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Expansion of the life insurance market in 2014

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Magazine Issue: 
Women and the rush to insurance [3]
Magazine date: 
Apr 2015
Premiums collected by the market from all classes of business, increased by 20% at 157.8 billion KES (1.7 billion USD) in 2014, compared to 131 billion KES (1.5 billion USD) in 2013.
Insurance Plaza, Nairobi © Stephenwanjau [4], CC BY-SA 3.0 (modified picture) [5]

This increase is accounted for by the success of life insurance whose year-on-year progression has been of 27%, compared to 17% in non life insurance.

The turnover of life insurance business amounted to 56.48 billion KES (634 million USD) while that of the non life was set at 101.3 billion KES (1.1 billion USD).

Non life insurance class is dominated by compulsory insurance, mostly underwritten by enterprises.

Life insurance is particularly sought by individuals keen on securing their future income. This mechanism is reinforced by pay rises and by public awareness of the importance of insurance.

Thu, 23/04/2015 - 09:30

Source URL: https://www.atlas-mag.net/en/article/expansion-of-the-life-insurance-market-in-2014

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