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Mr. Vijay Srivastava of GA Insurance, Mr. James Ngunjiri of Pacis Insurance were elected to join the General Insurance Council, while Mr. Andrew Greenwood was elected to join the Life Insurance Council during the 30th AKI Annual General Meeting (AGM) on 30th March 2017.
The meeting also saw the ratification of Pioneer General Insurance as a member of the Association while Africa Re was ratified as an associate member.
During the meeting, the AKI Chairman, Mr. Patrick Tumbo, presented a report on the performance of the Association He noted that the Association’s income grew by7.2% due to an increase in sales volumes of insurance certificates and membership subscriptions. Similarly, administrative expenses also increased by 24.1% largely driven by an increase in publicity and research activities.
On the future outlook, Mr. Tumbo noted that changes are imminent in the industry, “New regulatory changes such as Risk Based Supervision, Takaful Guidelines and the Financial Services Authority are expected to affect the landscape once they become effective.”