A promising market

According to Timetric’s Insurance Intelligence Center (TIIC), the Kenyan insurance market has doubled its size between 2010 and 2014. The underwritten premiums amounted to 1.765 billion USD by December 31, 2014, while forecasts for the next five years remain good. The agency is aiming at an annual average progression of 15.5%. The market premium volume is therefore poised to go beyond the mark of 3 billion USD in 2020.

TIIC is expecting a 16.5% increase in the non life class of business between 2015 and 2020. Motor insurance will be the driving force of this growth as the construction sector is poised to witness an important boost thanks to the ongoing and upcoming numerous State-run projects. The first five insurance companies are: Jubilee, APA, UAP, CIC and ICEA. Jubilee detains 13% in market shares.