Destin Africa 26 Main Story
Leading Actuarial Service Provider Bets on Capacity Building to Promote Profession
In addition to providing consultancy services, Kenbright Actuarial and Financial Services has partnered with various stakeholders to unlock the actuarial profession and capacity By Jennifer Nyawira
E
stablished in 2015, Kenbright Actuarial and Financial Services (KAFS) has continued to grow over the years to become one of the leading financial and actuarial service providers in the Kenyan market.
According to Ezekiel Macharia, Chief Actuary and Managing Director at Kenbright, the subsidiary was set up to boost and support the provision of actuarial services in the East and Central African market. “We felt there was need for actuarial capacity building, hiring of actuaries, improving data in Africa in terms of analytics and risk management.” The actuarial firm was established at a time when most Kenyan companies still relied on outsourcing actuarial services from foreigners. This, according to Ezekiel, is however changing and he is delighted that Kenbright is part of the change. www.destinafrica.co.ke
Ezekiel Macharia, Chief Actuary and Managing Director at Kenbright.
“I believe there is more knowledge about the actuarial profession in the market.
We are also offering additional services, besides having a greater understanding of the African market,” he offers. Essentially, local actuarial support goes a long way to provide solutions based on local knowledge and insights.
The actuarial industry is currently growing promptly and the number of students pursuing actuarial science has been increasing rapidly over the years. There are more institutions of higher learning offering a degree in actuarial
science. Besides, the Insurance Regulatory Authority is sponsoring at least five students every year to pursue their masters in the United Kingdom, boosting actuarial capacity in the country. Today, Kenya holds the second highest number of fully qualified actuaries in Africa, from South Africa.
Home-grown firm KAFS is a subsidiary of Kenbright Holding Limited, which also provides insurance brokerage, reinsurance brokerage and health administration. Founded in 1993, Kenbright is the only insurance brokerage house that is home-
