Kenyan insurance market as at 30 September 2022

Kenyan insurance marketAccording to the Insurance Regulatory Authority (IRA), the Kenyan market's turnover reached 237.9 billion KES (1.95 billion USD) as at 30 September 2022. This represents an 11.4% increase compared to the same period in 2021.

Non-life premiums have progressed by 10.7% to 134.4 billion KES (1.1 billion USD), that is 56.5% of the market share.

During the period under consideration, the life class of business has recorded 103.5 billion KES (850.64 million USD) in premium income, a 12.3% growth over a year. The life activity accounted for 43.5% of the total written premiums in Kenya as at 30 September 2022.

The net profit generated by all Kenyan insurers during the first nine months of 2022 has dropped by 3.3% over one year amounting to 6.17 billion KES (50.71 million USD).

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