IRA/HANDOUT
The Insurance Regulatory Authority (IRA) has
announced the cancellation of licences for 20 insurance brokerage firms in
Kenya.
In a public notice dated July 18, 2025, the
authority stated that the firms have been deregistered in accordance with
Section 196(A) of the Insurance Act (Cap. 487).
“The Insurance Regulatory Authority (IRA)
hereby notifies the public that licences of 20 insurance brokers have been
cancelled pursuant to Section 196(A) of the Insurance Act (Cap. 487),” the
notice read.
According to the statement, the affected firms
are no longer permitted to transact insurance business effective June 30, 2025.
The IRA did not provide the specific grounds
for the licence cancellations in the press release.
As a statutory government agency, the IRA is
mandated to regulate, supervise, and promote the development of the insurance
sector in Kenya.
In past years, the authority has carried out
similar reviews and revisions of licensed industry players.
In 2020, the IRA published a new list of
approved insurance brokerage firms, which excluded several entities that had
previously been listed.
According to earlier industry reports, the IRA
has expressed concern over certain challenges in the sector, including
management of premiums and compliance with regulatory requirements.
As of 2018, outstanding insurance premiums in
the sector were estimated to be KSh 43 billion, a figure that included a
significant portion linked to intermediaries.
The IRA continues to emphasise adherence to
the provisions of the Insurance Act and regularly updates the public on
licensed firms to promote transparency and consumer protection.
