At independence the number of insurance companies was in single figures. There are now 36. The insurance cornpanies specialize in providing security in business undertakings. After independence, the Government established the Kenya National Assurance Company, which is a market leader. The Kenya Reinsurance Corporation provides local reinsurance coverage.
Pension funds provide some kind of insurance.
They also help the beneficiaries at old age or their dependents who would otherwise become destitute. Pension payments are an obligation of the Government to retired civil servants, and must be honoured. The Central Bank of Kenya is the principal financial institution in the country. Prior to this, central banking services were provided by the East African Currency Board. This Board was established by the British Government in 1919.