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Kenya Re unveils Academy to train Insurance Sector players
Kenya Reinsurance Corporation Limited (Kenya Re) is the oldest Reinsurer in Eastern and Central Africa and among the 10 companies listed in the NSE Share 10 Index. It was established through an Act of Parliament in December 1970 and commenced business in January 1971. Kenya Re’s core activity is providing reinsurance services for most classes of business.
By Monica MUEMA
The Kenya Reinsurance Corporation (Kenya Re) has launched the Kenya Re Training Academy targeted at enhancing technical development and overall industry capacity in Kenya and the wider East African market. This is in line with the initial mandate of the Corporation when it was set up in 1970.
The initiative will provide free training facilitated by expert trainers, and will focus on reinsurance and direct insurance products in the market.
Dr Hillary Maina Wachinga, Group Managing Director, Kenya Re said: “Continuous training is essential for the sustainable growth and development of players across the industry. The Academy is a key initiative in bridging some of the skills gap in the sector.” The quality of risks received from cedants is determined by the level of their technical skills.
Kenya Re appreciates the changes in reinsurance skills due to the emergence of a younger work force without adequate experience and knowledge in reinsurance. The initiative will seal the knowledge gap on resolution of newer issues such as cybersecurity, climate change, data analytics and compliance to legal and regulatory requirements (e.g. IFRS 17, AML/CFT, etc)
The Academy will also provide tailor made courses for insurance companies and issue certification in partnership with the Kenya College of Insurance.