Financial Analyst at Insurance Regulatory Authority (IRA)

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), and Kenya National Bureau of Statistics.
• Prepare periodic reports on performance, trends analysis, and projections for the insurance industry, including monthly gross direct premium reports, monthly summary of claims reports, quarterly insurance industry reports, and annual insurance industry reports.
• Conduct data validation of quarterly and annual insurance statistics to check for completeness and consistency of insurance data.
• Update various performance indicators, ratios, and industry benchmarks and averages.
• Analyze, evaluate, and interpret insurers’ financial statements and returns to ensure disclosures regarding various insurance parameters such as 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 macroprudential 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 the FinAccess survey.
• Continuously evaluate financial returns to ensure they meet acceptable standards and that all the necessary disclosures are made.

Person Specifications

• Bachelor’s degree in Actuarial Science, Statistics, Commerce, Business Administration, or Finance from a recognized institution.
• Meets the provisions of Chapter Six of the Constitution.

Competencies and Skills

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