The Strategic Plan 2020 – 2022 is a product of a consultative process that sought to align the objectives of insurance industry supervision in Kenya with the national development objectives as set out in the Kenya Vision 2030. The insurance industry is in line with the Third Medium Term Plan (MTP III) 2020 – 2022, expected to contribute to and drive realisation of high level of savings to finance Kenya’s investment needs.To achieve its objectives, the Authorities changed its vision to “An effective regulator of a globally competitive Insurance Industry”. The mission is “To effectively regulate, supervise, promote development of and innovation in the insurance industry in order to protect insurance beneficiaries.”Realising these aspirations as set out in the Authority’s vision statement is anchored on three core result areas that will be driven mainly by implementing a series of strategic objectives, strategies and activities over the five-year plan period. The overall agenda is framed around chapters as follows:
Presents the historical development of the Authority. It sets the foundation for the planning by identifying the enabling legislation that establishes the IRA as stipulated in the Insurance Act, CAP 487 of the Laws of Kenya, objectives of supervision, role of IRA in the realisation of the national development agenda as well as key challenges facing the insurance industry.
Reviews institutional performance for the previous planning period 2018 – 2020, flagging out key milestones, challenges and lessons learnt. It also anchors the planning process through situational and environmental analyses that cover the Strengths, Weaknesses, Opportunities and Threats (SWOT) and Political, Economic, Socio-Cultural, Technological, Infrastructural, Environmental and Legal (PESTIEL) factors. For each, implications and strategic responses are developed and put within the planning cycle. An analysis is also undertaken to identify key stakeholders clearly flagging out their rights and responsibilities, i.e., their expectations and IRA’s expectations from them.
Presents the strategic focus which includes the Vision, Mission, Motto, Core Values, Key Result Areas, Strategic Objectives and Strategies. The three Key Result Areas and enabling strategic objectives to drive the strategy are identified as follows:
(i) Regulation and Supervision
(a) Enhance regulation and supervision.
(b) To ensure a fair, safe and stable insurance industry.
(ii) Policy and Market Developmen
t(a) To promote an inclusive Insurance Industry.
(b) To advise the government on insurance and related matters.
(c) To facilitate development and adoption of emerging trends in the insurance industry.
(iii) Consumer Protection and Education
(a) To protect the interests of the insurance policy holders and beneficiaries.
(b) To increase the level of awareness about insurance.
(iv) Institutional Capacity
(a) To strengthen corporate governance.
(b) To strengthen human resource capacity
(c) To enhance service delivery.
(d) To improve mobilisation, utilisation and management of financial resource
The chapter outlines actions that will be taken as part of IRA’s contribution to realization of the Big Four
Analyses IRA’s resource capacity by highlighting the staffing levels, organisational structure and governance structures. The chapter also presents the financial projections for the strategy.
Looks at the co-ordination, evaluation and reporting which include assessment and identification of risk factors that might affect the implementation of the Strategic Plan and appropriate mitigating factors.