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Kenya: Reinsurers increase rates for terrorism cover

February 25, 2014 - 6:00am

Reinsurers have increased their rates for terrorism cover by 10% to 40%, The Standard Digital News reported.

Joseph Kyungu, executive director of Heritage Insurance Co. Ltd., said the frequent terror attacks in Kenya, and in particular the attack on the Westgate mall in Nairobi prompted the rise in the rates.

Mr. Kyungu said that last year the premium levels written were more than 120 billion Kenyan shillings ($1.38 billion).

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