Structure of the insurance industry in Kenya

Magazine Issue:

Magazine date:

Dec 2019

Structure of insurance industry in Kenya: evolution of premiums per class of business (2017-2018)

in thousands USD

	2014	2015	2016	2017	2018	2018 shares
Motor	437 251	428 132	442 191	437 276	454 895	21.44%
Engineering	39 844	37 932	34 523	40 982	36 435	1.72%
Marine ⁽¹⁾	44 101	43 154	40 503	51 659	54 333	2.56%
Third party liability	21 240	21 850	25 050	27 556	26 934	1.27%
Property damage ⁽²⁾	153 397	146 763	152 350	161 231	160 722	7.58%
Personal accident	40 479	38 768	39 783	34 388	31 162	1.47%
Health	284 288	293 689	382 844	374 939	396 734	18.70%
Miscellaneous ⁽³⁾	93 150	88 941	92 559	92 313	97 326	4.59%
Total non life	1 113 750	1 099 229	1 209 803	1 220 344	1 258 541	59.33%
Life ⁽⁴⁾	635 409	617 545	730 779	809 861	862 720	40.67%
Grand total	1 749 159	1 716 774	1 940 582	2 030 205	2 121 261	100%

Turnover 2018 per class of business

kenya insurance industry

⁽¹⁾ Including aviation and maritime transport
⁽²⁾ Inclding theft and fire
⁽³⁾ Including workmen’s compensation
⁽⁴⁾ Including group health, pension and sinking fund insurance

Read also | Ranking of insurance companies in kenya - 2018 [4]

Structure of insurance industry in Kenya: Net loss ratio per class of business in 2018

Figures in thousands

	Net incurred losses		Net earned premiums		Net loss ratio
	in KES	in USD	in KES	in USD	Net loss ratio
Motor	27 919 745	275 568	43 414 086	428 497	64.31%
Engineering	411 244	4 059	932 975	9 208	44.08%
Marine ⁽¹⁾	697 734	6 887	2 038 541	20 120	34.23%
Third party liability	597 548	5 898	1 289 380	12 726	46.34%
Property damage ⁽²⁾	2 923 503	28 855	6 580 065	64 945	44.43%
Personal accident	747 352	7 376	2 294 610	22 648	32.57%
Health	20 515 402	202 487	27 133 652	267 809	75.61%
Miscellaneous ⁽³⁾	3 115 468	30 750	7 400 368	73 042	42.10%
Total non-life	56 927 996	561 879	91 083 677	898 996	62.50%

Structure of insurance industry in Kenya: Net management expenses ratio per class of business in 2018

Figures in thousands

	Management expenses		Net written premiums		Net management expenses ratio
	in KES	in USD	in KES	in USD	Net management expenses ratio
Motor	18 946 062	186 998	43 701 343	431 332	43.35%
Engineering	496 102	4 897	886 630	8 751	55.95%
Marine ⁽¹⁾	1 050 024	10 364	1 963 742	19 382	53.47%
Third party liability	560 038	5 528	1 254 715	12 384	44.63%
Property damage ⁽²⁾	3 347 850	33 043	6 607 013	65 211	50.67%
Personal accident	1 311 475	12 944	2 178 516	21 502	60.20%
Health	7 626 480	75 273	27 878 786	275 164	27.36%
Miscellaneous ⁽³⁾	3 406 440	33 622	7 489 705	73 923	45.48%
Total non life	36 744 471	362 668	91 960 450	907 650	39.96%

⁽¹⁾ including aviation
⁽²⁾ including theft and fire
⁽³⁾ including workmen’s compensation

Structure of insurance industry in Kenya: Combined ratio per class of business in 2018

	Net loss ratio	Management expenses ratio	Combined ratio
Motor	64.31%	43.35%	107.66%
Engineering	44.08%	55.95%	100.03%
Marine ⁽¹⁾	34.23%	53.47%	87.70%
Third party liability	46.34%	44.63%	90.97%
Property damage ⁽²⁾	44.43%	50.67%	95.10%
Personal accident	32.57%	60.20%	92.77%
Health	75.61%	27.36%	102.97%
Miscellaneous ⁽³⁾	42.10%	45.48%	87.58%
Total non-life	62.50%	39.96%	102.46%

⁽¹⁾ including aviation
⁽²⁾ including theft and fire
⁽³⁾ including workmen’s compensation
Source: Insurance Regulatory Authority of Kenya, IRA

Structure of the insurance industry in Kenya - 2018

Structure of insurance industry in Kenya: evolution of premiums per class of business (2017-2018)

Structure of insurance industry in Kenya: Net loss ratio per class of business in 2018

Structure of insurance industry in Kenya: Net management expenses ratio per class of business in 2018

Structure of insurance industry in Kenya: Combined ratio per class of business in 2018