In 2007, there were 43 insurance companies and 2 locally incorporated reinsurance companies licensed to operate in Kenya.
PwC has extensive experience in serving the financial services sector in the African region and in Kenya in particular. Through our involvement in a large number of audit and non-audit assignments, including strategic and regulatory initiatives that influence the future of the sector, we have developed an in-depth knowledge of the sector which we apply to all our client relationships.
The Government of Kenya recognises the need to restructure the financial and legal sectors to spur economic growth and has embarked on a $30m five-year sector reform programme using funds from the World Bank funded Financial and Legal Sector Technical Assistance Project. PricewaterhouseCoopers helped the Government of Kenya in developing the project implementation plan, and in shaping and sequencing the key tasks under this programme.
We actively contribute to debate on issues facing the insurance sector. In 2004 we facilitated a session at the Insurance Institute of Kenya annual conference on the topic “A paradigm shift: A critique of industry players” in which we analysed changing trends in the sector in the areas of risk exposures, the competitive environment, use of technology and regulation.
In 2004, we administered a survey among insurance sector CEOs to develop a better understanding of the industry-wide responses that are needed to address the sector’s challenges, and in April 2005 facilitated the Association of Kenya Insurers CEO retreat at which the survey findings were discussed.
PricewaterhouseCoopers is a proven thought leader and an advocate of good corporate governance and financial reporting in the region. Our success in this area is demonstrated by the success of our audit clients in the annual FiRe (Financial Reporting) awards presented by the Institute of Certified Public Accountants of Kenya (ICPAK. The FiRe awards have the primary objective of promoting excellence in financial reporting, corporate governance and corporate social responsibility among Kenyan corporate organisations.
The application of IFRS 4 (Insurance Contracts) in 2005 was a significant challenge for the global insurance industry. We actively supported the sector as they prepared to adopt the standard for 2005 financial statements, and in December 2004 held a seminar for our insurance sector contacts on the implications of the standard.
PricewaterhouseCoopers is also a thought leader in contributing to the improvement of the guidance of financial reporting by insurance companies in Kenya, in conjunction with the local accounting Institute (ICPAK).
We have an enviable client base in the insurance sector in Kenya, which enables us to continually refresh our knowledge of the sector and to benchmark practices and controls across sector players.
Partner, PwC Kenya
Tel: +254 (20) 285 5604