3
Kenya’s insurance firms will be required to disclose climate-related risks in annual reports starting January 2025, under new rules from the Insurance Regulatory Authority (IRA). The directive aligns with global Task Force on Climate-related Financial Disclosures (TCFD) standards. Insurers must assess exposure to floods, droughts, and fires—and explain mitigation strategies. The move follows rising claims from climate disasters, which cost the sector Ksh12 billion in 2023. Companies like Britam and Jubilee are already piloting parametric insurance for farmers. IRA says transparency will attract green investment and stabilize premiums. Kenya is the first East African nation to adopt such regulations.