Kenyan insurance market (2016-2020)

Kenyan insurance market features

Regulatory authority: Insurance Regulatory Authority (IRA)
Life and non-life premiums: 2.12 billion USD
Insurance density (2019): 42.4 USD
Penetration rate (2019): 2.3 %

Structure of the Kenyan insurance market in 2020

Market stakeholders	Total
Non-life insurance companies	35
Life insurance companies	24
Reinsurance companies	5

Profile

Area ⁽¹⁾: 580 876 Km²
Population ⁽¹⁾ (2019) : 52 573 973 inhabitants
GDP ⁽¹⁾ (2019) : 95 503 billion USD
GDP per capita (2019) : 1816 USD
GDP growth rate (2019) ⁽¹⁾: 5.37 %
Inflation rate (2019) : 5.2%
Main economic sectors : agriculture (tea, coffee, wheat, corn, sugar cane), aluminium, cement, tourism.

Major cities ⁽²⁾

(per number of inhabitants in 2016)

Nairobi (capital) : 7 626 752
Mombasa : 1 535 899
Nakuru : 610 637

⁽¹⁾ Source Banque Mondiale
⁽²⁾ Source : population.data

Kenyan insurance market: evolution of premiums per life and non-life class of business (2016-2020)

Figures in thousands USD

Branches	2016	2017	2018	2019	2020
Non-life	1 165 986	1 197 884	1 244 514	1 276 447	1 190 611
Life	704 314	794 955	853 106	952 528	929 260
Total	1 870 300	1 992 839	2 097 620	2 228 975	2 119 871

Exchange rate as at 31/12/2020 : 1 KES = 0.00910 USD at 31/12/2019 : 1 KES = 0.00978 USD; at 31/12/2018 : 1 KES = 0.00976 USD ; at 31/12/2017 : 1 KES = 0.0096 USD; at 31/12/2016 : 1 KES = 0.00958 USD

Turnover per class of business: 2016-2020

Figures in thousands

Classes of business	2016	2017	2018	2019	2020	2020 shares
Health	368 978	368 039	392 313	414 165	409 278	19.31%
Motor	426 176	429 228	449 826	454 581	392 775	18.53%
Proprety damage⁽¹⁾	146 832	158 263	158 930	160 188	154 347	7.28%
Marine⁽²⁾	39 036	50 708	53 727	51 815	55 749	2.63%
Engineering	33 272	40 227	36 029	34 252	30 863	1.45%
Third party liability	24 143	27 049	26 634	30 555	29 167	1.37%
Personal accident	38 342	33 756	30 815	32 116	21 149	1.00%
Miscellaneous accident ⁽³⁾	89 207	90 614	96 240	98 775	97 283	4.59%
Total non-life	1 165 986	1 197 884	1 244 514	1 276 447	1 190 611	56.16%
Life	704 314	794 955	853 106	952 528	929 260	43.84%
Grand total	1 870 300	1 992 839	2 097 620	2 228 975	2 119 871	100%

⁽¹⁾ Including theft and fire
⁽²⁾ Including aviation and marine transport
⁽³⁾ Including workmen’s compensation

Turnover 2020 per class of business

Kenyan insurance market: net loss ratio 2020 per non-life insurer

Figures in thousands

	Net incurred losses		Net earned premiums		Net loss ratio
	In KES	In USD	In KES	In USD	Net loss ratio
UAP Insurance	5 817 527	52 939	8 931 923	81 281	65.13%
CIC General	6 053 852	55 090	8 641 914	78 641	70.05%
APA Insurance	4 192 088	38 148	6 409 283	58 324	65.41%
Jubilee Health	4 122 254	37 513	6 047 194	55 029	68.17%
Britam	4 042 054	36 783	6 286 505	57 207	64.30%
GA Insurance	2 230 835	20 301	3 820 946	34 771	58.38%
ICEA Lion General	1 444 395	13 144	3 132 038	28 502	46.12%
Heritage	1 610 963	14 660	3 470 003	31 577	46.43%
AAR Insurance	2 594 960	23 614	3 751 434	34 138	69.17%
Geminia	2 780 894	25 306	4 102 480	37 333	67.79%
Resolution	1 234 893	11 238	1 952 085	17 764	63.26%
Madison	2 615 870	23 804	3 792 354	34 510	68.98%
First Assurance	1 349 953	12 285	2 383 070	21 686	56.65%
Sanlam	1 263 550	11 498	2 117 495	19 269	59.67%
Mayfair	1 079 062	9 819	1 691 953	15 397	63.78%
Jubilee General	1 666 934	15 169	2 302 553	20 953	72.40%
AIG	332 832	3 029	830 507	7 558	40.08%
Occidental	1 571 376	14 300	2 060 407	18 750	76.27%
Directline	2 133 950	19 419	2 597 511	23 637	82.15%
Kenindia	1 267 959	11 538	1 664 308	15 145	76.19%
The Kenyan Alliance	617 579	5 620	1 311 800	11 937	47.08%
Fidelity Shield	1 174 944	10 692	1 465 087	13 332	80.20%
Saham	661 097	6 016	1 039 841	9 463	63.58%
The Monarch	749 953	6 825	1 359 091	12 368	55.18%
Pacis	549 396	4 999	1 079 087	9 820	50.91%
Kenya Orient	836 926	7 616	1 118 037	10 174	74.86%
Tausi	245 216	2 231	807 666	7 350	30.36%
Metropolitan Cannon	487 091	4 432	837 343	7 620	58.17%
Intra Africa	621 527	5 656	1 076 057	9 792	57.76%
African Merchant AMACO	422 791	3 847	975 131	8 874	43.36%
Corporate	448 973	4 086	773 066	7 035	58.08%
Allianz	340 317	3 097	500 012	4 550	68.06%
Pioneer	416 983	3 794	700 610	6 376	59.52%
MUA	231 602	2 108	475 742	4 329	48.68%
Trident	151 604	1 380	671 369	6 109	22.58%
Total non-life	57 362 200	521 996	90 175 902	820 601	63.61%

Net loss ratio = Net incurred losses / Net earned premiums

Kenyan insurance market: management expenses ratio 2020 per non-life insurer

Figures in thousands

	Management expenses ⁽¹⁾		Net written premiums		Net management expenses ratio
	In KES	In USD	In KES	In USD	Net management expenses ratio
UAP Insurance	2 952 265	26 866	9 217 600	83 880	32.03%
CIC General	3 063 047	27 874	8 462 245	77 006	36.20%
APA Insurance	1 978 125	18 001	6 366 573	57 936	31.07%
Jubilee Health	1 231 390	11 206	6 657 130	60 580	18.50%
Britam	2 944 189	26 792	6 691 030	60 888	44.00%
GA Insurance	1 031 986	9 391	4 078 738	37 117	25.30%
ICEA Lion General	1 302 732	11 855	3 103 249	28 240	41.98%
Heritage	1 493 295	13 589	3 415 224	31 079	43.72%
AAR Insurance	1 180 054	10 738	3 717 275	33 827	31.75%
Geminia	1 273 526	11 589	4 172 075	37 966	30.53%
Resolution	676 860	6 159	1 709 811	15 559	39.59%
Madison	1 307 524	11 898	3 812 769	34 696	34.29%
First Assurance	1 002 450	9 122	2 584 387	23 518	38.79%
Sanlam	850 559	7 740	2 442 495	22 227	34.82%
Mayfair	437 208	3 979	1 668 199	15 181	26.21%
Jubilee General	1 153 180	10 494	1 762 772	16 041	65.42%
AIG	327 350	2 979	801 769	7 296	40.83%
Occidental	791 021	7 198	2 097 792	19 090	37.71%
Directline	1 070 870	9 745	2 473 134	22 506	43.30%
Kenindia	704 854	6 414	1 650 245	15 017	42.71%
The Kenyan Alliance	804 095	7 317	1 437 917	13 085	55.92%
Fidelity Shield	482 376	4 390	1 317 620	11 990	36.61%

⁽¹⁾ Including commissions
Net management expenses ratio = (Management expenses + Net commissions) / Net written premiums

Kenyan insurance market: net combined ratio 2020 per non-life insurer

	Net loss ratio	Net management expenses ratio	Combined ratio
UAP Insurance	65.13%	32.03%	97.16%
CIC General	70.05%	36.20%	106.25%
APA Insurance	65.41%	31.07%	96.48%
Jubilee Health	68.17%	18.50%	86.67%
Britam	64.30%	44.00%	108.30%
GA Insurance	58.38%	25.30%	83.68%
ICEA Lion General	46.12%	41.98%	88.10%
Heritage	46.43%	43.72%	90.15%
AAR Insurance	69.17%	31.75%	100.92%
Geminia	67.79%	30.53%	98.32%
Resolution	63.26%	39.59%	102.85%
Madison	68.98%	34.29%	103.27%
First Assurance	56.65%	38.79%	95.44%
Sanlam	59.67%	34.82%	94.49%
Mayfair	63.78%	26.21%	89.99%
Jubilee General	72.40%	65.42%	137.82%
AIG	40.08%	40.83%	80.91%
Occidental	76.27%	37.71%	113.98%
Directline	82.15%	43.30%	125.45%
Kenindia	76.19%	42.71%	118.90%
The Kenyan Alliance	47.08%	55.92%	103.00%
Fidelity Shield	80.20%	36.61%	116.81%
Saham	63.58%	38.76%	102.34%
The Monarch	55.18%	45.29%	100.47%
Pacis	50.91%	48.09%	99.00%
Kenya Orient	74.86%	50.17%	125.03%
Tausi	30.36%	50.59%	80.95%
Metropolitan Cannon	58.17%	49.48%	107.65%
Intra Africa	57.76%	46.03%	103.79%
African Merchant AMACO	43.36%	69.42%	112.78%
Corporate	58.08%	40.51%	98.59%
Allianz	68.06%	64.95%	133.01%
Pioneer	59.52%	45.30%	104.82%
MUA	48.68%	90.49%	139.17%
Trident	22.58%	64.59%	87.17%
Total non-life	63.61%	37.29%	100.9%

Average:

Your rating: None

Wed, 29/09/2021 - 12:08

Kenyan insurance market (2016-2020)

Structure of the Kenyan insurance market in 2020

Kenyan insurance market: evolution of premiums per life and non-life class of business (2016-2020)

Kenyan insurance market: net loss ratio 2020 per non-life insurer

Kenyan insurance market: management expenses ratio 2020 per non-life insurer

Kenyan insurance market: net combined ratio 2020 per non-life insurer

The online magazine