2014-02-07 19:07:01 - Kenya Insurance Report Q1 2014 - a new market research report on companiesandmarkets.com
As of late 2013, the key issues for Kenya´s insurance sector are broadly the same as they were one or two years previously. In essence, the involvement of leading multi-lateral finance institutions and South African multinationals have more than compensated for a generally difficult business environment.
Continued strong growth in premiums and profits appears likely.
We remain of the view that Kenya´s insurance sector is dynamic and resilient. Premiums in both major segments were about 20% higher in 2012 than in 2011. Although 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 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 AIG has an on-the-ground presence. Non life penetration exceeds 2%, which is a high level for a country with Kenya´s low per capita income.
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