The Insurance Industry in Kenya, Key Trends and Opportunities to 2018

Date: 2015-09

“According to the World Bank, Kenya is the ninth-largest economy in Africa. The countryโ€™s real GDP increased from KES1.7 trillion (US$22.2 billion) in 2009 to KES2.3 trillion (US$26.9 billion) in 2013, at a compound annual growth rate (CAGR) of 4.9%. Economic growth slowed in 2008โ€“2009 due to the global financial crisis, political instability and a decline in exports. Currency depreciation and elevated inflation rates were other factors that contributed to the slowdown. The economy began a period of recovery in 2010, as a result of the strong performance of the agriculture, manufacturing and real estate sectors.
The Kenyan insurance industry grew at a CAGR of 20.3% during the review period. This growth was achieved due to various factors, such as the expansion of the distribution network and premium growth. The personal accident and health insurance segment registered a CAGR of 28.8% during the review period (2009โ€“2013). Health insurance was one of the fastest growing categories within the segment, and accounted for 86.3% of the total personal accident and health segmentโ€™s share in 2013. Approval of the two newly licensed medical insurance underwriters in 2012 supported the growth of the health insurance category, at a CAGR of 41.2% during 2010โ€“2013.”


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