State pledges insurance sector revamp

The Kenyan government has reiterated its commitment to fostering the growth of the local insurance services industry as part of a national strategy to deepen the value of the financial sector. 

Speaking at the official rebranding of the firm now known as SanlamAllianz Holdings Kenya, National Treasury Cabinet Secretary John Mbadi emphasised the government’s efforts to build a resilient, competitive, and inclusive financial sector aimed at fueling economic investments and national transformation.

The listed non-banking financial services firm, formerly known as Sanlam Kenya, has officially rebranded to SanlamAllianz Holdings (Kenya).

This name change follows the recent formation of a joint venture between Sanlam and Allianz, establishing SanlamAllianz as Africa’s largest non-banking financial services entity, boasting over 200 years of combined experience on the continent.

As part of this transition, the company announced plans to enhance client experience and distribution capabilities by deploying innovative technology-based solutions.

CS Mbadi highlighted the critical function of the industry, stating, “The insurance sector is the quiet engine of every modern economy. It protects families, cushions businesses, and enables investment in the sectors that propel national progress.”

He confirmed the government has scaled up efforts to strengthen the regulatory foundation of the sector to foster trust in insurance services and products.

“Through the Insurance Regulatory Authority (IRA), we are rolling out reforms that sharpen oversight, protect consumers, and unlock innovation—from digital asset insurance frameworks to standardised claims processes and a strengthened risk-based capital regime,” Mbadi said.

He urged all insurance players to align with these regulatory requirements by strengthening corporate governance, responsibly embracing technology, and expanding insurance into underserved communities. “Kenya’s future depends on widening the safety nets that protect households, farmers, MSMEs, and investors,” Mbadi added, calling the Sanlam Allianz rebrand a signal that “Kenya is open, ready, and rising,” with a mature market and strong institutions.

According to SanlamAllianz Kenya Group CEO Nyamemba Patrick Tumbo, the name change reflects a continental commitment to raise the bar in the delivery of non-banking financial services with localised attention.