Kenya insurance market: 2017-2018

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%

Kenya insurance market structure in 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

 

Kenya insurance market: 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

Kenya non-life insurance market: ranking of insurers

in thousands USD
 2018 turnover2017 turnover2017-2018 evolution2018 shares
 in KESin USDin KESin USD
Jubilee
10 961 057108 18611 313 366110 645-3.11%8.60%
CIC General
10 090 04199 58910 141 11099 180-0.50%7.91%
APA Insurance
9 558 67094 3448 100 69579 22518.00%7.50%
UAP Insurance
9 150 32390 3149 668 82394 561-5.36%7.18%
Britam
8 048 80279 4418 042 40178 6550.08%6.31%
GA Insurance
5 977 06258 9945 547 25354 2527.75%4.69%
Resolution
5 701 73056 2764 947 64748 38815.24%4.47%
ICEA Lion General
5 565 16754 9286 051 48759 184-8.04%4.36%
AAR Insurance
5 608 94755 3605 799 29656 717-3.28%4.40%
Heritage
5 366 86352 9715 914 74657 846-9.26%4.21%
Geminia
4 305 84642 4993 367 41632 93327.87%3.38%
Madison
4 479 09344 2093 887 81738 02315.21%3.51%
First Assurance
3 686 95736 3902 907 03628 43126.83%2.89%
AIG
3 561 40135 1513 647 38735 671-2.36%2.79%
Mayfair
2 918 37028 8042 353 35923 01624.01%2.29%
Directline
3 002 68529 6363 086 23130 183-2.71%2.35%
Kenindia
2 800 23027 6382 966 57029 013-5.61%2.20%
Occidental
2 601 37025 6762 586 46825 2960.58%2.04%
Saham
2 522 95824 9022 138 85420 91817.96%1.98%
AMACO
2 173 52821 4532 470 94724 166-12.04%1.70%
Fidelity Shield
2 268 60822 3912 360 84823 089-3.91%1.78%
Sanlam
2 202 96221 7422 154 91621 0752.23%1.73%
Invesco
1 531 02915 1112 070 19220 246-26.04%1.20%
Kenya Orient
1 433 54514 1491 847 11618 065-22.39%1.12%
Xplico
1 169 90811 547804 3707 86745.44%0.92%
Pacis
1 307 28712 9031 217 07811 9037.41%1.03%
The Monarch
1 220 93112 0511 160 02311 3455.25%0.96%
Kenyan Alliance
1 250 70312 3441 156 07411 3068.19%0.98%
Intra Africa
1 209 71511 9401 034 42710 11716.95%0.95%
Tausi
1 145 10511 3021045524102259.52%0.90%
Metropolitan Cannon
101739810042126981512419-19.88%0.80%
Takaful
9598489474847828829213.21%0.75%
MUA (1)
6587466502557912545618.07%0.52%
Allianz
70385869473468863393102.91%0.55%
Pioneer
5877195801325518318480.55%0.46%
Trident
5301585233133185113025-60.19%0.42%
Corporate
23310523013103233034-24.88%0.18%
Total127511725125854112477961012203442.19%100%

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

Kenya life insurance market: ranking of insurers

in thousands USD
 2018 turnover2017 turnover2017-2018 evolution (2)2018 shares
 in KESin USDin KESin USD
Britam Life
20 618 666203 50618 297 485178 94912.69%23.59%
Jubilee Insurance
12 653 249124 88812 643 723123 6560.08%14.48%
ICEA Lion Life
12 113 887119 56413 015 715127 294-6.93%13.86%
CIC Life
6 074 27859 9534 895 17547 87524.09%6.95%
Kenindia
5 546 76354 7474 641 31545 39219.51%6.35%
Pioneer
5 568 98854 9665 213 92350 9926.81%6.37%
Sanlam Life
4 521 34344 6264 738 72946 345-4.59%5.17%
Liberty Life
4 511 72144 5314 502 80044 0370.20%5.16%
Madison
3 387 39433 4342 604 24725 47030.07%3.88%
UAP Life
2 239 37022 1032 365 62323 136-5.34%2.56%
Old Mutual
2 024 61719 9831 919 63618 7745.47%2.32%
Barclays Life
1 776 74317 5361 380 33013 50028.72%2.03%
GA Life Assurance
1 671 88316 5011 618 44215 8283.30%1.91%
APA Life Assurance
1 493 29914 7391 492 95214 6010.02%1.71%
Kenya Orient Life
597 8575 901422 9874 13741.34%0.68%
Geminia
594 8765 871178 1361 742233.94%0.68%
Kenyan Alliance
458 2284 523778 5977 615-41.15%0.52%
Prudential Life
400 8733 957318 1893 11225.99%0.46%
Capex Life
333 9123 296313 3403 0646.57%0.38%
Corporate
270 6422 671278 9492 728-2.98%0.31%
Metropolitan Cannon
244 6422 415609 9585 965-59.89%0.28%
First Assurance
109 1891 078168 7831 651-35.31%0.12%
The Monarch
74 10273146 50745559.34%0.08%
Saham
61 568608221 5432 167-72.21%0.07%
Takaful Insurance of Africa
60 26259558 8965762.32%0.07%
Cannon Assurance
--81 846800--
Total87 408 352862 72082 807 826809 8615.56%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 USD
 201420152016201720182018 shares
Motor
437 251428 132442 191437 276454 89521.44%
Engineering
39 84437 93234 52340 98236 4351.72%
Marine (1)
44 10143 15440 50351 65954 3332.56%
Third party liability
21 24021 85025 05027 55626 9341.27%
Property damage (2)
153 397146 763152 350161 231160 7227.58%
Personal accident
40 47938 76839 78334 38831 1621.47%
Health
284 288293 689382 844374 939396 73418.70%
Miscellaneous (3)
93 15088 94192 55992 31397 3264.59%
Total non life
1 113 7501 099 2291 209 8031 220 3441 258 54159.33%
Life (4)
635 409617 545730 779809 861862 72040.67%
Grand total1 749 1591 716 7741 940 5822 030 2052 121 261100%

Turnover 2018 per class of business

kenya insurance industry

(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 thousands
 Net incurred lossesNet earned premiumsNet loss ratio
 in KESin USDin KESin USD
Motor
27 919 745275 56843 414 086428 49764.31%
Engineering
411 2444 059932 9759 20844.08%
Marine (1)
697 7346 8872 038 54120 12034.23%
Third party liability
597 5485 8981 289 38012 72646.34%
Property damage (2)
2 923 50328 8556 580 06564 94544.43%
Personal accident
747 3527 3762 294 61022 64832.57%
Health
20 515 402202 48727 133 652267 80975.61%
Miscellaneous (3)
3 115 46830 7507 400 36873 04242.10%
Total non-life56 927 996561 87991 083 677898 99662.50%

Kenya insurance market: net management expenses ratio per class of business

Figures in thousands
 Management expensesNet written premiumsNet management expenses ratio
 in KESin USDin KESin USD
Motor
18 946 062186 99843 701 343431 33243.35%
Engineering
496 1024 897886 6308 75155.95%
Marine (1)
1 050 02410 3641 963 74219 38253.47%
Third party liability
560 0385 5281 254 71512 38444.63%
Property damage (2)
3 347 85033 0436 607 01365 21150.67%
Personal accident
1 311 47512 9442 178 51621 50260.20%
Health
7 626 48075 27327 878 786275 16427.36%
Miscellaneous (3)
3 406 44033 6227 489 70573 92345.48%
Total non life36 744 471362 66891 960 450907 65039.96%

(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 ratioManagement expenses ratioCombined 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-life62.50%39.96%102.46%

(1) including aviation
(2) including theft and fire
(3) including workmen’s compensation
Source: Insurance Regulatory Authority of Kenya, IRA

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