Shortage of actuaries

Due to the lack of actuaries, the Kenyan insurance companies have great difficulties in estimating the statistical uncertainties surrounding a risk. Insurers are, increasingly, forced to outsource services pertaining to actuaries. Pricewaterhouse Coopers has cautioned the market against this kind of shortage. The agency has already picked up under-rating practices by insurers seeking market shares. Given their current revenues, companies are unable to price the risks to which they are committed.