Kenyan insurance market (2016-2020)

Kenya

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 stakeholdersTotal
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

Branches20162017201820192020
Non-life
1 165 9861 197 8841 244 5141 276 4471 190 611
Life
704 314794 955853 106952 528929 260
Total
1 870 3001 992 8392 097 6202 228 9752 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

(1) Growth rate in local currency
(2) Jubilee was split into "Jubilee General Insurance Limited" and "Jubilee Health Insurance Limited."

Turnover per class of business: 2016-2020

Figures in thousands
Classes of business
201620172018201920202020 shares
Health
368 978368 039392 313414 165409 27819.31%
Motor
426 176429 228449 826454 581392 77518.53%
Proprety damage(1)
146 832158 263158 930160 188154 3477.28%
Marine(2)
39 03650 70853 72751 81555 7492.63%
Engineering
33 27240 22736 02934 25230 8631.45%
Third party liability
24 14327 04926 63430 55529 1671.37%
Personal accident
38 34233 75630 81532 11621 1491.00%
Miscellaneous accident (3)
89 20790 61496 24098 77597 2834.59%
 Total non-life
1 165 9861 197 8841 244 5141 276 4471 190 61156.16%
 Life
704 314794 955853 106952 528929 26043.84%
Grand total
1 870 3001 992 8392 097 6202 228 9752 119 871100%

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

Turnover 2020 per class of business

Insurance market in Kenya

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

 Net incurred lossesNet earned premiumsNet loss ratio
In KESIn USDIn KESIn USD
UAP Insurance
5 817 52752 9398 931 92381 28165.13%
CIC General
6 053 85255 0908 641 91478 64170.05%
APA Insurance
4 192 08838 1486 409 28358 32465.41%
Jubilee Health 
4 122 25437 5136 047 19455 02968.17%
Britam
4 042 05436 7836 286 50557 20764.30%
GA Insurance
2 230 83520 3013 820 94634 77158.38%
ICEA Lion General
1 444 39513 1443 132 03828 50246.12%
Heritage
1 610 96314 6603 470 00331 57746.43%
AAR Insurance
2 594 96023 6143 751 43434 13869.17%
Geminia
2 780 89425 3064 102 48037 33367.79%
Resolution
1 234 89311 2381 952 08517 76463.26%
Madison
2 615 87023 8043 792 35434 51068.98%
First Assurance
1 349 95312 2852 383 07021 68656.65%
Sanlam
1 263 55011 4982 117 49519 26959.67%
Mayfair
1 079 0629 8191 691 95315 39763.78%
Jubilee General 
1 666 93415 1692 302 55320 95372.40%
AIG
332 8323 029830 5077 55840.08%
Occidental
1 571 37614 3002 060 40718 75076.27%
Directline
2 133 95019 4192 597 51123 63782.15%
Kenindia
1 267 95911 5381 664 30815 14576.19%
The Kenyan Alliance
617 5795 6201 311 80011 93747.08%
Fidelity Shield
1 174 94410 6921 465 08713 33280.20%
Saham
661 0976 0161 039 8419 46363.58%
The Monarch
749 9536 8251 359 09112 36855.18%
Pacis
549 3964 9991 079 0879 82050.91%
Kenya Orient
836 9267 6161 118 03710 17474.86%
Tausi
245 2162 231807 6667 35030.36%
Metropolitan Cannon
487 0914 432837 3437 62058.17%
Intra Africa
621 5275 6561 076 0579 79257.76%
African Merchant AMACO
422 7913 847975 1318 87443.36%
Corporate
448 9734 086773 0667 03558.08%
Allianz
340 3173 097500 0124 55068.06%
Pioneer
416 9833 794700 6106 37659.52%
MUA
231 6022 108475 7424 32948.68%
Trident
151 6041 380671 3696 10922.58%
Total non-life
57 362 200521 99690 175 902820 60163.61%

Net loss ratio = Net incurred losses / Net earned premiums

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

 Management expenses (1)Net written premiumsNet management expenses ratio 
 In KESIn USDIn KESIn USD
UAP Insurance
2 952 26526 8669 217 60083 88032.03%
CIC General
3 063 04727 8748 462 24577 00636.20%
APA Insurance
1 978 12518 0016 366 57357 93631.07%
Jubilee Health 
1 231 39011 2066 657 13060 58018.50%
Britam
2 944 18926 7926 691 03060 88844.00%
GA Insurance
1 031 9869 3914 078 73837 11725.30%
ICEA Lion General
1 302 73211 8553 103 24928 24041.98%
Heritage
1 493 29513 5893 415 22431 07943.72%
AAR Insurance
1 180 05410 7383 717 27533 82731.75%
Geminia
1 273 52611 5894 172 07537 96630.53%
Resolution
676 8606 1591 709 81115 55939.59%
Madison
1 307 52411 8983 812 76934 69634.29%
First Assurance
1 002 4509 1222 584 38723 51838.79%
Sanlam
850 5597 7402 442 49522 22734.82%
Mayfair
437 2083 9791 668 19915 18126.21%
Jubilee General 
1 153 18010 4941 762 77216 04165.42%
AIG
327 3502 979801 7697 29640.83%
Occidental
791 0217 1982 097 79219 09037.71%
Directline
1 070 8709 7452 473 13422 50643.30%
Kenindia
704 8546 4141 650 24515 01742.71%
The Kenyan Alliance
804 0957 3171 437 91713 08555.92%
Fidelity Shield
482 3764 3901 317 62011 99036.61%

(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 ratioNet management expenses ratioCombined 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%

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