One-quarter of Kenyan insurers controls two-thirds of life premiums

According to the Insurance Regulatory Authority (IRA), seven out of the 27 life companies operating on the Kenyan insurance market controlled 77.6% of the life turnover at the end of June 2018. Total premiums for this period amounted to 41.4 billion KES (404 million USD).

The seven largest life insurers namely Jubilee, Britam Life, ICEA Lion Life, CIC Life, Kenindia Assurance, Liberty Life Assurance and Sanlam Life, collected 32 billion KES (314 million USD) in premiums. The remaining 9.4 billion KES (92 million USD) was shared by the other 20 companies.

Britam has strengthened its grip on the life segment with a 25.4% market share against 22.1% previously. Jubilee ranks second with a 14.5% share. It is followed by ICEA Lion with 13.2%.