A brand new underwriting facility has been established by the Insurance coverage Regulatory Authority to de-risk Kenya’s geothermal sector and assist entice personal funding.
The Insurance coverage Regulatory Authority (IRA) of Kenya has introduced the institution of the Geothermal Danger Underwriting Facility, a program that goals to leverage native insurance coverage to de-risk geothermal and entice personal funding within the sector. The ability will underwrite as much as Ksh260 million (approx. USD 2 million) to cowl early-stage growth drilling dangers for geothermal tasks in Kenya.
The IRA is supported by its companions, the Ministry of Vitality and Petroleum, the State Division of Industrialisation, and the East African Insurance coverage Sector, and supported as properly by the Monetary Sector Deepening (FSD Africa) in collaboration with Parhelion Underwriting and Kenbright.
Alex Wachira, Principal Secretary of the State Division of Vitality, emphasised that collaboration and funding between the private and non-private sectors will likely be key enablers in driving financial progress and sustainable growth.
Through the launch occasion, IRA Commissioner of Insurance coverage Godfrey Kiptum highlighted the important function that the insurance coverage sector can play within the socio-economic growth of a rustic. “I’m proud that the insurance coverage sector has saved innovation alive with merchandise such because the geothermal threat underwriting facility.”
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