Reinsurance sector matures in East Africa

East Africa's reinsurance business is gaining momentum, with community member states setting up national reinsurance companies despite low levels of insurance penetration within the region, terrorism threats and political risks, reports The East African.

The member states are trying to keep premiums within their respective jurisdictions by establishing these companies.

Kenya has insurance penetration of about 3% of GDP, while insurance penetration in Tanzania and Uganda is less than 1% each.

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