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

 

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Abstract

 
According to the World Bank, Kenya is the ninth-largest economy in Africa. The country'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 2008-2009 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 (2009-2013). Health insurance was one of the fastest growing categories within the segment, and accounted for 86.3% of the total personal accident and health segment'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 2010-2013.
 

Description

The report provides in-depth industry analysis, information and insights into the insurance industry in Kenya, including:

o The Kenyan insurance industry's growth prospects by insurance segment and category

o The competitive landscape in the Kenyan insurance industry

o The current trends and drivers in the Kenyan insurance industry

o Challenges facing the Kenyan insurance industry

o The detailed regulatory framework of the Kenyan insurance industry
 

Report Source Information

Supplied by: Research and Experts 
Date Published: 2014-12-14 

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

 

Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Kenyan Insurance Industry Overview
3.1 Kenyan Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.4 Group Life Insurance
4.5 Life Insurance by Category
4.5.1 Group whole life insurance
4.5.2 Group superannuation insurance
4.6 Non-Life Insurance
4.6.1 Property insurance
4.6.2 Motor insurance
4.6.3 Liability insurance
4.6.4 Marine, aviation and transit insurance
4.7 Personal Accident and Health Insurance
4.7.1 Personal accident insurance
4.7.2 Health insurance
4.8 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Marine, aviation and transit insurance
5.2.5 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Workmen's compensation insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors
5.4.2 African Insurance Organization
5.4.3 Insurance Regulatory Authority (IRA)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 British-American Investments Company Ltd (Britam) - company overview
6.2.2 Jubilee Insurance- company overview
6.2.3 CIC Insurance Group Ltd- company overview
6.2.4 APA Insurance - company overview
6.2.5 UAP Insurance- company overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation Rate (Percentage)
7.5 Life Expectancy (Years)
7.6 Labor Force (Million)
7.7 Unemployment Rate (Percentage)
7.8 Total Number of Internet Users (Million)
7.9 Total Population (Million)
7.1 Rural and Urban Populations (Percentage)
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer
 

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Kenyan Insurance Gross Written Premium by Segment (KES Billion), 2009-2013
Table 3: Kenyan Insurance Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 4: Kenyan Insurance Gross Written Premium by Segment (KES Billion), 2013-2018
Table 5: Kenyan Insurance Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 6: Kenyan Insurance Segmentation by Gross Written Premium (Percentage Share), 2009-2018
Table 7: Kenyan Insurance Direct Written Premium by Segment (KES Billion), 2009-2013
Table 8: Kenyan Insurance Direct Written Premium by Segment (US$ Billion), 2009-2013
Table 9: Kenyan Insurance Direct Written Premium by Segment (KES Billion), 2013-2018
Table 10: Kenyan Insurance Direct Written Premium by Segment (US$ Billion), 2013-2018
Table 11: Kenyan Insurance Segmentation by Direct Written Premium (Percentage Share), 2009-2018
Table 12: Kenyan Life Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 13: Kenyan Life Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 14: Kenyan Life Insurance - Direct Written Premium (KES Billion), 2009-2013
Table 15: Kenyan Life Insurance - Direct Written Premium (KES Billion), 2013-2018
Table 16: Kenyan Life Insurance - Gross Written Premium by Sub-Segment (KES Billion), 2009-2013
Table 17: Kenyan Life Insurance - Gross Written Premium by Sub-Segment (US$ Billion), 2009-2013
Table 18: Kenyan Life Insurance - Gross Written Premium by Sub-Segment (KES Billion), 2013-2018
Table 19: Kenyan Life Insurance - Gross Written Premium by Sub-Segment (US$ Billion), 2013-2018
Table 20: Kenyan Life Insurance - Segmentation by Gross Written Premium (% Share), 2009-2018
Table 21: Kenyan Life Insurance - Direct Written Premium by Sub-Segment (KES Billion), 2009-2013
Table 22: Kenyan Life Insurance - Direct Written Premium by Sub-Segment (US$ Billion), 2009-2013
Table 23: Kenyan Life Insurance - Direct Written Premium by Sub-Segment (KES Billion), 2013-2018
Table 24: Kenyan Life Insurance - Direct Written Premium by Sub-Segment (US$ Billion), 2013-2018
Table 25: Kenyan Life Insurance - Segmentation by Direct Written Premium (% Share), 2009-2018
Table 26: Kenyan Group Life Insurance - Gross Written Premium by Category (KES Billion), 2009-2013
Table 27: Kenyan Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2009-2013
Table 28: Kenyan Group Life Insurance - Gross Written Premium by Category (KES Billion), 2013-2018
Table 29: Kenyan Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2013-2018
Table 30: Kenyan Group Life Insurance - Direct Written Premium by Category (KES Billion), 2009-2013
Table 31: Kenyan Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2009-2013
Table 32: Kenyan Group Life Insurance - Direct Written Premium by Category (KES Billion), 2013-2018
Table 33: Kenyan Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2013-2018
Table 34: Kenyan Life Insurance - Paid Claims (KES Billion), 2009-2013
Table 35: Kenyan Life Insurance - Paid Claims (KES Billion), 2013-2018
Table 36: Kenyan Life Insurance - Incurred Loss (KES Billion), 2009-2013
Table 37: Kenyan Life Insurance - Incurred Loss (KES Billion), 2013-2018
Table 38: Kenyan Life Insurance - Loss Ratio (%), 2009-2013
Table 39: Kenyan Life Insurance - Loss Ratio (%), 2013-2018
Table 40: Kenyan Life Insurance - Combined Ratio (%), 2009-2013
Table 41: Kenyan Life Insurance - Combined Ratio (%), 2013-2018
Table 42: Kenyan Life Insurance - Total Assets (KES Billion), 2009-2013
Table 43: Kenyan Life Insurance - Total Assets (KES Billion), 2013-2018
Table 44: Kenyan Life Insurance - Total Investment Income (KES Billion), 2009-2013
Table 45: Kenyan Life Insurance - Total Investment Income (KES Billion), 2013-2018
Table 46: Kenyan Life Insurance - Retentions (KES Billion), 2009-2013
Table 47: Kenyan Life Insurance - Retentions (KES Billion), 2013-2018
Table 48: Kenyan Life Insurance - Total Investment (KES Billion), 2009-2013
Table 49: Kenyan Group Whole Life - Gross Written Premium (KES Billion), 2009-2013
Table 50: Kenyan Group Whole Life - Gross Written Premium (KES Billion), 2013-2018
Table 51: Kenyan Group Superannuation - Gross Written Premium (KES Billion), 2009-2013
Table 52: Kenyan Group Superannuation - Gross Written Premium (KES Billion), 2013-2018
Table 53: Kenyan Non-Life Insurance - Gross Written Premium by Category (KES Billion), 2009-2013
Table 54: Kenyan Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 55: Kenyan Non-Life Insurance - Gross Written Premium by Category (KES Billion), 2013-2018
Table 56: Kenyan Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 57: Kenyan Non-Life Insurance - Direct Written Premium by Category (KES Billion), 2009-2013
Table 58: Kenyan Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 59: Kenyan Non-Life Insurance - Direct Written Premium by Category (KES Billion), 2013-2018
Table 60: Kenyan Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 61: Kenyan Non-Life Insurance - Paid Claims (KES Billion), 2009-2013
Table 62: Kenyan Non-Life Insurance - Paid Claims (KES Billion), 2013-2018
Table 63: Kenyan Non-Life Insurance - Incurred Loss (KES Billion), 2009-2013
Table 64: Kenyan Non-Life Insurance - Incurred Loss (KES Billion), 2013-2018
Table 65: Kenyan Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 66: Kenyan Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 67: Kenyan Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 68: Kenyan Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 69: Kenyan Non-Life Insurance - Total Assets (KES Billion), 2009-2013
Table 70: Kenyan Non-Life Insurance - Total Assets (KES Billion), 2013-2018
Table 71: Kenyan Non-Life Insurance - Total Investment Income (KES Billion), 2009-2013
Table 72: Kenyan Non-Life Insurance - Total Investment Income (KES Billion), 2013-2018
Table 73: Kenyan Non-Life Insurance - Retentions (KES Billion), 2009-2013
Table 74: Kenyan Non-Life Insurance - Retentions (KES Billion), 2013-2018
Table 75: Kenyan Non-Life Insurance - Total Investment (KES Billion), 2009-2013
Table 76: Kenyan Property Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 77: Kenyan Property Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 78: Kenyan Motor Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 79: Kenyan Motor Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 80: Kenyan Liability Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 81: Kenyan Liability Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 82: Kenyan Marine, Aviation and Transit Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 83: Kenyan Marine, Aviation and Transit Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 84: Kenyan Personal Accident and Health Insurance - Gross Written Premium by Category (KES Billion), 2009-2013
Table 85: Kenyan Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 86: Kenyan Personal Accident and Health Insurance - Gross Written Premium by Category (KES Billion), 2013-2018
Table 87: Kenyan Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 88: Kenyan Personal Accident and Health Insurance - Direct Written Premium by Category (KES Billion), 2009-2013
Table 89: Kenyan Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 90: Kenyan Personal Accident and Health Insurance - Direct Written Premium by Category (KES Billion), 2013-2018
Table 91: Kenyan Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 92: Kenyan Personal Accident and Health Insurance - Paid Claim (KES Billion), 2009-2013
Table 93: Kenyan Personal Accident and Health Insurance - Paid Claims (KES Billion), 2013-2018
Table 94: Kenyan Personal Accident and Health Insurance - Incurred Loss (KES Billion), 2009-2013
Table 95: Kenyan Personal Accident and Health Insurance - Incurred Loss (KES Billion), 2013-2018
Table 96: Kenyan Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 97: Kenyan Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 98: Kenyan Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 99: Kenyan Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 100: Kenyan Personal Accident and Health Insurance - Total Assets (KES Billion), 2009-2013
Table 101: Kenyan Personal Accident and Health Insurance - Total Assets (KES Billion), 2013-2018
Table 102: Kenyan Personal Accident and Health Insurance - Total Investment Income (KES Million), 2009-2013
Table 103: Kenyan Personal Accident and Health Insurance - Total Investment Income (KES Million), 2013-2018
Table 104: Kenyan Personal Accident and Health Insurance - Retentions (KES Billion), 2009-2013
Table 105: Kenyan Personal Accident and Health Insurance - Retentions (KES Billion), 2013-2018
Table 106: Kenyan Personal Accident and Health Insurance - Total Investment (KES Billion), 2009-2013
Table 107: Kenyan Personal Accident Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 108: Kenyan Personal Accident Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 109: Kenyan Health Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 110: Kenyan Health Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 111: Kenyan Reinsurance - Ceded by Insurance Segment (KES Billion), 2009-2013
Table 112: Kenyan Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 113: Kenyan Reinsurance - Ceded by Insurance Segment (KES Billion), 2013-2018
Table 114: Kenyan Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 115: Kenyan Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 116: Kenyan Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 117: Kenyan Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 118: Kenyan Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 119: Kenyan Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 120: Kenyan Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 121: Kenya - Life Insurance Regulatory Framework
Table 122: Kenya - Property Insurance Regulatory Framework
Table 123: Kenya - Motor Insurance Regulatory Framework
Table 124: Kenya - No-Claims Discount
Table 125: Kenya - Corporate Tax Rates for the Financial Year 2013
Table 126: Kenyan Life Insurance - Segment Shares, 2012 and 2013
Table 127: Kenyan Non-Life Life Insurance - Segment Shares, 2012 and 2013
Table 128: Kenyan Personal Accident and Health Insurance - Segment Share, 2012
Table 129: Kenyan Personal Accident and Health Insurance - Segment Share, 2013
Table 130: Kenyan Reinsurance - Segment Shares, 2013
Table 131: Britam, Main Products
Table 132: Britam, Key Employees
Table 133: Jubilee Insurance, Main Products
Table 134: Jubilee Insurance, Key Employees
Table 135: CIC Insurance Group Ltd, Main Products
Table 136: CIC Insurance Group Ltd, Key Employees
Table 137: APA Insurance, Main Products
Table 138: APA Insurance, Key Employees
Table 139: UAP Insurance, Main Products
Table 140: UAP Insurance, Key Employees
 

List of Figures

Figure 1: Kenyan Insurance Gross Written Premium by Segment (KES Billion), 2009-2018
Figure 2: Kenyan Insurance Gross Written Premium Market Dynamics by Segment, 2009-2018
Figure 3: Kenyan Insurance Direct Written Premium by Segment (KES Billion), 2009-2018
Figure 4: Kenyan Insurance Direct Written Premium Market Dynamics by Segment, 2009-2018
Figure 5: Kenyan Life Insurance - Gross Written Premium (KES Billion), 2009-2013
Figure 6: Kenyan Life Insurance - Gross Written Premium (KES Billion), 2013-2018
Figure 7: Kenyan Life Insurance - Direct Written Premium (KES Billion), 2009-2013
Figure 8: Kenyan Life Insurance - Direct Written Premium (KES Billion), 2013-2018
Figure 9: Kenyan Life Insurance - Gross Written Premium by Sub-Segment (KES Billion), 2009-2018
Figure 10: Kenyan Life Insurance - Gross Written Premium Dynamics by Sub-Segment, 2009-2018
Figure 11: Kenyan Life Insurance - Direct Written Premium by Sub-Segment (KES Billion), 2009-2018
Figure 12: Kenyan Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2009-2018
Figure 13: Kenyan Group Life Insurance - Gross Written Premium by Category (KES Billion), 2009-2018
Figure 14: Kenyan Group Life Insurance - Gross Written Premium by Category (% Share), 2013 and 2018
Figure 15: Kenyan Group Life Insurance - Gross Written Premium Dynamics by Category, 2009-2018
Figure 16: Kenyan Group Life Insurance - Direct Written Premium by Category (KES Billion), 2009-2018
Figure 17: Kenyan Group Life Insurance - Direct Written Premium by Category (% Share), 2013 and 2018
Figure 18: Kenyan Group Life Insurance - Direct Written Premium Dynamics by Category, 2009-2018
Figure 19: Kenyan Life Insurance - Paid Claims (KES Billion), 2009-2013
Figure 20: Kenyan Life Insurance - Paid Claims (KES Billion), 2013-2018
Figure 21: Kenyan Life Insurance - Incurred Loss (KES Billion), 2009-2013
Figure 22: Kenyan Life Insurance - Incurred Loss (KES Billion), 2013-2018
Figure 23: Kenyan Life Insurance - Loss Ratio (%), 2009-2013
Figure 24: Kenyan Life Insurance - Loss Ratio (%), 2013-2018
Figure 25: Kenyan Life Insurance - Combined Ratio (%), 2009-2013
Figure 26: Kenyan Life Insurance - Combined Ratio (%), 2013-2018
Figure 27: Kenyan Life Insurance - Total Assets (KES Billion), 2009-2013
Figure 28: Kenyan Life Insurance - Total Assets (KES Billion), 2013-2018
Figure 29: Kenyan Life Insurance - Total Investment Income (KES Billion), 2009-2013
Figure 30: Kenyan Life Insurance - Total Investment Income (KES Billion), 2013-2018
Figure 31: Kenyan Life Insurance - Retentions (KES Billion), 2009-2013
Figure 32: Kenyan Life Insurance - Retentions (KES Billion), 2013-2018
Figure 33: Kenyan Life Insurance - Total Investment (KES Billion), 2009-2013
Figure 34: Kenyan Life Insurance - Penetration (% of GDP), 2009-2013
Figure 35: Kenyan Life Insurance - Premium Per-Capita (KES), 2009-2013
Figure 36: Kenyan Group Whole Life - Gross Written Premium (KES Billion), 2009-2013
Figure 37: Kenyan Group Whole Life - Gross Written Premium (KES Billion), 2013-2018
Figure 38: Kenyan Group Superannuation - Gross Written Premium (KES Billion), 2009-2013
Figure 39: Kenyan Group Superannuation - Gross Written Premium (KES Billion), 2013-2018
Figure 40: Kenyan Non-Life Insurance - Gross Written Premium by Category (KES Billion), 2009-2018
Figure 41: Kenyan Non-Life Insurance - Gross Written Premium by Category (%), 2013 and 2018
Figure 42: Kenyan Non-Life Insurance - Gross Written Premium Dynamics by Category, 2009-2018
Figure 43: Kenyan Non-Life Insurance - Direct Written Premium by Category (KES Billion), 2009-2018
Figure 44: Kenyan Non-Life Insurance - Direct Written Premium by Category (%), 2013 and 2018
Figure 45: Kenyan Non-Life Insurance - Direct Written Premium Dynamics by Category, 2009-2018
Figure 46: Kenyan Non-Life Insurance - Paid Claims (KES Billion), 2009-2013
Figure 47: Kenyan Non-Life Insurance - Paid Claims (KES Billion), 2013-2018
Figure 48: Kenyan Non-Life Insurance - Incurred Loss (KES Billion), 2009-2013
Figure 49: Kenyan Non-Life Insurance - Incurred Loss (KES Billion), 2013-2018
Figure 50: Kenyan Non-Life Insurance - Loss Ratio (%), 2009-2013
Figure 51: Kenyan Non-Life Insurance - Loss Ratio (%), 2013-2018
Figure 52: Kenyan Non-Life Insurance - Combined Ratio (%), 2009-2013
Figure 53: Kenyan Non-Life Insurance - Combined Ratio (%), 2013-2018
Figure 54: Kenyan Non-Life Insurance - Total Assets (KES Billion), 2009-2013
Figure 55: Kenyan Non-Life Insurance - Total Assets (KES Billion), 2013-2018
Figure 56: Kenyan Non-Life Insurance - Total Investment Income (KES Billion), 2009-2013
Figure 57: Kenyan Non-Life Insurance - Total Investment Income (KES Billion), 2013-2018
Figure 58: Kenyan Non-Life Insurance - Retentions (KES Billion), 2009-2013
Figure 59: Kenyan Non-Life Insurance - Retentions (KES Billion), 2013-2018
Figure 60: Kenyan Non-Life Insurance - Total Investment (KES Billion), 2009-2013
Figure 61: Kenyan Non-Life Insurance - Penetration (% of GDP), 2009-2013
Figure 62: Kenyan Non-Life Insurance - Premium Per Capita (KES), 2009-2013
Figure 63: Kenyan Property Insurance - Gross Written Premium (KES Billion), 2009-2013
Figure 64: Kenyan Property Insurance - Gross Written Premium (KES Billion), 2013-2018
Figure 65: Kenyan Motor Insurance - Gross Written Premium (KES Billion), 2009-2013
Figure 66: Kenyan Motor Insurance - Gross Written Premium (KES Billion), 2013-2018
Figure 67: Kenyan Liability Insurance - Gross Written Premium (KES Billion), 2009-2013
Figure 68: Kenyan Liability Insurance - Gross Written Premium (KES Billion), 2013-2018
Figure 69: Kenyan Marine, Aviation and Transit Insurance - Gross Written Premium (KES Billion), 2009-2013
Figure 70: Kenyan Marine, Aviation and Transit Insurance - Gross Written Premium (KES Billion), 2013-2018
Figure 71: Kenyan Personal Accident and Health Insurance - Gross Written Premium by Category (KES Billion), 2009-2018
Figure 72: Kenyan Personal Accident and Health Insurance - Gross Written Premium by Category (%), 2013 and 2018
Figure 73: Kenyan Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2009-2018
Figure 74: Kenyan Personal Accident and Health Insurance - Direct Written Premium by Category (KES Billion), 2009-2018
Figure 75: Kenyan Personal Accident and Health Insurance - Direct Written Premium by Category (%), 2013 and 2018
Figure 76: Kenyan Personal Accident and Health Insurance - Direct Written Premium Dynamics by Category, 2009-2018
Figure 77: Kenyan Personal Accident and Health Insurance - Paid Claims by Category (KES Billion), 2009-2013
Figure 78: Kenyan Personal Accident and Health Insurance - Paid Claims (KES Billion), 2013-2018
Figure 79: Kenyan Personal Accident and Health Insurance - Incurred Loss (KES Billion), 2009-2013
Figure 80: Kenyan Personal Accident and Health Insurance - Incurred Loss (KES Billion), 2013-2018
Figure 81: Kenyan Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Figure 82: Kenyan Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Figure 83: Kenyan Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Figure 84: Kenyan Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Figure 85: Kenyan Personal Accident and Health Insurance - Total Assets (KES Billion), 2009-2013
Figure 86: Kenyan Personal Accident and Health Insurance - Total Assets (KES Billion), 2013-2018
Figure 87: Kenyan Personal Accident and Health Insurance - Total Investment Income (KES Million), 2009-2013
Figure 88: Kenyan Personal Accident and Health Insurance - Total Investment Income (KES Million), 2013-2018
Figure 89: Kenyan Personal Accident and Health Insurance - Retentions (KES Billion), 2009-2013
Figure 90: Kenyan Personal Accident and Health Insurance - Retentions (KES Billion), 2013-2018
Figure 91: Kenyan Personal Accident and Health Insurance - Total Investment (KES Billion), 2009-2013
Figure 92: Kenyan Personal Accident and Health Insurance - Penetration (% of GDP), 2009-2013
Figure 93: Kenyan Personal Accident and Health Insurance - Premium Per Capita (KES), 2009-2013
Figure 94: Kenyan Personal Accident Insurance - Gross Written Premium (KES Billion), 2009-2013
Figure 95: Kenyan Personal Accident Insurance - Gross Written Premium (KES Billion), 2013-2018
Figure 96: Kenyan Health Insurance - Gross Written Premium (KES Billion), 2009-2013
Figure 97: Kenyan Health Insurance - Gross Written Premium (KES Billion), 2013-2018
Figure 98: Kenyan Reinsurance - Ceded by Insurance Segment (KES Billion), 2009-2018
Figure 99: Kenyan Reinsurance - Dynamics by Insurance Segment, 2009-2018
Figure 100: Kenyan Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 101: Kenyan Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 102: Kenyan Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 103: Kenyan Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 104: Kenyan Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 105: Kenyan Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 106: Kenya - Insurance Regulatory Framework
Figure 107: Kenya - Insurance Supervision and Control at Various Levels
Figure 108: Kenya - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 109: Kenyan Life Insurance Segment - Segment Shares, 2012 and 2013
Figure 110: Kenyan Non-Life Insurance - Segment Shares, 2012 and 2013
Figure 111: Kenyan Personal Accident and Health Insurance - Segment Share, 2012
Figure 112: Kenyan Personal Accident and Health Insurance - Segment Share, 2013
Figure 113: Kenyan Reinsurance, Segment Shares, 2013
Figure 114: Kenyan GDP at Constant Prices (US$ Billion), 2009-2013
Figure 115: Kenyan GDP at Current Prices (US$ Billion), 2009-2013
Figure 116: Kenyan GDP Per Capita at Current Prices (US$), 2009-2013
Figure 117: Kenyan Inflation Rate (%), 2009-2013
Figure 118: Kenyan Life Expectancy (Number of Years), 2009-2013
Figure 119: Kenyan Labor Force (Millions), 2008-2012
Figure 120: Kenyan Unemployment (%), 2009-2013
Figure 121: Kenyan Total Number of Internet Users (Million), 2009-2013
Figure 122: Kenyan Total Population (Million), 2009-2013
Figure 123: Kenyan Rural and Urban Populations (%), 2009-2013
 

Scope

This report provides a comprehensive analysis of the insurance industry in Kenya:

o It provides historical values for the Kenyan insurance industry for the report's 2009-2013 review period, and projected figures for the 2013-2018 forecast period.

o It offers a detailed analysis of the key segments and categories in the Kenyan insurance industry, along with forecasts until 2018.

o It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.

o It profiles the top insurance companies in Kenya, and outlines the key regulations affecting them.

 

Highlights

o The Kenyan insurance industry is small in global terms, however it is competitive

o The Kenyan insurance industry grew at a CAGR of 20.3% during the review period

o Health insurance was one of the fastest growing categories within personal accident and health segment

o The loss ratio for Kenyan life and non-life insurers reduced during the review period. For life insurers, this decreased from 50.5% in 2009 to 46.7% in 2013, while for non-life insurers it decreased from 60.1% to 56.4%

o The insurance industry of Kenya is supervised and regulated by the Insurance Regulatory Authority (IRA)

o The industry is served by 48 insurance companies, of which 23 are in life insurers and 36 are in non-life insurers (including personal accident and health insurance)

 

Classification

Language Code: EN 
Region: Kenya 
Report Type: Industry Report 
Industry: Service Industries 
Sector: Employee Benefits 
Pages: 192 

Companies Featured

British-American Investments Company Ltd (Britam) Jubilee Insurance CIC Insurance Group Ltd APA Insurance UAP insurance

 

Reasons to buy this report

o Make strategic business decisions using in-depth historic and forecast industry data related to the Kenyan insurance industry and each segment within it.

o Understand the demand-side dynamics, key trends and growth opportunities in the Kenyan insurance industry.

o Assess the competitive dynamics in the Kenyan insurance industry.

o Identify the growth opportunities and market dynamics in key segments.

o Gain insights into key regulations governing the Kenyan insurance industry, and their impact on companies and the industry's future.
 

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

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Regional Information

Taxonomy

Branch ID: 1443

Taxonomy Location

The taxonomy on the left shows the ancestors of the Kenya node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

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Kenya

Country

Kenya

Eastern Africa

Region

Eastern Africa

Africa

Africa is the second largest continent on earth with a population of 1.07 billion. The population is pedicted to rise to 2 billion by 2050  with Africa having 25% of the global workforce. Africa has a $2 trillion economy with 54 countries, a third of which have annual GDP growth of 6% or more. Six of the top ten fastest growing economies in the world are in Africa.

Africa is rich in natrual resources with petroleum and natural gas accounting for the main exports.  Africa is rich in minerals such as bauxite, cobalt, industrial diamond, phosphate rock, platinum, vermiculite, zirconium and gold. Africa also has 60% of the world's uncultivated arable land. Africa, however, faces many challenges such as poverty, climate change and disease but it's economy is experiencing growth in construction, telecommunications, banking and retail. 

The leading economies of Africa are South Africa with a GDP $272 billion; Nigeria with a GDP of $141 billion; Algeria with a GDP of $137 billion; Egypt with a GDP of $111 billion; Angola with a GDP of $66 billion; Morocco is now the sixth largest African economy with a GDP of $61 billion; Libya is the seventh largest African economy with a GDP of $56 billion; Sudan is the eighth largest African economy with a GDP of $45 billion; Tunisia is ninth with a GDP of $33 billion; Zimbabwe is tenth with a GDP of $26 billion.  

One of the fastest growing sectors across Africa has been the area of mobile technology and communications technology with 700 million people owning a mobile phone and 70 million having internet access. 

Africa needs huge investment in infrastructure in order to move forward and this will require greater public-private partnerships. Political stability is necessary to support and drive investment across the continent along with improvements in education, micro-economic stability, conflict resolution and continued GDP growth.

If growth continues at this pace Africa will be a dominant economic force by 2050.

Research and Experts provide many country specific reports on the African region which will help you with your market research.  Our reports provide data on market drivers and indicators, along with leading companies, latest projects and industry news on African industries.  

Researchandexperts.com is a  leading source of market research on Africa. 

Africa

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 2030

Taxonomy Location

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Insurance

The insurance industry is facing many challenges in todays environment. Insurance companies need to adapt to the latest legislation and regulations which are slowing growth in many regions, manage high costs of doing business and identify new growth markets. 

Research and Experts provide companies with the information and analysis they need to grow their business. Our reports provide information on the industry on a global level and also at a regional and country level.

 

Industry Associations

Global Federation of Insurance Associations

American Insurance Association

British Insurance Brokers Association

 

Financial Services

Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US  have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector. 

Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.

Useful Links

The Fiancial Services Authority (UK)

The British Banking Association

The International Banking Federation

American Bankers Association

European Banking Federation

Financial Services

Service Industries

Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.

Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

Service Industries

Industry

Industries

 

 

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