BY ANTONY MUTUNGA I nsurers recorded a positive change at the end of 2022 as they managed to trim losses in the final quarter of the 2022 as compared to same period in 2021. According to the Insurance Regulatory Authority (IRA), general insurance business underwriting results improved to post a loss of Sh3.72 billion in the fourth quarter (Q4) of 2022 as compared to Sh6.34 billion posted in Q4 2021. The data from the regulatory authority shows that the workmen’s compensation class made the highest underwriting profit, posting Sh2.62 billion in Q4 2022 while motor vehicle private class posted the…
Author: Ruqaiah Al Meri
When the economy suffers, people often experience job losses, decreased income, and increased financial uncertainty. However, with careful planning and smart decision-making, individuals can take steps to stay financially stable during an economic downturn. One of the most important resources to help you stay financially stable during unstable economic times is an emergency fund. Of course, you should be proactive to build your fund before a crisis. Your emergency fund should be a savings account set aside specifically for unexpected expenses. Ideally, you should aim to have enough saved to cover 3-6 months’ worth of living costs. “A good rule…
Wind and solar reached a record 12% of global electricity in 2022, up from 10% in 2021, according to a report by Ember, energy think tankEmber. The report forecasts that from 2023 wind and solar will push the world into a new era of falling fossil generation, and therefore falling power sector emissions. “In this decisive decade for the climate, it is the beginning of the end of the fossil age,” said the lead author, Małgorzata Wiatros-Motyka. “We are entering the clean power era.” The fourth annual Global Electricity Review from energy think tank Ember presents electricity data from 2022…
Born and raised in Nairobi to a modest family, Joseph Thuku, 31, has always believed that education is the only way to success in life. His parents had from an early age instilled in him the importance of education and sacrificed significantly to ensure that his siblings and him got the best that they could afford. The SGA Group financial controller and board secretary, who is an Alliance High School alumni, holds a Bachelor’s Degree in Law (LLB), and a Bachelor’s Degree in Accounting. He is an Advocate of the High Court of Kenya and a Chartered Accountant being a…
A financial and capital markets fintech investment group, 42 Markets has secured Sh1.347bn ($10mn) growth funding from Convergence Partners, a private equity investor dedicated to the technology sector across sub-Saharan Africa, after it recently closed its Convergence Partners Digital Infrastructure Fund (CPDIF) at Sh40.21bn ($296mn). “This is a real vote of confidence in the positive impact investment in digital financial infrastructure can have, both in developing and in mature markets,” 42 Markets Group CEO Andries Brink, says. Mr Brink notes that the most mature of the Group’s businesses is capital markets services and advisory firm Andile (UK,), that brings deep market…
By Grace Wandera For many governments, filing the income tax return is not just a legal requirement, but also an act of patriotism. Regardless of where one resides, taxation is one common identifier for citizens across varied countries. It, therefore, makes sense that with only one month to June, more taxpayers will be filing their annual tax returns, while more employers will issue out p9 forms. Citizens are expected to comply with their tax obligations on income earned during a given Financial Year (FY) period, and account for the same by filing their tax returns. As we approach the month…
Dr. John Mativo (pictured) will oversee the formulation and implementation of the firm’s fourth strategic plan 2023/28 The Kenya Electricity Transmission Company (KETRACO) has appointed Dr John Mativo (pictured) as the new managing director. The appointment of Dr Mativo follows a recruitment process that saw the company’s board of directors chaired by Abdi Bare Duale interview a pool of about 194 applicants. The seat had fallen vacant following the resignation of Mr Ferdinand Barasa who left the position last year to contest for the Kakamega governorship seat. Dr Mativo, who takes over the leadership of the company on a three-year contract…
BY VICTOR ADAR It is over five months since John Chirchir was picked as the chief executive officer of Kenya Tourism Board (KTB) on November 17, 2022. At the time, coronavirus pandemic and General Election jitters are the storms that nearly rocked the tourism sector, but eventually, the lockdowns ended, covid spread was contained, a new administration was ushered in, and today, the most urgent challenge to address is how to bring the sector back to its former glory. Each chief executive always comes with signature promises, from how they are going to deliver and push policies that are in…
The National Coordinator of Bunge La Mwananchi, Mr. Rodgers Mwololo has been convicted on two counts of receiving a bribe and fined a total of Sh250, 000 or 12 months imprisonment in default. Bunge La Mwananchi is an amorphous group that brings together people of all life stations to openly debate pressing current issues in the society – their discussions generally revolve around governance issues affecting the masses. Mr. Mwololo faced three charges all on soliciting and receiving of a bribe. The court heard that on diverse dates, the accused had blackmailed Mr. Lucas Monata Sameta for money on account…
BY SILAS APOLLO Aga Khan University (AKU) will now offer courses in Bachelor of Medicine and Bachelor of Surgery (MBChB) as well as a Bachelor of Science in Nursing – Direct Entry programme, after the government, through the Commission for University Education (CUE), licensed the two courses. The institution intends to use the new courses, which are expected to kick off in September 2023, to bridge the gap in the doctor to patient ratio in the country, which according to statistics from the Ministry of Health is far below the figures recommended by the World Health Organisation. Latest data from…