Kenya Insurance Report Q3 2016

Date: May 11, 2016
Pages: 67
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: KB27B24553DEN

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Includes 3 FREE quarterly updates

BMI View: We maintain our bullish outlook for the Kenyan insurance sector as a whole, with the non-life insurance sector in particular expected to post robust and explosive growth over the course of our forecast period out to 2020. Increases in average household income rates, as well as wider economic growth, is driving demand for a number of products, including property, health and motor insurance. At the same time, improving awareness of the benefits of various life products, as well as an expansion in the number of products available in the market, is contributing to growth of the life sector - though we note that widespread 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. The AKI plans to launch the Integrated Motor Insurance Data System in 2016, which will streamline the claims process, reducing the potential for fraud and eventually reducing the cost of premiums. The system 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 three quarters of all premiums written by the end of the forecast period. With a strong autos market and significant public and private investment in infrastructure taking place, we are seeing rising demand for motor and property insurance which, along with health insurance, will contribute to strong double-digit growth in premiums through to 2020. We expect the non-life sector to grow by 6.8% in 2016 when measured in US dollar terms, to reach a premium value of USD1.3bn.
BMI Industry View
  Table: Headline Insurance Forecasts (Kenya 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Kenya 2013-2020)
  Table: Life Insurance Claims
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Kenya 2013-2020)
  Table: Non-Life Insurance Claims
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (Kenya 2013-2020)
Insurance Risk/Reward Index
Sub-Saharan Africa Risk/Reward Index
  Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q316
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Company Performance: Life Insurance Market (USDmn) 2008-2014
Non-Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Non-Life Insurance Market (USDmn) 2008-2014
Company Profile
British American Insurance Company (Kenya)
Jubilee Insurance
Liberty Holdings
MMI Holdings
Old Mutual
Pan Africa Life Assurance
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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