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Kenya Insurance Report Q3 2016

  • May 2016
  • -
  • Business Monitor International
  • -
  • 67 pages

Includes 3 FREE quarterly updates

BMI View: We maintain our bullish outlook for the Kenyan insurance sector as a whole, with the non-lifeinsurance sector in particular expected to post robust and explosive growth over the course of our forecastperiod out to 2020. Increases in average household income rates, as well as wider economic growth, isdriving demand for a number of products, including property, health and motor insurance. At the sametime, improving awareness of the benefits of various life products, as well as an expansion in the number ofproducts available in the market, is contributing to growth of the life sector - though we note thatwidespread poverty remains a serious hindrance to growth potential.

Key Updates And Forecasts

-The Association of Kenya Insurance (AKI) continues to tackle fraudulent claims in the motor sector. TheAKI plans to launch the Integrated Motor Insurance Data System in 2016, which will streamline theclaims process, reducing the potential for fraud and eventually reducing the cost of premiums. Thesystem will be linked with the Kenya Revenue Authority (KRA), Ministry of Transport and the police.

-Non-life insurance will remain the larger of the two segments in Kenya, accounting for over threequarters of all premiums written by the end of the forecast period. With a strong autos market andsignificant public and private investment in infrastructure taking place, we are seeing rising demand formotor and property insurance which, along with health insurance, will contribute to strong double-digitgrowth in premiums through to 2020. We expect the non-life sector to grow by 6.8% in 2016 whenmeasured in US dollar terms, to reach a premium value of USD1.3bn.

Table Of Contents

Kenya Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Kenya 2013-2020) 5
SWOT 7
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Kenya 2013-2020) 13
Table: Life Insurance Claims 13
Non-Life Premiums Forecast 14
Table: Non-Life Premiums (Kenya 2013-2020) 17
Table: Non-Life Insurance Claims 19
Non-Life Sub-Sector Forecast 20
Table: Non-Life Insurance Premiums by Product Line (Kenya 2013-2020) 29
Insurance Risk/Reward Index 31
Sub-Saharan Africa Risk/Reward Index 31
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q316 31
Market Overview 33
Life Market Overview 33
The Product Offering 33
The Competitive Landscape 34
Table: Company Performance: Life Insurance Market (USDmn) 2008-2014 36
Non-Life Market Overview 37
The Product Offering 37
The Competitive Landscape 38
Table: Non-Life Insurance Market (USDmn) 2008-2014 40
Company Profile 42
British American Insurance Company (Kenya) 42
Jubilee Insurance 45
Liberty Holdings 48
MMI Holdings 52
Old Mutual 55
Pan Africa Life Assurance 58
Methodology 61
Industry Forecast Methodology 61
Risk/Reward Index Methodology 64
Table: Indicators 66
Table: Weighting of Indicators 67

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