This archive report was first published on 25 September 2019.
The Insurance Regulatory Authority (IRA) is set to launch a regulatory sandbox by the end of 2019, aiming to boost innovation in the insurance industry.
According to Robert Kuloba, IRA's Policy Research and Development Manager, the sandbox will enable insurers and startups to test ideas and refine products before launching them in the market.
Kenya's insurance industry recorded an underwriting loss of Kshs 1.39 billion in Q1 2019, a stark contrast to the profit of Kshs 171.4 million made in Q1 2018.
By establishing the regulatory sandbox, the IRA hopes to help local insurance players innovate freely and potentially reverse the industry's dwindling numbers.
As reported by the IRA, the platform will allow companies to test ideas and launch products in a simulated environment that mirrors the market.
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