Kenya insurance market
Identity
| Population: 54 985 702 inhabitants |  |
| PIB : 110.35 billion USD | |
| GDP per inhabitant: 2 006.8 USD | |
| GDP growth rate: 7.5% | |
| Inflation rate: 6.1% |
Data as of 31/12/2021, Source: World Bank
The kenyan insurance market: evolution of premiums
Figures in million USD| Activities | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
Non-life | 1 245 | 1 276 | 1 191 | 1 338 | 1 360 |
Life | 853 | 953 | 929 | 1 086 | 1 134 |
| Total | 2 098 | 2 229 | 2 120 | 2 424 | 2 494 |
Source: IRA, Kenya, Swiss Re Institute & Atlas Magazine
The kenyan insurance market: turnover per class of business in 2022
Figures in million USD| 2022 turnover | 2021 turnover | 2021-2022 evolution (1) | 2022 shares | |||
|---|---|---|---|---|---|---|
| KES | USD | KES | USD | |||
| Health | 54 892 | 442 | 51 421 | 451 | 6.75% | 17.72% |
| Motor | 53 880 | 434 | 47 237 | 415 | 14.06% | 17.39% |
| Fire | 19 497 | 157 | 15 583 | 137 | 25.12% | 6.30% |
| Workmen's compensation | 13 187 | 106 | 12 284 | 108 | 7.35% | 4.26% |
| Marine | 7 817 | 63 | 6 935 | 61 | 12.72% | 2.52% |
| Engineering | 5 275 | 42 | 4 469 | 39 | 18.02% | 1.70% |
| Theft | 4 231 | 34 | 4 097 | 36 | 3.28% | 1.37% |
| Third party liability | 3 842 | 31 | 3 418 | 30 | 12.41% | 1.24% |
| Personal accident | 2 490 | 20 | 2 554 | 22 | -2.51% | 0.80% |
| Miscellaneous risks | 3 813 | 31 | 4 353 | 38 | -12.41% | 1.23% |
| Total non life | 168 924 | 1 360 | 152 351 | 1 338 | 10.88% | 54.53% |
| Total life | 140 845 | 1 134 | 123 713 | 1 086 | 13.85% | 45.47% |
| Grand total | 309 769 | 2 494 | 276 064 | 2 424 | 12.21% | 100% |
(1) Growth rate in local currency
(2) Including aviation and maritime transport
Source: IRA, Kenya
Exchange rate as at 31/12/2018: 1 KES= 0.00976 USD ; at 31/12/2019: 1 KES = 0.00978 USD ; at 31/12/2020: 1 KES = 0.00910 USD ; at 31/12/2021 : 1 KES= 0.00878 USD ; at 31/12/2022 : 1 KES= 0.00805 USD.
Read also | Insurance companies in Kenya
The kenyan insurance market: main indicators
| 2021 | |
| Turnover | 2.424 billion USD |
| Penetration rate | 2.2% |
| Insurance density | 44 USD |
Structure of the kenyan insurance market
Composite | 3 |
Non-life | 33 |
Life | 19 |
Reinsurance | 5 |
Microinsurance | 1 |
| Total | 62 |
Data as of 31/12/2021 , Source: Insurance Regularity Authority (IRA)
Insurance brokers | 187 |
Reinsurance brokers | 22 |
General agents | 12 199 |
Medical Insurance Providers | 38 |
| Total | 12 446 |
* Data as of 17 June 2022
Insurance Regularity Authority (IRA) | www.ira.go.ke |
Association of Kenya Insurers | www.akinsure.com |
