Insurance Risk Manager Licence Fees and Charges in Kenya

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.

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