Nairobi, Sept. 27 -- The Insurance Regulatory Authority (IRA) has tightened rules on offshore reinsurance, requiring insurers to first exhaust local capacity before seeking approval to place Kenyan risks with foreign reinsurers.

In a circular, the IRA said the increase in the mandatory reinsurance cession to Kenya Reinsurance Corporation (Kenya Re) to 25 percent from 20 percent would be the first move in strengthening local reinsurance capacity as insurers begin renewing their reinsurance contracts.

Published by HT Digital Content Services with permission from Business Daily....