Magazine date:
Oct 2019 
Kenya insurance market features
- Regulatory authority: Insurance Regulatory Authority (IRA)
- Life and non-life premiums (2018): 2 121 million USD
- Insurance density (2018): 41.275 USD
- Penetration rate (2018): 2.413%
Structure of insurance industry in Kenya (2018)
| Market players | Total |
|---|---|
Life insurance companies | 16 |
Non life insurance companies | 28 |
Composite companies | 9 |
Reinsurance companies | 5 |
Insurance brokers | 215 |
Reinsurance brokers | 14 |
| Total | 287 |
Identity
- Area: 591 958 Km2
- Population (1) (2018) : 51 393 000 inhabitants
- GDP (1) (2018) : 87.9 billion USD
- GDP per capita (2018): 1 710 USD
- GDP growth rate (2018): 6.32%
- Inflation rate (1) (2018): 4.69%
- Main economic sectors: agriculture (tea, coffee, wheat, corn, sugar cane), aluminium, cement, tourism.
Major cities
(per number of inhabitants)
- Nairobi (capital): 8 341 582
- Mombasa: 1 231 211
- Nakuru: 284 840
(1) Source World Bank
(2) Source : population.data
Insurance industry in Kenya: Evolution of life and non-life premiums
in thousands USD| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
Non-life | 1 113 750 | 1 099 229 | 1 209 802 | 1 220 344 | 1 258 541 |
Life | 635 409 | 617 545 | 730 779 | 809 861 | 862 720 |
| Total | 1 749 159 | 1 716 774 | 1 940 581 | 2 030 205 | 2 121 261 |
Insurance industry in Kenya: Ranking of non-life insurers in 2018
in thousands USD| Rank | Kenyan non-life insurers | 2018 turnover | 2017-2018 evolution | 2018 shares | |
|---|---|---|---|---|---|
| in KES | in USD | ||||
| 1 | Jubilee | 10 961 057 | 108 186 | -3.11% | 8.60% |
| 2 | CIC General | 10 090 041 | 99 589 | -0.50% | 7.91% |
| 3 | APA Insurance | 9 558 670 | 94 344 | 18.00% | 7.50% |
| 4 | UAP Insurance | 9 150 323 | 90 314 | -5.36% | 7.18% |
| 5 | Britam | 8 048 802 | 79 441 | 0.08% | 6.31% |
| 6 | GA Insurance | 5 977 062 | 58 994 | 7.75% | 4.69% |
| 7 | Resolution | 5 701 730 | 56 276 | 15.24% | 4.47% |
| 8 | ICEA Lion General | 5 565 167 | 54 928 | -8.04% | 4.36% |
| 9 | AAR Insurance | 5 608 947 | 55 360 | -3.28% | 4.40% |
| 10 | Heritage | 5 366 863 | 52 971 | -9.26% | 4.21% |
| 11 | Geminia | 4 305 846 | 42 499 | 27.87% | 3.38% |
| 12 | Madison | 4 479 093 | 44 209 | 15.21% | 3.51% |
| 13 | First Assurance | 3 686 957 | 36 390 | 26.83% | 2.89% |
| 14 | AIG | 3 561 401 | 35 151 | -2.36% | 2.79% |
| 15 | Mayfair | 2 918 370 | 28 804 | 24.01% | 2.29% |
| 16 | Directline | 3 002 685 | 29 636 | -2.71% | 2.35% |
| 17 | Kenindia | 2 800 230 | 27 638 | -5.61% | 2.20% |
| 18 | Occidental | 2 601 370 | 25 676 | 0.58% | 2.04% |
| 19 | Saham | 2 522 958 | 24 902 | 17.96% | 1.98% |
| 20 | AMACO | 2 173 528 | 21 453 | -12.04% | 1.70% |
| 21 | Fidelity Shield | 2 268 608 | 22 391 | -3.91% | 1.78% |
| 22 | Sanlam | 2 202 962 | 21 742 | 2.23% | 1.73% |
| 23 | Invesco | 1 531 029 | 15 111 | -26.04% | 1.20% |
| 24 | Kenya Orient | 1 433 545 | 14 149 | -22.39% | 1.12% |
| 25 | Xplico | 1 169 908 | 11 547 | 45.44% | 0.92% |
| 26 | Pacis | 1 307 287 | 12 903 | 7.41% | 1.03% |
| 27 | The Monarch | 1 220 931 | 12 051 | 5.25% | 0.96% |
| 28 | Kenyan Alliance | 1 250 703 | 12 344 | 8.19% | 0.98% |
| 29 | Intra Africa | 1 209 715 | 11 940 | 16.95% | 0.95% |
| 30 | Tausi | 1 145 105 | 11 302 | 9.52% | 0.90% |
| 31 | Metropolitan Cannon | 1017398 | 10042 | -19.88% | 0.80% |
| 32 | Takaful | 959848 | 9474 | 13.21% | 0.75% |
| 33 | MUA (1) | 658746 | 6502 | 18.07% | 0.52% |
| 34 | Allianz | 703858 | 6947 | 102.91% | 0.55% |
| 35 | Pioneer | 587719 | 5801 | 80.55% | 0.46% |
| 36 | Trident | 530158 | 5233 | -60.19% | 0.42% |
| 37 | Corporate | 233105 | 2301 | -24.88% | 0.18% |
| Total | 127511725 | 1258541 | 2.19% | 100% | |
* Composite companies are included in life and non-life rankings
(1) Ex Phoenix Assurance
Related article | Best insurance companies in Kenya: 2020 ranking [4]
Insurance industry in Kenya: Ranking of life insurers in 2018
in thousands USD| Rank | Kenyan life insurers | 2018 turnover | 2017-2018 evolution (2) | 2018 shares | |
|---|---|---|---|---|---|
| in KES | in USD | ||||
| 1 | Britam Life | 20 618 666 | 203 506 | 12.69% | 23.59% |
| 2 | Jubilee Insurance | 12 653 249 | 124 888 | 0.08% | 14.48% |
| 3 | ICEA Lion Life | 12 113 887 | 119 564 | -6.93% | 13.86% |
| 4 | CIC Life | 6 074 278 | 59 953 | 24.09% | 6.95% |
| 5 | Kenindia | 5 546 763 | 54 747 | 19.51% | 6.35% |
| 6 | Pioneer | 5 568 988 | 54 966 | 6.81% | 6.37% |
| 7 | Sanlam Life | 4 521 343 | 44 626 | -4.59% | 5.17% |
| 8 | Liberty Life | 4 511 721 | 44 531 | 0.20% | 5.16% |
| 9 | Madison | 3 387 394 | 33 434 | 30.07% | 3.88% |
| 10 | UAP Life | 2 239 370 | 22 103 | -5.34% | 2.56% |
| 11 | Old Mutual | 2 024 617 | 19 983 | 5.47% | 2.32% |
| 12 | Barclays Life | 1 776 743 | 17 536 | 28.72% | 2.03% |
| 13 | GA Life Assurance | 1 671 883 | 16 501 | 3.30% | 1.91% |
| 14 | APA Life Assurance | 1 493 299 | 14 739 | 0.02% | 1.71% |
| 15 | Kenya Orient Life | 597 857 | 5 901 | 41.34% | 0.68% |
| 16 | Geminia | 594 876 | 5 871 | 233.94% | 0.68% |
| 17 | Kenyan Alliance | 458 228 | 4 523 | -41.15% | 0.52% |
| 18 | Prudential Life | 400 873 | 3 957 | 25.99% | 0.46% |
| 19 | Capex Life | 333 912 | 3 296 | 6.57% | 0.38% |
| 20 | Corporate | 270 642 | 2 671 | -2.98% | 0.31% |
| 21 | Metropolitan Cannon | 244 642 | 2 415 | -59.89% | 0.28% |
| 22 | First Assurance | 109 189 | 1 078 | -35.31% | 0.12% |
| 23 | The Monarch | 74 102 | 731 | 59.34% | 0.08% |
| 24 | Saham | 61 568 | 608 | -72.21% | 0.07% |
| 25 | Takaful Insurance of Africa | 60 262 | 595 | 2.32% | 0.07% |
| 26 | Cannon Assurance | - | - | - | - |
| Total | 87 408 352 | 862 720 | 5.56% | 100% | |
* Composite companies are included in life and non-life rankings
(1) Growth rate in local currency
Related article | Structure of the insurance industry in Kenya [5]