in Kenya. In June, he was crowned with the African Insurance Organisation (AIO) Hall of Fame Award for 2022.

Mr Makove is the sixth recipient of this award since its inception in 2016. The award recognises individuals and companies for their outstanding contributions towards the growth of the African insurance industry. The African Insurance Organisation draws membership from both State actors and private insurance firms.

There’s no doubt the award was in recognition of his long service in the Ministry of Finance, where he rose to the rank of Commissioner of Insurance, at the Insurance Regulatory Authority, where he was the first chief executive officer, and at Kenbright.

The softspoken man — he later reveals that one thing that surprises people about him is that he ‘can speak’ — is modest about this coveted continental achievement. “I cannot tell you exactly why I won since I did not sit on the selection panel, but I do know that there were eight finalists, whose contributions were discussed, and their profiles evaluated. I really don’t know exactly what they were looking for, but I know the Hall of Fame is to award and reward those who have contributed immensely to the growth of insurance in Africa. I emerged at the top,” he says when asked about the award.

The citation for the award? “It was basically my story in insurance regulation in particular. I have been in insurance regulation for more than 35 years, which is the longest, not only in Africa, but also in other parts of the world,” he says.

Mr Makove rose through the ranks from an underwriter to become Commissioner of Insurance and CEO of Insurance Regulatory Authority (IRA). Additionally, he has served on the boards of various organisations, including the IRA, the Retirement Benefits Authority, the Capital Markets Authority, the Insurance Training and Education Trust, and the Policyholders Compensation Fund.

In addition to a Bachelor of Commerce degree from the University of Nairobi, he holds a Master's of Arts degree in Psychology and an Executive MBA. He’s an Associate Member of the Chartered Insurance Institute of the UK [ACII], Associate of the Insurance Institute of Kenya [AIIK], Member of the Chartered Institute of Arbitrators, Member of the Institute of Directors [Kenya Chapter], and an Honorary Fellow of the Institute of Certified Public Secretaries of Kenya.

First Insurance class

Having been at the helm of Kenya’s insurance regulator for decades, Mr Makove shares in the credit the country has earned over the years. Kenya is a leading insurance market in Africa where it is ranked fourth in terms of penetration, “even though we’re at less than three percent”, he adds.

Most countries in Africa are at less than one percent. Kenya is also highly ranked in terms of its regulatory framework.

“We’re at number three below South Africa and Mauritius. We have a complex and well-developed insurance market as well as a strong regulatory framework of which, I have been involved,” he says.

He was in the first Bachelor of Commerce Insurance Class at the University of Nairobi in 1983. Upon graduation, he joined the industry as an underwriter where he worked for about four years, during which time he qualified as a chartered insurance professional.

In 1996, the Insurance Act of Kenya was enacted, and from 1997 the government established a department in the Ministry of Finance to regulate insurance, and the Office of Commissioner of Insurance was set up.

“We drew up the regulatory framework, and supervised the industry, ensuring that companies understood our role, which was basically to supervise as well as grow the insurance market in Kenya.

In 2001, he became the Commissioner of Insurance under the Ministry of Finance. In 2006, the government converted the regulator from a department in the Ministry of Finance to a semi-autonomous body similar to the Capital Markets Authority and Retirement Benefits Authority. The IRA was set up and he became the chief executive officer and served until his retirement in 2017.

“During that time we were able to not only impact the Kenyan insurance market, but also the East African market, as well as the continental regulatory regimes, because we helped to establish many regulatory agencies in Africa, by creating capacity and training their staff to ensure that they were able to set up offices in their respective countries. This is something that I continue to do even in retirement. As we speak, at Kenbright we are helping two countries within Africa to set up regulatory frameworks,” he says.

He also serves in the Africa-Re Foundation Council, which, he says, is purely out of recognition of his contribution towards the continental insurance market.

Given his length of service and immense contribution to the sector in Africa, the Hall of Fame Award was well-deserved. For Mr Makove the award is “quite fulfilling”.

“Sometimes you are not even aware that people are watching and seeing what you’re doing. So, it’s fulfilling and exciting to know that you've been noticed, you've been recognised for whatever contribution you have made.

No shortcuts

“It felt the same way it did in 2012 when the President Mwai Kibaki recognised my contribution with an award of the Moran of the Burning Spear.”

On retirement, a chance meeting with Kenbright CEO, Mr Ezekiel Macharia, facilitated a discussion during which they agreed to set the regulatort advisory unit at Kenbright.

After discussions, they came to the conclusion that there was a scope to offer financial and actuarial advisory services to governments, companies and even individuals.

Why Kenbright? “I got to know who they were. We had the same vision, shared values and the same chemistry. And they had the same philosophy like mine. What we do is offer advisory services to various organisations, including governments and also liaison services with regulators across Africa."

According to Mr Makove, Kenbright’s business philosophy sets it apart from other firms.

“We believe in excellence as Kenbright. Whatever we do, we believe in doing it right. We offer advice which is professional and right. We don’t take shortcuts. Our services are beyond the normal," he says.

Makove’s Take

1.    What is the greatest secret to your success a leader?

Trusting God. I put God first, before everything, I believe this is what has got me to where I am.

2.    What’s your leadership style?

My leadership is participatory. I lead from within. I involve my team members in every decision that we make, and I believe my team spirit is what has propelled me to success.

3.    What has surprised you most about human beings?

Their potential. Human beings have vast hidden potential which they are not even aware of. You put people in the deep end, and they will swim in the deep ocean.

4.    What’s the most challenging situation in life?

Making the decision to join insurance regulation in 1987. I had qualified as a chartered insurer, I was a young man with all the opportunities. I had a great future in my company. Then there was the offer to do something that was being introduced. Here I was jumping from a British insurance company where I had a great future. When I went to the Public Service Commission and was asked why I was taking up a less-paying job, I had no answer. We prayed about it and asked God for guidance. I don’t regret making that decision. It was the best decision of my life, and that’s why I feel honoured by the entire African continent. It validates my decision thirty-five years later. 

5.    What has been the best moment in your career journey so far?

We had been requesting the National Treasury to recognise the Insurance Department like it had done with RBA and CMA, and create an autonomous authority. For more than 15 years, the journey had been full of challenges. So, when in 2006 the government passed the law to establish the Insurance Regulatory Authority, it was a very fulfilling moment for me. The challenge we were having then was staff retention of insurance professionals whose skills were also required by the market. Today, IRA Kenya has the highest concentration of qualified insurance professionals in the market.

6.    What is the biggest mistake you’ve ever made?

Trusting people. You trust somebody will be able to do something, then they fail you. So, you learn from it and move ahead.

7.    What bothers you most?

The issue that bothers me most is climate change. We have been talking about this, now we are seeing what is happening in Europe. In Ukambani where I come from, it hurts me when I see people cutting trees to make charcoal. Maybe, these people don’t know what they are doing. Yet if you project ten years from now, it is frightening.

8.    If you were ‘president’ of Africa, where would you take the continent?

In every forum, Africa is described as the next frontier. I think the next has to be now. We have no other tomorrow.

9.    What advice do you have for Africa’s young women and men?

I would tell them that we need to believe in ourselves, in our countries. Instead of looking at the idea of going to other continents, we should build our own continent. We should be patriotic.

10.    What’s the one thing that surprises people about you?

That I speak. People get surprised when I speak. I am soft-spoken, and I only speak when it is necessary.