The Insurance Industry in Kenya, Key Trends and Opportunities to 2019

Date: 2016-01

“โ€ข As of 2014, there were 14 life insurers, 24 general insurers, 12 composite insurers and three reinsurers active in the country.

โ€ข The life insurance gross written premium grew at a review-period CAGR of 20.2%.

โ€ข The Kenyan insurance penetration stood at 2.9% in 2014, which is low compared to other African countries such as South Africa (14.0%), Namibia (7.2%), Mauritius (6.0%) and Morocco (3.2%).

โ€ข In the non-life segment, business generated through direct marketing accounted for 21.4%, while agents and brokers accounted for 39.4% and 39.2% respectively.

โ€ข Factors such as stable economic growth, openness for business through 66.7% foreign direct investment and stability in the insurance industry attracted foreign insurers to enter the countryโ€™s insurance industry during the review period.

โ€ข Making the use of technology and developing alternate distribution channels through banks, mobile phones and the web will increase the insurance penetration rate and drive the industry over the forecast period.”

Contact With Us
Join templatemonster at google+
Customized Research
Request Sample