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Kenya Insurance Report Q1 2012
Market |
Finance and Banking |
Report Type |
Market Research |
Country |
Kenya |
Published |
31 January 2012 |
Number of Pages |
53 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
File Format |
- |
The long-term achievements of the various protagonists – the trade association, the regulator and the insurance companies themselves – are real and substantial. In spite of Kenyas well publicised economic, social and political problems, non-life insurance penetration has risen to around 2% of GDP – a remarkably high figure given the overall income level in Kenya. We think this is a reflection of the innovativeness of many of Kenyas indigenous non-life insurers, most of which are small organisations by most standards. The insurers understand the needs of the clients and are responding accordingly.
Examples that have been publicised in recent months include agricultural risk products that cover farmers against the impact of natural disaster, facilities to pay premiums via mobile phones and takaful. Another indicator of the potential for the non-life segment is that Kenya is one of only four countries in Africa (the others being South Africa, Egypt and Uganda) in which global property and casualty insurance giant Chartis has an on-the-ground presence.
In a country where many households are too poor to consider saving for the future, Kenyas life insurers have still managed to develop a segment that accounts for about a third of all premiums written in the insurance sector as a whole. In other words, they have collectively built sufficient trust among those Kenyans who can save for the long-term. Given the countrys tendency for high(ish) inflation, this is very much to their credit. Unlike in some Eastern European countries, the development of the segment has not been driven entirely by multinational giants. South Africas Metropolitan Life has a subsidiary in Kenya.
Sanlam, another South African major, has a strategic relationship with Pan Africa, as well as its own subsidiary in African Insurance. However, the local life companies have also been key players in the segments evolution. Life density is low by many standards but is clearly growing rapidly. We remain optimistic about the prospects for Kenyas insurance sector, including in our projections through to 2016.
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