Kenya Re is targeting islamic insurance

Kenya Re has reported a 13% increase in its net profits at 9.4 million USD in 2010. Net premiums increased by 11%. The company is going to set up a unit specialized in islamic insurance coverage and launch new products.

These decisions intervene after the start of the underwritings of the new islamic insurer, Takaful Insurance of Africa, which plans to expand its operations in Uganda and Tanzania. In early 2011, the competitor reinsurer Africa Re has established its takaful subsidiary that will operate in North Africa and the Middle East.