"Insurance in Kenya: A Comprehensive Guide to Coverage, Laws and Case Law."
Insurance is a risk management tool that individuals and businesses use to transfer the financial burden of losses and damages to an insurance company. It is a contract between the insurer, who agrees to provide coverage, and the policyholder, who agrees to pay premiums in exchange for that coverage. Insurance provides protection against unforeseen events that could result in financial loss, such as accidents, natural disasters, or theft. Insurance companies determine coverage and settlement offers by evaluating the insurance policy, investigating the claim, and assessing the damages or loss. In Kenya, the insurance industry is regulated by the Insurance Regulatory Authority (IRA ), which oversees the licensing and supervision of insurance companies and intermediaries. The insurance industry in Kenya is governed by the Insurance Act of 2019 and the Insurance Regulations of 2020 , which provide guidance on the process of...