Kenya insurance market: 2017-2018

Kenya insurance market features
- Regulatory authority: Insurance Regulatory Authority (IRA)
- Life and non-life premiums (2018): 2 121 million USD
- Insurance density (2018): 41.275 USD
- Penetration rate (2018): 2.413%
Kenya insurance market structure in 2018
Market players | Total |
---|---|
Life insurance companies | 16 |
Non life insurance companies | 28 |
Composite companies | 9 |
Reinsurance companies | 5 |
Insurance brokers | 215 |
Reinsurance brokers | 14 |
Total | 287 |
Identity
- Area: 591 958 Km2
- Population (1) (2018) : 51 393 000 inhabitants
- GDP (1) (2018) : 87.9 billion USD
- GDP per capita (2018): 1 710 USD
- GDP growth rate (2018): 6.32%
- Inflation rate (1) (2018): 4.69%
- Main economic sectors: agriculture (tea, coffee, wheat, corn, sugar cane), aluminium, cement, tourism.
Major cities
(per number of inhabitants)
- Nairobi (capital): 8 341 582
- Mombasa: 1 231 211
- Nakuru: 284 840
(1) Source World Bank
(2) Source : population.data
Kenya insurance market: Evolution of life and non-life premiums
in thousands USD2014 | 2015 | 2016 | 2017 | 2018 | |
---|---|---|---|---|---|
Non-life | 1 113 750 | 1 099 229 | 1 209 802 | 1 220 344 | 1 258 541 |
Life | 635 409 | 617 545 | 730 779 | 809 861 | 862 720 |
Total | 1 749 159 | 1 716 774 | 1 940 581 | 2 030 205 | 2 121 261 |
Kenya non-life insurance market: ranking of insurers
in thousands USD2018 turnover | 2017 turnover | 2017-2018 evolution | 2018 shares | |||
---|---|---|---|---|---|---|
in KES | in USD | in KES | in USD | |||
Jubilee | 10 961 057 | 108 186 | 11 313 366 | 110 645 | -3.11% | 8.60% |
CIC General | 10 090 041 | 99 589 | 10 141 110 | 99 180 | -0.50% | 7.91% |
APA Insurance | 9 558 670 | 94 344 | 8 100 695 | 79 225 | 18.00% | 7.50% |
UAP Insurance | 9 150 323 | 90 314 | 9 668 823 | 94 561 | -5.36% | 7.18% |
Britam | 8 048 802 | 79 441 | 8 042 401 | 78 655 | 0.08% | 6.31% |
GA Insurance | 5 977 062 | 58 994 | 5 547 253 | 54 252 | 7.75% | 4.69% |
Resolution | 5 701 730 | 56 276 | 4 947 647 | 48 388 | 15.24% | 4.47% |
ICEA Lion General | 5 565 167 | 54 928 | 6 051 487 | 59 184 | -8.04% | 4.36% |
AAR Insurance | 5 608 947 | 55 360 | 5 799 296 | 56 717 | -3.28% | 4.40% |
Heritage | 5 366 863 | 52 971 | 5 914 746 | 57 846 | -9.26% | 4.21% |
Geminia | 4 305 846 | 42 499 | 3 367 416 | 32 933 | 27.87% | 3.38% |
Madison | 4 479 093 | 44 209 | 3 887 817 | 38 023 | 15.21% | 3.51% |
First Assurance | 3 686 957 | 36 390 | 2 907 036 | 28 431 | 26.83% | 2.89% |
AIG | 3 561 401 | 35 151 | 3 647 387 | 35 671 | -2.36% | 2.79% |
Mayfair | 2 918 370 | 28 804 | 2 353 359 | 23 016 | 24.01% | 2.29% |
Directline | 3 002 685 | 29 636 | 3 086 231 | 30 183 | -2.71% | 2.35% |
Kenindia | 2 800 230 | 27 638 | 2 966 570 | 29 013 | -5.61% | 2.20% |
Occidental | 2 601 370 | 25 676 | 2 586 468 | 25 296 | 0.58% | 2.04% |
Saham | 2 522 958 | 24 902 | 2 138 854 | 20 918 | 17.96% | 1.98% |
AMACO | 2 173 528 | 21 453 | 2 470 947 | 24 166 | -12.04% | 1.70% |
Fidelity Shield | 2 268 608 | 22 391 | 2 360 848 | 23 089 | -3.91% | 1.78% |
Sanlam | 2 202 962 | 21 742 | 2 154 916 | 21 075 | 2.23% | 1.73% |
Invesco | 1 531 029 | 15 111 | 2 070 192 | 20 246 | -26.04% | 1.20% |
Kenya Orient | 1 433 545 | 14 149 | 1 847 116 | 18 065 | -22.39% | 1.12% |
Xplico | 1 169 908 | 11 547 | 804 370 | 7 867 | 45.44% | 0.92% |
Pacis | 1 307 287 | 12 903 | 1 217 078 | 11 903 | 7.41% | 1.03% |
The Monarch | 1 220 931 | 12 051 | 1 160 023 | 11 345 | 5.25% | 0.96% |
Kenyan Alliance | 1 250 703 | 12 344 | 1 156 074 | 11 306 | 8.19% | 0.98% |
Intra Africa | 1 209 715 | 11 940 | 1 034 427 | 10 117 | 16.95% | 0.95% |
Tausi | 1 145 105 | 11 302 | 1045524 | 10225 | 9.52% | 0.90% |
Metropolitan Cannon | 1017398 | 10042 | 1269815 | 12419 | -19.88% | 0.80% |
Takaful | 959848 | 9474 | 847828 | 8292 | 13.21% | 0.75% |
MUA (1) | 658746 | 6502 | 557912 | 5456 | 18.07% | 0.52% |
Allianz | 703858 | 6947 | 346886 | 3393 | 102.91% | 0.55% |
Pioneer | 587719 | 5801 | 325518 | 3184 | 80.55% | 0.46% |
Trident | 530158 | 5233 | 1331851 | 13025 | -60.19% | 0.42% |
Corporate | 233105 | 2301 | 310323 | 3034 | -24.88% | 0.18% |
Total | 127511725 | 1258541 | 124779610 | 1220344 | 2.19% | 100% |
* Composite companies are included in life and non-life rankings
(1) Ex Phoenix Assurance
Kenya life insurance market: ranking of insurers
in thousands USD2018 turnover | 2017 turnover | 2017-2018 evolution (2) | 2018 shares | |||
---|---|---|---|---|---|---|
in KES | in USD | in KES | in USD | |||
Britam Life | 20 618 666 | 203 506 | 18 297 485 | 178 949 | 12.69% | 23.59% |
Jubilee Insurance | 12 653 249 | 124 888 | 12 643 723 | 123 656 | 0.08% | 14.48% |
ICEA Lion Life | 12 113 887 | 119 564 | 13 015 715 | 127 294 | -6.93% | 13.86% |
CIC Life | 6 074 278 | 59 953 | 4 895 175 | 47 875 | 24.09% | 6.95% |
Kenindia | 5 546 763 | 54 747 | 4 641 315 | 45 392 | 19.51% | 6.35% |
Pioneer | 5 568 988 | 54 966 | 5 213 923 | 50 992 | 6.81% | 6.37% |
Sanlam Life | 4 521 343 | 44 626 | 4 738 729 | 46 345 | -4.59% | 5.17% |
Liberty Life | 4 511 721 | 44 531 | 4 502 800 | 44 037 | 0.20% | 5.16% |
Madison | 3 387 394 | 33 434 | 2 604 247 | 25 470 | 30.07% | 3.88% |
UAP Life | 2 239 370 | 22 103 | 2 365 623 | 23 136 | -5.34% | 2.56% |
Old Mutual | 2 024 617 | 19 983 | 1 919 636 | 18 774 | 5.47% | 2.32% |
Barclays Life | 1 776 743 | 17 536 | 1 380 330 | 13 500 | 28.72% | 2.03% |
GA Life Assurance | 1 671 883 | 16 501 | 1 618 442 | 15 828 | 3.30% | 1.91% |
APA Life Assurance | 1 493 299 | 14 739 | 1 492 952 | 14 601 | 0.02% | 1.71% |
Kenya Orient Life | 597 857 | 5 901 | 422 987 | 4 137 | 41.34% | 0.68% |
Geminia | 594 876 | 5 871 | 178 136 | 1 742 | 233.94% | 0.68% |
Kenyan Alliance | 458 228 | 4 523 | 778 597 | 7 615 | -41.15% | 0.52% |
Prudential Life | 400 873 | 3 957 | 318 189 | 3 112 | 25.99% | 0.46% |
Capex Life | 333 912 | 3 296 | 313 340 | 3 064 | 6.57% | 0.38% |
Corporate | 270 642 | 2 671 | 278 949 | 2 728 | -2.98% | 0.31% |
Metropolitan Cannon | 244 642 | 2 415 | 609 958 | 5 965 | -59.89% | 0.28% |
First Assurance | 109 189 | 1 078 | 168 783 | 1 651 | -35.31% | 0.12% |
The Monarch | 74 102 | 731 | 46 507 | 455 | 59.34% | 0.08% |
Saham | 61 568 | 608 | 221 543 | 2 167 | -72.21% | 0.07% |
Takaful Insurance of Africa | 60 262 | 595 | 58 896 | 576 | 2.32% | 0.07% |
Cannon Assurance | - | - | 81 846 | 800 | - | - |
Total | 87 408 352 | 862 720 | 82 807 826 | 809 861 | 5.56% | 100% |
* Composite companies are included in life and non-life rankings
(1) Growth rate in local currency
Kenya insurance market: evolution of premiums per class of business (2017-2018)
in thousands USD2014 | 2015 | 2016 | 2017 | 2018 | 2018 shares | |
---|---|---|---|---|---|---|
Motor | 437 251 | 428 132 | 442 191 | 437 276 | 454 895 | 21.44% |
Engineering | 39 844 | 37 932 | 34 523 | 40 982 | 36 435 | 1.72% |
Marine (1) | 44 101 | 43 154 | 40 503 | 51 659 | 54 333 | 2.56% |
Third party liability | 21 240 | 21 850 | 25 050 | 27 556 | 26 934 | 1.27% |
Property damage (2) | 153 397 | 146 763 | 152 350 | 161 231 | 160 722 | 7.58% |
Personal accident | 40 479 | 38 768 | 39 783 | 34 388 | 31 162 | 1.47% |
Health | 284 288 | 293 689 | 382 844 | 374 939 | 396 734 | 18.70% |
Miscellaneous (3) | 93 150 | 88 941 | 92 559 | 92 313 | 97 326 | 4.59% |
Total non life | 1 113 750 | 1 099 229 | 1 209 803 | 1 220 344 | 1 258 541 | 59.33% |
Life (4) | 635 409 | 617 545 | 730 779 | 809 861 | 862 720 | 40.67% |
Grand total | 1 749 159 | 1 716 774 | 1 940 582 | 2 030 205 | 2 121 261 | 100% |
Turnover 2018 per class of business
(1) Including aviation and maritime transport
(2) Inclding theft and fire
(3) Including workmen’s compensation
(4) Including group health, pension and sinking fund insurance
Kenya insurance market: net loss ratio per class of business in 2018
Figures in thousandsNet incurred losses | Net earned premiums | Net loss ratio | |||
---|---|---|---|---|---|
in KES | in USD | in KES | in USD | ||
Motor | 27 919 745 | 275 568 | 43 414 086 | 428 497 | 64.31% |
Engineering | 411 244 | 4 059 | 932 975 | 9 208 | 44.08% |
Marine (1) | 697 734 | 6 887 | 2 038 541 | 20 120 | 34.23% |
Third party liability | 597 548 | 5 898 | 1 289 380 | 12 726 | 46.34% |
Property damage (2) | 2 923 503 | 28 855 | 6 580 065 | 64 945 | 44.43% |
Personal accident | 747 352 | 7 376 | 2 294 610 | 22 648 | 32.57% |
Health | 20 515 402 | 202 487 | 27 133 652 | 267 809 | 75.61% |
Miscellaneous (3) | 3 115 468 | 30 750 | 7 400 368 | 73 042 | 42.10% |
Total non-life | 56 927 996 | 561 879 | 91 083 677 | 898 996 | 62.50% |
Kenya insurance market: net management expenses ratio per class of business
Figures in thousandsManagement expenses | Net written premiums | Net management expenses ratio | |||
---|---|---|---|---|---|
in KES | in USD | in KES | in USD | ||
Motor | 18 946 062 | 186 998 | 43 701 343 | 431 332 | 43.35% |
Engineering | 496 102 | 4 897 | 886 630 | 8 751 | 55.95% |
Marine (1) | 1 050 024 | 10 364 | 1 963 742 | 19 382 | 53.47% |
Third party liability | 560 038 | 5 528 | 1 254 715 | 12 384 | 44.63% |
Property damage (2) | 3 347 850 | 33 043 | 6 607 013 | 65 211 | 50.67% |
Personal accident | 1 311 475 | 12 944 | 2 178 516 | 21 502 | 60.20% |
Health | 7 626 480 | 75 273 | 27 878 786 | 275 164 | 27.36% |
Miscellaneous (3) | 3 406 440 | 33 622 | 7 489 705 | 73 923 | 45.48% |
Total non life | 36 744 471 | 362 668 | 91 960 450 | 907 650 | 39.96% |
(1) including aviation
(2) including theft and fire
(3) including workmen’s compensation
Kenya insurance market: Combined ratio per class of business in 2018
Net loss ratio | Management expenses ratio | Combined ratio | |
---|---|---|---|
Motor | 64.31% | 43.35% | 107.66% |
Engineering | 44.08% | 55.95% | 100.03% |
Marine (1) | 34.23% | 53.47% | 87.70% |
Third party liability | 46.34% | 44.63% | 90.97% |
Property damage (2) | 44.43% | 50.67% | 95.10% |
Personal accident | 32.57% | 60.20% | 92.77% |
Health | 75.61% | 27.36% | 102.97% |
Miscellaneous (3) | 42.10% | 45.48% | 87.58% |
Total non-life | 62.50% | 39.96% | 102.46% |
(1) including aviation
(2) including theft and fire
(3) including workmen’s compensation
Source: Insurance Regulatory Authority of Kenya, IRA