Background Kenya Reinsurance Corporation Limited (Kenya Re) is the oldest Reinsurer in Eastern and Central Africa. It was established through an Act of Parliament in December 1970 and commenced business in January 1971. Kenya Re’s core activity is providing reinsurance services for most classes of business. Since its inception, Kenya Re has p...
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- Contents
- Open Jobs
- Assistant Manager Actuarial - Grade KRC 3C
- Assistant Manager Internal Audit- Grade KRC 3C
- Senior Actuarial Officer - Grade KrRC 3A
- Method of Application
- Job TypeFull Time
- QualificationBA/BSc/HND
- Experience5 years
- LocationNairobi
- Job FieldInsurance 
Reports to: Manager Actuarial
Job Purpose.
- This job role actuary is to provide independent advice on the financial risks facing an insurer; determine profitability and sustainability of coverage of policies. The primary responsibility is to assess and manage the financial risks associated with reinsurance contracts and portfolios.
Primary Responsibilities
Duties and responsibilities at this level will entail: -
- Participate in interpretation of statutory and regulatory requirements in relation to actuarial functions, capital adequacy, technical provisions, and premium levels.
- Contribute to the development of new/revised policies/guidelines.
- Participate in ascertaining premium rates and accurate cash revenues to assist in accurate decision making.
- Provide technical and analytical support to pricing in the underwriting department.
- Contribute to actuarial and risk analysis to develop pricing for new and existing products in line with management and corporation’s objectives.
- Participate in assessing risks associated with different reinsurance contracts and assist underwriters in evaluating their potential profitability.
- Assist in independent actuarial/underwriting projects.
- Participate in research on functional issues using a variety of resources.,
- Analysis of data construction of probability tables to forecast risk and liability to assist in decision making.
- Develop and train internal and external clients.
- Prepare actuarial valuation for general and life business lines for quarterly and annual returns.
- To support the development of new reinsurance products that meet market demands and corporations’ profitability targets by assessing the potential losses and profitability of such offerings/products.
- Participant in budget process to include projection of future revenue streams and actuarial advisory of the overall business structure.
- Assist underwriting functions on pricing and or review of life, health and non-life rates.
- Participate in cross- functional teams to develop enhanced systems/processes/programs/policies to support business needs.
- Participate in any other related actuarial duties
Person Specifications
Academic Qualifications
- Bachelor’s degree in any of the following disciplines: Bachelor of ScienceActuarial Science, Statistics, Mathematics, Risk Management, Insurance or its equivalent from a recognized institution.
- Master’s degree in Actuarial Science, Statistics, Mathematics, Business Administration, Strategic Management, Risk Management, Insurance or equivalent from a recognized institution.
- Must have completed a leadership course not lasting less than two (2) weeks
Professional Qualifications
- Be a member of Institute of Faculty of Actuaries (IFoA) or its equivalent with a minimum of 13 actuarial papers completed
- Member of recognized professional actuarial body.
- Fulfilled the requirements of Chapter six of the Constitution
Experience
- At least five (5) years relevant work experience with at least one (1) year in management.
- Demonstratable team management experience and interaction with Board of Directors.
- Experience in IFRS 17 reporting and modelling will be an added advantage
Other Requirements
- Possess excellent interpersonal and communication skills.
- Excellent planning organizing, problem solving and ability to work under pressure to meet deadlines.
- Team player with excellent analytical and presentation skills.
- Knowledge of auditing concepts and principles
- Job TypeFull Time
- QualificationBA/BSc/HND , MBA/MSc/MA
- Experience6 years
- LocationNairobi
- Job FieldFinance / Accounting / Audit 
Job Purpose
This job holder is responsible for assisting the Manager Internal Audit in providing independent, objective assurance and consultancy services aimed at adding value, assessing the effectiveness of the design and execution of the system of governance, risk management and internal controls to improve the operations of the corporation. In addition, internal auditors give assurance that rules, procedures and regulations are being complied with in a manner consistent with the corporation's objective and policies to ensure internal controls are maintained and risks mitigated.
Primary Responsibilities
Duties and responsibilities at this level will entail: -
- Conducting operations audits and assessing risks associated with the corporation’s operations, processes, financial practices, and compliance.
- Identifying gaps and opportunities to improve business processes based on audit outcomes.
- Evaluating and recommending enhancements to internal controls and revising operational and management policies/procedures as necessary.
- Coordinating and monitoring the implementation of audit recommendations, including follow-up reviews.
- Ensuring compliance with government laws and company regulations.
- Preparing and coordinating the division’s budget and work plan.
- Managing risk and quality control systems for the department, including updating the corporation's risk registers and reviewing risk management mechanisms developed by management.
- Providing assurance on the corporation's risk management practices.
- Designing, developing, and implementing audit plans, programs, and annual work plans.
- Coordinating both scheduled and ad hoc audit activities and engagements.
- Reviewing and maintaining audit findings, working papers, and the Corporation’s Audit Management System in line with audit guidelines.
- Reviewing compliance with risk mitigation policies and statutory requirements.
- Developing and implementing departmental work plans, procedures, charters, reports, and manuals.
Requirement/Person Specifications
Academic Qualifications
- Bachelor’s degree in any of the following disciplines: Commerce. Business Administration (Finance or Accounting) option, Business Management (Finance or Accounting) Option, Economics, Strategic Management or equivalent from a recognized institution.
- Master’s degree in any of the following disciplines: Commerce, Business Administration (Finance or Accounting) option, Business Management (Finance or Accounting Option, Strategic Management or equivalent from a recognized institution.
Professional Qualifications
- Certified Public Accountant (CPA)K by KASNEB, or equivalent from a recognized institution.
- Certified Information Systems Auditor (CISA).
- Be a registered member and in good standing of the Institute of Certified Public Accountants of Kenya (ICPAK), ISACA, or CIA (K) or equivalent in good standing.
- Fulfilled the requirements of Chapter six of the Kenya Constitution
Experience
- At least six (6) years relevant work experience, of which three (3) years must have been in a supervisory position.
- Previous Big 4 exposure would be an added advantage.
Other Requirements
- Excellent planning organizing, problem solving and ability to work under pressure to meet deadlines.
- Team player with excellent analytical and presentation skills.
- Knowledge of auditing concepts and principles.
- Proficiency in computer applications.
- Possess excellent interpersonal and communication skills
- Job TypeFull Time
- QualificationBA/BSc/HND
- Experience4 years
- LocationNairobi
- Job FieldInsurance 
Reports to: Manager Actuarial
Job purpose
- The job holder is responsible for assessing and managing risk by analyzing dataon claims, mortality and other factors to determine appropriate pricing for reinsurance products. To design and evaluate contracts, ensure financial reserves are adequate and assist in regulatory compliance.
Primary responsibilities
- Responsible for providing ongoing technical and analytical support to Reinsurance business.
- Prepare reports on solvency projections of the corporation’s balance sheet.
- Use financial models to simulate various scenarios and assess their impact on the corporation’s profitability and capital adequacy.
- Assist underwriting functions on pricing and or review of life, health, and non-life rates.
- Assist management to review and advise on results of asset liability modelling.
- Assist in capital modelling for solvency and business planning purposes.
- Analyze data, construct probability tables to forecast risk and liability to assist in decision making.
- Support and perform quarterly and annual reserve reviews.
- Review of retrocession arrangements.
- Ensure proper coordination with the corporation’s external stakeholders, mainly the Regulators, Rating agencies and Auditors.
- Transfer of reserving models to IFRS 17
- Assist management in reviewing investment policy.
- Participate in gathering and analyzing information received from internal and external sources.
Requirement/Person Specifications
Academic Qualifications
For appointment to this grade, an Officer must have:
- Bachelor’s degree in any of the following disciplines: Bachelor of ScienceActuarial Science, Statistics, Mathematics, Risk Management, Insurance or its equivalent from a recognised institution.
- Have at least four (4) years relevant work experience
- Membership of recognized professional actuarial body.
- Supervisory course lasting not less than two (2) weeks.
- Fulfilled the requirements of Chapter six of the Constitution.
- Must have passed at least 10 actuarial professional papers from a recognized actuarial professional body.
Method of Application
Applicants should indicate on the CV their current/last salary and whether they are persons living with disability. They should post or email as attachments their CV and cover letter quoting the relevant Job Ref No. outlining how they meet requirements for the position to: -
The Human Resource Manager
Kenya Reinsurance Corporation Limited
P. O Box 30271, 00100 GPO NAIROBI
E-mail: hr@kenyare.co.ke Closing Date: 21st November 2024
