According 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).
Read also | Kenya insurance market [4]