Kenya aims to improve insurance regulation
Leaders in the Kenyan insurance sector are aiming to improve the standard of regulation.Leaders in the Kenyan insurance sector are aiming to improve the standard of regulation.
According to Aggrey Mulumbi, director of the Insurance Institute of Kenya, insurance has attracted a negative perception from many people in recent years, the Star reports.
This, he said, is particularly true among customers, who have frowned on some of the "unethical practices" carried out by professionals in the industry.
However, a document put together by leading firms in the sector which outlines a new code of conduct for insurers could help to change the situation and improve its image.
"We expect that insurance companies run by professionals will exhibit certain traits which will add value to the society at large," Mr Mulumbi commented.
This, he said, would enable the insurance sector to make a major contribution to national development.
The code of conduct should make the industry more transparent following concerns over the awarding of contracts by business leaders either to themselves, close associates and business partners, family members and spouses.