@Cde Monomotapa
I am not sure whether insurance companies have limits on proportion they are to put in each asset class.That's why Britam has about 20% of its assets in Equity Bank stake they own.
Pension schemes are the ones I know have the limits in each asset class.

Anyway what I predict to be changed is the new investment guidelines will not put a cap of 30% on real estate and quoted equities.This is to enable them mazimise on returns when the market experiences a bull run

Following are the insurance companies which I see becoming dominant;
--Jubilee Insurance/holdings
--ICEA Lion Insurance Group
--CIC Group

Britam and UAP facing serious issues which will see the above three taking up the opportunity of the gap left.

Jubilee might be an acquirer of some of the smaller firms but does it need to acquire the business these firms write?

Other listed firms that have heft to acquire others are Liberty and Pan African Insurance.

Where does CIC fall?

Some of the small firms may be taken over by other large "private" insurers like Apollo and Resolution. Or 2-3 can merge to meet the requirements.

I don't think the capitalization issue is a game-changer for the Kenyan insurance industry. I do want more competition rather than less. Look at banking where the top 5 control 70% of the deposits.

Where did the ksh.5bn CIC raised via corporate bond go/what was it used for?