Insurance regulators across East Africa are moving to strengthen oversight of the industry, with six countries agreeing on a common approach to supervision and information sharing.
The regulators, who met in Nairobi over the last two days, agreed to harmonise how insurers are assessed against core insurance principles, while rolling out a regional supervision platform to enable them to share and compare information across markets.
They also agreed on a common framework for handling consumer complaints, with most of the measures expected to be implemented over the next year.
The resolutions come ahead of the expected El Niño rains, which could increase insurance claims linked to flooding, property damage and other weather-related losses across the region.
