The motor class of business is boosting the insurance market

Rising motor insurance tariffs and the rising number of Kenyans owning a vehicle have been instrumental in developing the insurance penetration rate and in increasing the overall volume of premiums in 2010.

Penetration rate, therefore, rose from 2.9% in 2009 to 3.1% in 2010. The new tariffs have allowed the decrease of the loss ratio from 80% in 2009 down to 74.9% in 2010. Insurers expect a double digit growth of their profits.