The Local (Kenya) insurance market was upskilled on IFRS 17 and Environmental, Social and Governance (ESG) frameworks at the Kenya Re Training Academy on Wednesday, 24th April 2024. The training attracted the attendance of managers and senior personnel serving in diverse roles such as Finance & Accounting as well as Reinsurance within the insurance and reinsurance industries. The training was officially opened by our General Manager in charge of Reinsurance Operations (GMR) – Mrs. Beth Nyaga, who underscored the significance of the two topics in shaping the future and general outlook of reinsurance and financial reporting for (re) insurers. Our GMR also encouraged the participants to consider the Corporation in their reinsurance programmes; emphasizing on the Corporation’s strong financial capacity to fully meet their reinsurance business needs.

The morning training, that covered IFRS 17, was superbly facilitated by our Manager – Research & Development – Mr. Phillip Sanda. The topic covered aspects such as measurement models, presentation and disclosure, levels of aggregation and other valuable areas within this new emerging topic. The afternoon topic delved on Environmental, Social & Governance (ESG) framework that was covered by Mr. Patrick Nganga, the second external trainer since the Academy’s inception in September 2023. Mr. Nganga is the Principal Consultant at Lybra - a leading sustainability consulting firm. He dug into the role of insurance industry in sustainability, effects of ESG factors on underwriting risks, climate impact on underwriting risks, management of ESG risks, benefits of ESG integration and many other insightful areas.

Ms. Lucy Kagwiria – Manager, Marketing, Business Development & Kenya Re Training Academy Coordinator, officially closed the training. She thanked the participants for their contributions and interaction all through the training program. The Manager, Marketing invited the participants to more and more trainings at the Academy and expressed the Corporation’s corporate desire of a flourishing industry that is more knowledgeable and more equipped to provide sustainable solutions to industry bottlenecks