Kenya’s Insurance Regulatory Authority is preparing new rules to strengthen cybersecurity, data protection and oversight of digital insurance services, as regulators across Africa push for more coordinated insurtech regulation.
This comes at a time that the regulator is challenging more insurance companies to ride on technology to expand insurance access for low-income groups, including farmers, informal workers and climate-vulnerable communities.
Insurance Regulatory Authority (IRA) CEO Godfrey Kiptum said robust safeguards are becoming essential as insurers increasingly turn to AI-driven underwriting, blockchain-enabled fraud detection and IoT-driven risk monitoring.
He said this will help strengthen oversight framework to keep pace with accelerating digital transformation in the industry.
“As IRA, we understand that regulation must evolve as rapidly as innovation itself does. Our responsibility is to ensure a stable, trusted insurance market that protects consumers and to create an environment where innovation can thrive responsibly,” said Kiptum.
Speaking at the BimaLab Africa Insurtech Summit 2025 he noted that digital innovation must be matched with strong data protection and cybersecurity standards to maintain market stability and consumer trust.
“This is why we continue to strengthen our innovation frameworks, including the use of regulatory sandboxes, forward-looking guidelines, cross-sector harmonisation efforts, and data protection and cybersecurity standards that safeguard consumers while enabling experimentation,” added Kiptum.
The summit culminated to the announcement of a new Inclusive Insurtech Investment Fund $25 million (Sh3.2 billion) to $30 million (Sh3.9billion) from FSD Africa.
