Kenya, top market for South African insurers
Kenya is the main destination for South African insurers outside their borders. The ultimate paradox is that they prefer to invest in Kenya rather than in their own country.
The high growth rate and the size of Kenya's population are attractive factors for South Africans. However, the regulatory burden, the political instability and the weak distribution networks stand as impediments to the proper development of the Kenyan market.
According to a report from the audit firm PricewaterhouseCoopers (PWC), the top 5 African markets targeted by South African insurers also include Botswana, Mozambique and Nigeria.
Note that South Africa is the leading African country in terms of insurance penetration with a rate of 16.99%. On the basis of this penetration rate, Kenya is ranked fourth on the African continent with a rate of 2.83%.
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