An insurance risk manager is a licensed professional or firm that advises organisations on identifying, measuring, and mitigating risk exposures, and assists in structuring appropriate insurance programmes. In Kenya, risk managers are regulated as insurance service providers by the IRA under Section 150 of the Insurance Act, Cap. 487. They are distinct from brokers in that their primary focus is risk assessment and mitigation strategy rather than placement of insurance cover.
Fees and Charges
| Fee / Charge | Current Amount (KES) | Proposed Amount — Draft Regs 2025 (KES) |
|---|---|---|
| Registration / licence fee | 3,000 | 10,000 |
| Annual renewal fee | 3,000 | 10,000 |
Qualification and Competency Requirements
| Requirement | Details |
|---|---|
| Academic qualification | Degree or diploma in insurance from a recognized institution of higher learning |
| Professional qualification | In insurance, risk management, or insurance surveying |
| Experience | Minimum 5 years in insurance surveying or risk management |
| Certificate of good conduct | Required for the Principal Officer |
| Corporate entity | Proof of sound financial standing required |
Scope of Practice
Risk managers licensed by the IRA may carry out risk surveys, prepare risk management reports, advise on loss prevention and control measures, and recommend appropriate insurance coverage structures for their clients. They must demonstrate that the volume of business likely to be available is adequate, and that their practice will be conducted in accordance with accepted professional standards.
As with all IRA-licensed service providers, the company name must not include the words “insurance” or “assurance” in a manner that could mislead the public or give the impression that the firm carries on insurance underwriting business.
Regulated by the Insurance Regulatory Authority (IRA) under the Insurance Act, Cap. 487, Laws of Kenya.