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Profile
- Area (1): 580 367 Km2
- Population (1) (2023): 55 339 003 inhabitants
- GDP (2) (2023): 108.04 billion USD
- GDP per capita (2023) : 1952 USD
- GDP growth rate (2023) (2): 5.6%
- Inflation rate (2023) (2): 4.5%
- Main economic sectors: agriculture (tea, coffee, wheat, corn, sugar cane), aluminum, cement, tourism.
(1) Source: www.macrotrends.net
(2) Source : population.data
Kenyan insurance market features
- Regulatory authority: Insurance Regulatory Authority (IRA)
- Life and non-life premiums (2024): 3 032 million USD
- Insurance density (2023): 41.3 USD
- Penetration rate (2023): 2.1%
Structure of the Kenyan insurance market in 2024
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| Main market players | Total |
| Non-life insurance companies | 34 |
| Life insurance companies | 23 |
| Composite companies | 6 |
| Reinsurance companies | 5 |
Kenyan insurance market: evolution of premiums per life and non-life class of business (2020-2024)
Figures in thousands USD
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| Branches | 2020 | 2021 | 2022 | 2023 | 2024 |
| Non-life | 1 190 611 | 1 337 642 | 1 359 840 | 1 211 174 | 1 565 483 |
| Life | 929 260 | 1 086 201 | 1 133 801 | 1 076 240 | 1 466 479 |
| Total | 2 119 871 | 2 423 843 | 2 493 641 | 2 287 414 | 3 031 962 |
Exchange rate as at 31/12/2024: 1 KES = 0.00767 USD at 31/12/2023: 1 KES = 0.00633 USD; at 31/12/2022: 1 KES = 0.00805 USD; at 31/12/2021: 1 KES = 0.00878 USD; at 31/12/2020: 1 KES = 0.0091 USD
Kenyan insurance market: turnover per class of business: 2020-2024
Figures in thousands
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| Class of business | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 shares |
| Health | 409 278 | 451 475 | 441 883 | 419 732 | 585 297 | 19.30% |
| Motor | 392 775 | 414 741 | 433 731 | 348 926 | 429 399 | 14.16% |
| Property damage (1) | 154 347 | 172 788 | 191 014 | 172 963 | 221 513 | 7.31% |
| Marine (2) | 55 749 | 60 886 | 62 926 | 57 199 | 73 850 | 2.44% |
| Engineering | 30 863 | 39 240 | 42 462 | 29 345 | 40 249 | 1.33% |
| Third party liability | 29 167 | 30 010 | 30 930 | 30 192 | 37 565 | 1.24% |
| Personal accident | 21 149 | 22 428 | 20 048 | 21 881 | 25 607 | 0.84% |
| Miscellaneous (3) | 97 283 | 146 074 | 136 846 | 130 936 | 152 003 | 5.01% |
| Non-life total | 1 190 611 | 1 337 642 | 1 359 840 | 1 211 174 | 1 565 483 | 51.63% |
| Life total | 929 260 | 1 086 201 | 1 133 801 | 1 076 240 | 1 466 479 | 48.37% |
| Grand total | 2 119 871 | 2 423 843 | 2 493 641 | 2 287 414 | 3 031 962 | 100% |
(1) includes theft and fire
(2) includes aviation and maritime transport
(3) includes work accidents
Read also | Insurance companies in Kenya
Kenyan insurance market: net loss ratio 2024 per non-life insurer
Figures in thousands
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| Net incurred losses | Net earned premiums | Net loss ratio | |||
| KES | USD | KES | USD | ||
| Old Mutual General | 11 221 320 | 86 068 | 15 563 986 | 119 376 | 72.10% |
| APA | 8 127 309 | 62 336 | 11 006 917 | 84 423 | 73.84% |
| Britam General | 6 733 148 | 51 643 | 9 863 045 | 75 650 | 68.27% |
| GA | 5 318 829 | 40 795 | 7 289 769 | 55 913 | 72.96% |
| CIC General | 10 236 398 | 78 513 | 13 984 910 | 107 264 | 73.20% |
| Jubilee Health | 9 791 312 | 75 099 | 13 280 260 | 101 860 | 73.73% |
| AAR | 5 639 555 | 43 255 | 7 657 543 | 58 733 | 73.65% |
| ICEA LION General | 2 305 116 | 17 680 | 4 483 232 | 34 386 | 51.42% |
| Madison | 4 003 307 | 30 705 | 6 223 565 | 47 735 | 64.32% |
| Mayfair | 2 218 860 | 17 019 | 3 470 348 | 26 618 | 63.94% |
| The Heritage | 2 558 807 | 19 626 | 4 849 999 | 37 199 | 52.76% |
| First | 2 896 491 | 22 216 | 3 153 703 | 24 189 | 91.84% |
| Geminia | 3 452 336 | 26 479 | 4 459 385 | 34 203 | 77.42% |
| Fidelity Shield | 1 740 443 | 13 349 | 2 282 442 | 17 506 | 76.25% |
| NCBA (Ex.AIG) | 529 780 | 4 063 | 883 495 | 6 776 | 59.96% |
| Directline | 3 488 680 | 26 758 | 4 054 305 | 31 097 | 86.05% |
| African Merchant | 1 815 299 | 13 923 | 3 109 180 | 23 847 | 58.39% |
| Sanlam | 959 354 | 7 358 | 1 729 496 | 13 265 | 55.47% |
| Pacis | 1 429 670 | 10 966 | 2 390 944 | 18 339 | 59.80% |
| Intra-Africa | 1 282 678 | 9 838 | 2 230 703 | 17 109 | 57.50% |
| Kenindia | 860 884 | 6 603 | 1 313 467 | 10 074 | 65.54% |
| Star Discover | 965 913 | 7 409 | 1 344 296 | 10 311 | 71.85% |
| Tausi | 573 156 | 4 396 | 1 326 078 | 10 171 | 43.22% |
| The Kenyan Alliance | 852 993 | 6 542 | 1 833 094 | 14 060 | 46.53% |
| MUA | 957 682 | 7 345 | 1 340 961 | 10 285 | 71.42% |
| Cannon General | 1 529 551 | 11 732 | 1 474 461 | 11 309 | 103.74% |
| Occidental | 682 535 | 5 235 | 1 090 426 | 8 364 | 62.59% |
| Pioneer | 972 006 | 7 455 | 1 576 027 | 12 088 | 61.67% |
| Kenya Orient | 1 523 561 | 11 686 | 1 181 611 | 9 063 | 128.94% |
| The Monarch | 564 202 | 4 327 | 552 741 | 4 240 | 102.07% |
| Takaful Insurance Of Africa | 428 154 | 3 284 | 787 761 | 6 042 | 54.35% |
| Corporate | 49 398 | 379 | 146 582 | 1 124 | 33.70% |
| Turaco Micro | 16 778 | 129 | 89 685 | 688 | 18.71% |
| Star Discover Micro | 12 680 | 97 | 41 395 | 317 | 30.63% |
| Total non vie | 95 738 185 | 734 312 | 136 065 812 | 1 043 625 | 70.36% |
Kenyan insurance market: management expenses ratio 2024 per non-life insurer
Figures in thousands
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| Management expenses | Net written premiums | Net management expenses ratio | |||
| KES | USD | KES | USD | ||
| Old Mutual General | 4 680 596 | 35 900 | 15 911 520 | 122 041 | 29.42% |
| APA | 3 289 944 | 25 234 | 11 513 925 | 88 312 | 28.57% |
| Britam General | 3 192 985 | 24 490 | 10 089 935 | 77 390 | 31.65% |
| GA | 1 436 317 | 11 017 | 7 267 892 | 55 745 | 19.76% |
| CIC General | 4 378 584 | 33 584 | 14 628 705 | 112 202 | 29.93% |
| Jubilee Health | 3 332 315 | 25 559 | 13 742 359 | 105 404 | 24.25% |
| AAR | 2 134 905 | 16 375 | 7 918 412 | 60 734 | 26.96% |
| ICEA LION General | 1 901 138 | 14 582 | 4 722 717 | 36 223 | 40.26% |
| Madison | 2 099 986 | 16 107 | 6 351 846 | 48 719 | 33.06% |
| Mayfair | 1 062 474 | 8 149 | 3 560 553 | 27 309 | 29.84% |
| The Heritage | 2 185 038 | 16 759 | 4 922 394 | 37 755 | 44.39% |
| First | 1 413 114 | 10 839 | 3 321 875 | 25 479 | 42.54% |
| Geminia | 1 636 937 | 12 555 | 4 078 686 | 31 284 | 40.13% |
| Fidelity Shield | 686 216 | 5 263 | 2 493 701 | 19 127 | 27.52% |
| NCBA (Ex.AIG) | 387 868 | 2 975 | 1 267 549 | 9 722 | 30.60% |
| Directline | 1 400 204 | 10 740 | 3 367 389 | 25 828 | 41.58% |
| African Merchant | 1 284 270 | 9 850 | 3 229 995 | 24 774 | 39.76% |
| Sanlam | 870 216 | 6 675 | 1 846 677 | 14 164 | 47.12% |
| Pacis | 982 435 | 7 535 | 2 542 391 | 19 500 | 38.64% |
| Intra-Africa | 654 921 | 5 023 | 2 335 973 | 17 917 | 28.04% |
| Kenindia | 744 512 | 5 710 | 1 456 843 | 11 174 | 51.10% |
| Star Discover | 412 400 | 3 163 | 2 114 997 | 16 222 | 19.50% |
| Tausi | 729 251 | 5 593 | 1 325 104 | 10 164 | 55.03% |
| The Kenyan Alliance | 878 107 | 6 735 | 1 872 109 | 14 359 | 46.90% |
| MUA | 404 749 | 3 104 | 1 119 568 | 8 587 | 36.15% |
| Cannon General | 694 883 | 5 330 | 1 782 649 | 13 673 | 38.98% |
| Occidental | 238 453 | 1 829 | 825 487 | 6 331 | 28.89% |
| Pioneer | 618 279 | 4 742 | 1 689 172 | 12 956 | 36.60% |
| Kenya Orient | 584 718 | 4 485 | 1 134 577 | 8 702 | 51.54% |
| The Monarch | 551 144 | 4 227 | 1 079 041 | 8 276 | 51.08% |
| Takaful Insurance of Africa | 470 087 | 3 606 | 833 746 | 6 395 | 56.38% |
| Corporate | 136 306 | 1 045 | 116 558 | 894 | 116.94% |
| Turaco Micro | 40 964 | 314 | 104 540 | 802 | 39.19% |
| Star Discover Micro | 50 691 | 389 | 41 750 | 320 | 121.42% |
| Total non vie | 45 565 007 | 349 484 | 140 610 635 | 1 078 484 | 32.41% |
Kenyan insurance market: net combined ratio 2024 per non-life insurer
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| Net loss ratio | Net management expenses ratio | Combined ratio | |
| Old Mutual General | 72.10% | 29.42% | 101.52% |
| APA | 73.84% | 28.57% | 102.41% |
| Britam General | 68.27% | 31.65% | 99.92% |
| GA | 72.96% | 19.76% | 92.72% |
| CIC General | 73.20% | 29.93% | 103.13% |
| Jubilee Health | 73.73% | 24.25% | 97.98% |
| AAR | 73.65% | 26.96% | 100.61% |
| ICEA LION General | 51.42% | 40.26% | 91.68% |
| Madison | 64.32% | 33.06% | 97.38% |
| Mayfair | 63.94% | 29.84% | 93.78% |
| The Heritage | 52.76% | 44.39% | 97.15% |
| First | 91.84% | 42.54% | 134.38% |
| Geminia | 77.42% | 40.13% | 117.55% |
| Fidelity Shield | 76.25% | 27.52% | 103.77% |
| NCBA (Ex.AIG) | 59.96% | 30.60% | 90.56% |
| Directline | 86.05% | 41.58% | 127.63% |
| African Merchant | 58.39% | 39.76% | 98.15% |
| Sanlam | 55.47% | 47.12% | 102.59% |
| Pacis | 59.80% | 38.64% | 98.44% |
| Intra-Africa | 57.50% | 28.04% | 85.54% |
| Kenindia | 65.54% | 51.10% | 116.64% |
| Star Discover | 71.85% | 19.50% | 91.35% |
| Tausi | 43.22% | 55.03% | 98.25% |
| The Kenyan Alliance | 46.53% | 46.90% | 93.43% |
| MUA | 71.42% | 36.15% | 107.57% |
| Cannon General | 103.74% | 38.98% | 142.72% |
| Occidental | 62.59% | 28.89% | 91.48% |
| Pioneer | 61.67% | 36.60% | 98.27% |
| Kenya Orient | 128.94% | 51.54% | 180.48% |
| The Monarch | 102.07% | 51.08% | 153.15% |
| Takaful Insurance of Africa | 54.35% | 56.38% | 110.73% |
| Corporate | 33.70% | 116.94% | 150.64% |
| Turaco Micro | 18.71% | 39.19% | 57.90% |
| Star Discover Micro | 30.63% | 121.42% | 152.05% |
| Total non-life | 70.36% | 32.41% | 102.77% |
Source : Insurance Regulatory Authority, Kenya
