Insurance industry in Kenya: ranking of insurers in 2018

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Kenya

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%

Structure of insurance industry in Kenya (2018)

Market playersTotal
Life insurance companies
16
Non life insurance companies
28
Composite companies
9
Reinsurance companies
5
Insurance brokers
215
Reinsurance brokers
14
Total287

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

 

Insurance industry in Kenya: Evolution of life and non-life premiums

in thousands USD
 20142015201620172018
Non-life
1 113 7501 099 2291 209 8021 220 3441 258 541
Life
635 409617 545730 779809 861862 720
Total1 749 1591 716 7741 940 5812 030 2052 121 261

Insurance industry in Kenya: Ranking of non-life insurers in 2018

in thousands USD
RankKenyan non-life insurers2018 turnover2017-2018 evolution2018 shares
in KESin USD
1
Jubilee
10 961 057108 186-3.11%8.60%
2
CIC General
10 090 04199 589-0.50%7.91%
3
APA Insurance
9 558 67094 34418.00%7.50%
4
UAP Insurance
9 150 32390 314-5.36%7.18%
5
Britam
8 048 80279 4410.08%6.31%
6
GA Insurance
5 977 06258 9947.75%4.69%
7
Resolution
5 701 73056 27615.24%4.47%
8
ICEA Lion General
5 565 16754 928-8.04%4.36%
9
AAR Insurance
5 608 94755 360-3.28%4.40%
10
Heritage
5 366 86352 971-9.26%4.21%
11
Geminia
4 305 84642 49927.87%3.38%
12
Madison
4 479 09344 20915.21%3.51%
13
First Assurance
3 686 95736 39026.83%2.89%
14
AIG
3 561 40135 151-2.36%2.79%
15
Mayfair
2 918 37028 80424.01%2.29%
16
Directline
3 002 68529 636-2.71%2.35%
17
Kenindia
2 800 23027 638-5.61%2.20%
18
Occidental
2 601 37025 6760.58%2.04%
19
Saham
2 522 95824 90217.96%1.98%
20
AMACO
2 173 52821 453-12.04%1.70%
21
Fidelity Shield
2 268 60822 391-3.91%1.78%
22
Sanlam
2 202 96221 7422.23%1.73%
23
Invesco
1 531 02915 111-26.04%1.20%
24
Kenya Orient
1 433 54514 149-22.39%1.12%
25
Xplico
1 169 90811 54745.44%0.92%
26
Pacis
1 307 28712 9037.41%1.03%
27
The Monarch
1 220 93112 0515.25%0.96%
28
Kenyan Alliance
1 250 70312 3448.19%0.98%
29
Intra Africa
1 209 71511 94016.95%0.95%
30
Tausi
1 145 10511 3029.52%0.90%
31
Metropolitan Cannon
101739810042-19.88%0.80%
32
Takaful
959848947413.21%0.75%
33
MUA (1)
658746650218.07%0.52%
34
Allianz
7038586947102.91%0.55%
35
Pioneer
587719580180.55%0.46%
36
Trident
5301585233-60.19%0.42%
37
Corporate
2331052301-24.88%0.18%
Total12751172512585412.19%100%

* Composite companies are included in life and non-life rankings
(1) Ex Phoenix Assurance

Related article | Best insurance companies in Kenya: 2020 ranking

Insurance industry in Kenya: Ranking of life insurers in 2018

in thousands USD
RankKenyan life insurers2018 turnover2017-2018 evolution (2)2018 shares
in KESin USD
1
Britam Life
20 618 666203 50612.69%23.59%
2
Jubilee Insurance
12 653 249124 8880.08%14.48%
3
ICEA Lion Life
12 113 887119 564-6.93%13.86%
4
CIC Life
6 074 27859 95324.09%6.95%
5
Kenindia
5 546 76354 74719.51%6.35%
6
Pioneer
5 568 98854 9666.81%6.37%
7
Sanlam Life
4 521 34344 626-4.59%5.17%
8
Liberty Life
4 511 72144 5310.20%5.16%
9
Madison
3 387 39433 43430.07%3.88%
10
UAP Life
2 239 37022 103-5.34%2.56%
11
Old Mutual
2 024 61719 9835.47%2.32%
12
Barclays Life
1 776 74317 53628.72%2.03%
13
GA Life Assurance
1 671 88316 5013.30%1.91%
14
APA Life Assurance
1 493 29914 7390.02%1.71%
15
Kenya Orient Life
597 8575 90141.34%0.68%
16
Geminia
594 8765 871233.94%0.68%
17
Kenyan Alliance
458 2284 523-41.15%0.52%
18
Prudential Life
400 8733 95725.99%0.46%
19
Capex Life
333 9123 2966.57%0.38%
20
Corporate
270 6422 671-2.98%0.31%
21
Metropolitan Cannon
244 6422 415-59.89%0.28%
22
First Assurance
109 1891 078-35.31%0.12%
23
The Monarch
74 10273159.34%0.08%
24
Saham
61 568608-72.21%0.07%
25
Takaful Insurance of Africa
60 2625952.32%0.07%
26
Cannon Assurance
----
Total87 408 352862 7205.56%100%

* Composite companies are included in life and non-life rankings
(1) Growth rate in local currency

Related article | Structure of the insurance industry in Kenya

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Tue, 29/10/2019 - 17:07
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