Kenya Insurance Industry Update Quarter 1 2012

  • January 2014
  • -
  • Business Monitor International
  • -
  • 94 pages

Insights And Key Risks
The long-term achievements of the various protagonists – the trade association, the regulator and the insurance industry players themselves – are real and substantial. In spite of Kenya’s well publicised economic, social and political problems, non-life insurance penetration has risen to around 2% of Gross Domestic Product – a remarkably high figure given the overall income level in Kenya. We think this is a reflection of the innovativeness of many of Kenya’s 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 sector 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, Kenya’s life insurers have still managed to develop a sector that accounts for about a third of all premiums written in the insurance segment 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 sector 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 industry players have also been key players in the sector ’s evolution. Life density is low by many standards but is clearly growing rapidly. We remain optimistic about the prospects for Kenya’s insurance segment, including in our projections through to 2016.

Table Of Contents

Executive Summary . 5
Data : Total Premiums, from 2009 to 2016 . 5
Key Insights And Key Risks . 5
Industry SWOT Analysis 7
Kenya Insurance Industry Environment and Risk Analysis .. 7
Kenya Political Environment and Risk Analysis 8
Kenya Economic Environment and Risk Analysis . 8
Kenya Business Environment SWOT 9
Life Segment 10
Africa Life Segment Overview . 10
Data : Middle East And Africa Life Premiums, from 2008 to 2016 (US$mn) 10
Kenya Life Segment Update . 11
Life Market Projection Scenario . 12
Data : Life Premiums, from 2009 to 2016 .. 12
Growth Drivers And Risk Management Projections 13
Population . 13
Data : Insurance Key Drivers - Demographics, from 2009 to 2016 . 13
Non-Life Segment . 15
Africa Non-Life Segment Overview .. 15
Data : Middle East And Africa Non-Life Premiums, from 2008 to 2016 (US$mn).. 15
Kenya Non-Life Segment Update .. 16
Data : Breakdown Of Non-Life Premiums, from 2008 to 2009 (KESmn) . 16
Non-Life Market Projection Scenario .. 18
Data : Non-Life Premiums, from 2009 to 2016 18
Growth Drivers And Risk Management Projections 19

Macroeconomic Data . 19
Data : Kenya Economic Activity, from 2001 to 2016 21
Political Stability Outlook .. 21
Healthcare . 24
Health Insurance 26
Epidemiology 28
Data : Insurance Key Drivers - DALYs from 2009 to 2016 .. 35
Motor 37
Islamic Finance .. 38
Insurance Risk/Reward Ratings . 39
Data : Middle East And Africa Insurance Risk/Reward Ratings .. 39

Competitive Landscape .. 40
Major Players In Kenya’s Insurance Segment 40
Data : Non-Life Firms ’ Premiums And Industry Share, from 2008 to 2009 .. 41
Data : Life Firms ’ Industry Shares, 2009 (KESmn) . 43
Company Profiles 44
APA Insurance . 44
Apollo .. 45
Blue Shield Insurance .. 46
Jubilee Holdings . 47
Kenindia . 47
Kenya Insurance Report Q1 2012
© Business Monitor International Ltd Page 4
Pan Africa .. 48
BMI Methodology 49
Insurance Risk/Reward Ratings . 51
Data : Insurance Risk/Reward Indicators And Rationale .. 52
Data : Weighting Of Indicators .. 53

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