Assistant Financial Analyst at Insurance Regulatory Authority (IRA)

REF: AFA/10

Job purpose

The position is responsible for assessing and monitoring the financial soundness of the industry, conducting macro-prudential surveillance, data analytics, reporting, and publication with the aim of protecting policyholders and insurance beneficiaries.

Job Specifications

Duties and responsibilities will entail:

• Compile statistics of insurers and check for completeness including: annual insurance statistics, quarterly insurance statistics, quarterly insurance industry claims statistics, Monetary Financial Statistics (MFS), Kenya National Bureau of Statistics’;
• Prepare periodic reports on performance, trends analysis and projections for the insurance industry including: monthly gross direct premium report, monthly summary of claims report, quarterly
• insurance industry report and annual insurance industry report;
• Conduct data validation of quarterly and annual insurance statistics to check on completeness and consistency of insurance data;
• Update various performance indicators, ratios and industry benchmarks and averages;
• Analyse, evaluate and interpret insurers’ financial statements and returns to ensure disclosures regarding various insurance parameters such insurance premiums, income, expenditure, assets and liabilities;
• Create monthly, quarterly and annual returns and recommend continuous updates to ensure the returns meet acceptable standards and that all the necessary disclosures are made;
• Conduct analyses on financial stability and macro prudential policy;
• Carry out regular macro stress tests and prepare documents for public communication of those tests;
• Participate in preparations for conducting research work in the field of financial stability, including collaboration with other institutions and professionals such as participating in FinAccess survey
• Continuously evaluate financial returns to ensure they meet acceptable standards and that all the necessary disclosures are made

Persons Specifications

• Diploma in Statistics, Insurance, Finance, Economics, Law, or its equivalent from a recognized institution;
• Certificate in Computer Proficiency.
• Meets provision of chapter six of the Constitution.

Competencies and skills

• Strong communication and presentation skills
• Good analytical skills
• Problem solving
• Professionalism