The price of this market report covers 4 quarterly reports on this sector. This quarterly report will be downloadable instantly as a PDF document, with the 3 remaining reports delivered at regular intervals throughout the year.
Writing in March 2012, we remain of the view that Kenya's insurance sector is dynamic and resilient. Although the insurance companies are small organisations by most standards, they are innovative and clearly understand the needs and challenges of their customers. Initiatives that have been announced in recent months include agricultural risk products that cover farmers against the impact of natural disaster, facilities to pay premiums and 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. Non-life penetration exceeds 2%, which is a high level for a country with Kenya's per capita income.
In a country where many households are too poor to consider saving for the future, Kenya's 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 country's 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 Africa's 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 segment's evolution. Life density is low by many standards but is clearly growing rapidly. We remain optimistic about the prospects for Kenya's insurance sector, and this is reflected in our projections through to 2016.
Click for Report details:Kenya Insurance Report Q2 2012