Business highlights – September 21 2017

Business highlights – September 21 2017

Thieving Kenyans responsible for Ksh621 million insurance sector loss

Medical Insurance made an underwriting loss of Ksh621.64 million in 2016, an increase of 427% from 2015, the Insurance Regulatory Authority’s Annual Report has revealed. The report found that the general insurance segment in Kenya recorded loss ratios ranging between 58.4% and 62.7% during the last five years, against a global benchmark range of 50%-70%. Aviation, medical and motor private classes are the only classes that recorded loss ratios exceeding this global benchmark at 158.2%, 75.0% and 75.8% respectively in 2016, states the data. Industry players attribute the high losses to the prevalence of fraud in the motor and medical segments.

Tougher banking rules spell doom for SMEs

Tougher banking regulations are set to put pressure on Small and medium-sized enterprises (SMEs), investment experts have warned. Kenya’s banks are gearing up to adopt tougher standards of scrutinising borrowers and analysts at Britam Asset Managers said implementation of the International Financial Reporting Standard (IFRS) 9 from January 1, 2018 will come with stringent conditions on how banks account for non-performing loans. This, they say, is likely to affect small borrowers who banks deem more risky than large investors.

WWF partners with AfDB to help African states uphold Paris agreement

The Wide World Fund for Nature (WWF) and the African Development Bank have joined forces to advance the work of the Africa Nationally Determined Contributions (NDCs) Hub in addressing the impacts of climate change on the continent. The African Development Bank’s Climate Change and Green Growth Department set up the African Nationally Determined Contributions Hub last August to serve as a resource pool for regional member countries, and to coordinate activities across various related sectors. The Hub supports African countries in implementing their NDCs as part of the voluntary obligations under the Paris Agreement. African countries have shown tremendous support and zeal for the global climate agenda. All 54 countries, including Kenya, have signed the Paris Agreement and over 70% have since ratified it.

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