Insurance regulators from six East African countries are moving towards common supervision rules to create a more harmonised insurance market and ease compliance for companies operating across borders. The East African Insurance Supervisors Association (EAISA) adopted a harmonised insurance core principles assessment template during a recent meeting in Nairobi. This template will provide a common basis for evaluating supervisory standards, identifying regulatory gaps, and promoting peer learning.
The template includes about 25 principles and sets the stage for closer alignment of supervisory practices, with regulators agreeing to convene in December 2026 to compare notes. The exercise is expected to identify differences in national regulations and supervisory practices that could be addressed as the region moves towards regulatory convergence. This move could reduce regulatory differences for insurers operating in more than one East African market.
Godfrey Kiptum, chief executive of Kenya's Insurance Regulatory Authority (IRA), stated that the idea is to move towards one market. The push for common regulations is relevant for Kenyan insurers such as Jubilee, Britam, ICEA LION, Old Mutual, CIC, APA Apollo, GA, and Mayfair, which have operations across EAC countries. Having common regulations will make compliance easier for insurance companies operating across multiple EAC countries.
Closer supervisory cooperation could also improve the handling of risks that require regional responses, including large infrastructure projects, trade-related exposures, and natural catastrophes. Many insurers face an increasingly regional risk environment, with businesses, infrastructure, and supply chains operating across borders and exposure to risks such as floods, drought, cyber threats, and other climate-related events spreading beyond individual markets.
EAISA also approved the development of regional guidelines on insurance complaints management, which are intended to establish common minimum standards for fair and timely handling of policyholder complaints while retaining national legal requirements. The regulators also approved guidelines for monitoring and evaluation to improve the comparability of insurance market data and support evidence-based supervision.
The association further backed a harmonised approach to digital transformation, with emphasis on interoperability, consumer protection, cybersecurity, and improved access to insurance services. A regional insurance sandbox framework was also proposed to give regulators a common approach to overseeing innovation in insurance technology. The regulators approved the progression of the Regional Integrated Insurance Supervisory Software (RIISS), which is expected to strengthen information sharing and technology-enabled supervision.
EAISA selected Kenya to host its secretariat for the next five years, giving the association a permanent base for coordinating the implementation of its regional supervisory agenda. The initiatives are aimed at reducing regulatory fragmentation as insurers expand across the region and digital products make it easier to serve customers across borders. The outcomes of the meetings mark a further step towards a more integrated, coordinated, and technology-enabled regional insurance supervisory framework.
Key points
- East African insurance regulators adopt harmonised insurance core principles assessment template
- Common regulations to ease compliance for insurance companies operating across multiple EAC countries
- Regulators agree to convene in December 2026 to compare notes on supervisory standards
