Patrick Alushula

Africa, Kenya, Nairobi

Senior Business Reporter at Business Daily Africa

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Articles

Insurers plan joint scheme for travel health cover

3 days ago | businessdailyafrica.com | Patrick Alushula

Top medical insurers are working to form a consortium to provide compulsory medical cover for millions of foreigners visiting Kenya. The consortium will include top medical insurers such as Jubilee Health, Old Mutual, AAR Insurance, CIC General and APA General, coming months after the government cancelled a controversial multibillion-shilling health insurance cover tender that had breached procurement laws.
AAR Insurance diversifies into motor vehicle cover after nod

3 days ago | businessdailyafrica.com | Patrick Alushula

Medical underwriter AAR Insurance has received regulatory nod to begin offering motor vehicle cover, marking a diversification move into a segment where many insurers have historically recorded underwriting losses. AAR, which began operations in 1984 as a rescue and emergency services company before transitioning into an insurer in 2012, now targets coverage for motorists in a highly competitive market segment.
Employment crisis as firms sustain layoffs on falling sales

3 days ago | businessdailyafrica.com | Patrick Alushula

Nearly a quarter of firms in the manufacturing and services sectors have cut full-time jobs in the last three months on the back of weaker demand for goods and services, deepening the crisis in the labour market.
Sanlam repays Sh3bn Stanbic Bank loan after cash call

4 days ago | businessdailyafrica.com | Patrick Alushula

Sanlam Kenya has paid the outstanding Sh2.4 billion Stanbic Bank Kenya loan balance using funds from a recent rights issue to clear the debt that previously stood at Sh3.04 billion as of December 2024. The loan had been restructured three times before. The insurer, which recently raised Sh2.5 billion through a rights issue, had paid Sh800 million to Stanbic in build-up to the rights issue. Sanlam Kenya CEO Patrick Tumbo said the insurer settled the balance on May 23 this year.
Mandatory licensing, CPD now law for Kenya’s insurance practitioners

4 days ago | afahpublishing.com | Patrick Alushula

Kenya’s President William Ruto has signed the Insurance Professionals Bill, 2024 into law, marking a key step in improving the professionalism and standards within the East African country’s insurance industry. The assenting of the bill into law means the government will now regulate the qualifications and conduct of insurance professionals, including brokers, agents, underwriters and loss adjusters.
Centum Re eyes completion of Sh2.6bn IFC-backed houses by 2029

4 days ago | businessdailyafrica.com | Patrick Alushula

Centum Real Estate targets to complete a 1,940-unit affordable housing project by 2029 after a $20 million (Sh2.58 billion) disbursement by the International Finance Corporation(IFC) reached its account. The realtor said the funds will be deployed in the construction of green, affordable homes under the Mizizi project at the Two Rivers residential and commercial complex. The houses are priced at between Sh1.9 million and Sh10 million.
IRA seeks tighter scrutiny of money laundering life insurers

6 days ago | businessdailyafrica.com | Patrick Alushula

The Insurance Regulatory Authority (IRA) is seeking tighter scrutiny of life insurance business to lower exposure to money laundering and terrorism financing threats. The regulator says the packaging of life insurance products, also called long-term business, makes them prone to money laundering and terrorism financing threats and tighter supervision is required.
Stanbic unit’s assets under management rise to Sh4bn

1 week ago | businessdailyafrica.com | Patrick Alushula

The value of assets under management by Stanbic Bank’s Kenya unit hit Sh4.03 billion at the end of March 2025, marking the fastest growth among bank-owned unit trust schemes in the first quarter of the year. The asset base marks a 63.3 percent rise from Sh2.44 billion at the end of December last year, signalling continued interest in the shilling-denominated money market fund and dollar-denominated fixed income fund that the lender introduced to the market in mid-September last year.
Blow as EU adds Kenya to money laundering watchlist

1 week ago | businessdailyafrica.com | Patrick Alushula

The European Commission (EU) has included Kenya in its updated list of high-risk countries with gaps in their national anti-money laundering and countering financing of terrorism regimes. Kenya joins several third-world nations on the commission’s watch list including Algeria, Angola, Cote d'Ivoire, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela.
Treasury targets Sh174 billion from tax cheats

1 week ago | businessdailyafrica.com | Patrick Alushula

The Treasury will pursue tax cheats and expand the tax base to generate Sh174 billion in additional revenues for the year starting July, after opting out against including major taxes in the Finance Bill. Budget documents on Thursday stated that the Kenya Revenue Authority (KRA) will be required to collect Sh2.754 trillion in the year starting July, up from the current Sh2.58 trillion, to fund the Sh4.23 trillion budget.