STARLIT INSURANCE BROKERS LTD
Our Business Initiative
- To build strong and long-term business chains between customers and suppliers
- To add value - based on our market knowledge, efficiency and reliability
- To offer business and networking opportunities within a regional network
- To work with a global approach and find optimal solutions in each individual business agreement
Definition of Insurance:
It is the transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to protect against the risk of an unforeseen and uncertain loss.
An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium.
Insurance Companies in Kenya
By 2011 there were 50 registered insurance companies, 170 Insurance brokers and over 4,000 registered insurance agents in Kenya. The insurance industry has seen these number rise steadily over the years, including direct buying of insurance from banks, known as bancassurance, a clear indication of the increased awareness and demand for insurance by the general public. Loss of lives and property are on the rise today hence the reason for increased demand for insurance in Kenya.
Insurance Business in Kenya
The insurance industry has seen rise of insurance Business in the last five years with an annual gross premium income growth rate of 19.0% from KES 76.9 billion in 2010 to KES 91.8 billion in 2011. The general insurance business in 2010 accounted for 50 billion while it grew to 59 billion in 2011.
Total claims paid in 2010 was 21 billion rising to 25 billion in 2011 with Motor Insurance making 54% of the claims. For this reason, the Insurance Regulatory Authority (IRA) has had to regulate the motor rates to enable the insurance industry manage the increased claims ratio.
Insurance industry is regulated by insurance Regulatory Authority(IRA) a statutory government agency established under the Insurance Act (Amendment) 2006, CAP 487 of the Laws of Kenya to regulate, supervise and develop the insurance industry. It is governed by a Board of Directors which is vested with the responsibility of overseeing operations of the Authority and ensuring that they are consistent with provisions of the Insurance Act.
Prior to IRA insurance industry was regulated under the then Commissioner of Insurance that came into existence with the enactment of the Insurance Act, CAP 487 in 1986.