New Report Available: Kenya Insurance Report Q2 2014

As of early 2014, 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.

BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.

Full Report Details at
- http://www.fastmr.com/prod/782551_kenya_insurance_report_q2_2014.aspx?afid=301

We remain of the view that Kenya's insurance sector is dynamic and resilient. 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.

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 inflation, this is very much to their credit. Unlike 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, owns half of Pan Africa. Liberty and Old Mutual are also present. However, 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 2018.

Key BMI Forecasts

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