New Financial Services market report from Business Monitor International: "Kenya Insurance Report Q2 2016"
[ClickPress, Thu Feb 25 2016] We have a bullish outlook for the Kenyan insurance sector, with non-life insurance in particular expected to record robust annual growth throughout our five-year forecast period through 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.
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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.
Growth will be more sedate in the life sector. Although demand is rising as household income rates improve and as the variety of investment options expands, overall development of the market continues to be restricted by low life expectancy and widespread poverty. As a result, premiums are expected to grow by mid-single digits between 2016 and 2020, meaning life insurance will lose some more market share to non-life insurance over the forecast period.
The Kenya Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Kenya Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Kenyan insurance industry.
Benchmark BMI's independent insurance industry forecasts for Kenya to test other views - a key input for successful budgeting and strategic business planning in Kenya's insurance market.
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