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A report published by the Association of Kenyan Insurers (AKI) indicates that bancassurance activity in the country closed the 2023 financial year with a turnover of 35 billion KES (221.5 million USD), up 13.3% over one year.
Non-life premiums stood at 18.5 billion KES (117.2 million USD), against 16.5 billion KES (104.3 million USD) for the life segment.
Incurred losses increased by 11.8%, from 12.7 billion KES (102.2 million USD) in 2022 to 14.2 billion KES (89.9 million USD) a year later.
In 2023, bancassurance accounted for 9.69% of premiums written by the entire Kenyan insurance market, which amounted to 361.36 billion KES (2.3 billion USD).
Bancassurance in kenya: 2023 main indicators
Figures in thousands
| Class of business | 2023 | 2022 | Evolution 2022-2023 | ||
|---|---|---|---|---|---|
| KES | USD | KES | USD | ||
| Motor | 10 851 881 | 68 692 | 9 599 169 | 77 273 | 13.05% |
| Fire | 2 925 192 | 18 516 | 2 517 645 | 20 267 | 16.19% |
| Health | 1 094 478 | 6 928 | 846 269 | 6 812 | 29.33% |
| Theft | 1 071 872 | 6 785 | 527 763 | 4 248 | 103.10% |
| Miscellaneous risks | 670 335 | 4 243 | 565 725 | 4 554 | 18.49% |
| Third party liability | 484 950 | 3 070 | 608 902 | 4 902 | -20.36% |
| Engineering | 475 582 | 3 010 | 432 276 | 3 480 | 10.02% |
| Workmen's compensation | 428 143 | 2 710 | 337 154 | 2 714 | 26.99% |
| Personal accident | 267 698 | 1 695 | 299 447 | 2 411 | -10.60% |
| Marine | 242 520 | 1 535 | 150 714 | 1 213 | 60.91% |
| Aviation | 5 096 | 32 | 24 136 | 194 | -78.89% |
| Travel | 2 383 | 15 | 11 995 | 97 | -80.13% |
| Non-life total | 18 520 129 | 117 232 | 15 921 194 | 128 166 | 16.32% |
| Life | 16 478 261 | 104 307 | 14 962 114 | 120 445 | 10.13% |
| Grand total | 34 998 389 | 221 540 | 30 883 308 | 248 611 | 13.32% |
(1) Growth rate in local currency
Exchange rate as at 31/12/2023 : 1 KES = 0.00633 USD ; 31/12/2022 : 1 KES = 0.00805 USD
Read also | Insurance companies in Kenya
