Kenya General Insurance Market Size, Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Kenya General Insurance Market Report Overview
The gross written premium of the Kenya general insurance market was KES162 billion ($1.4 billion) in 2022 and is expected to achieve a CAGR of more than 6% during 2023-2027. The Kenya general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Kenyan general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
Kenya General Insurance Market Outlook, 2022-2027 (KES Billion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Kenyan economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | KES162 billion ($1.4 billion) |
CAGR (2023-2027) | >6% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Property
· Motor · Liability · MAT · General Insurance PA&H · Miscellaneous |
Key Distribution Channels | · Direct Marketing
· Insurance Brokers · Agencies |
Leading Companies | · UAP
· CIC General · GA Kenya · APA Kenya · Britam General · Jubilee Health · AAR · Heritage, · ICEA Lion General · Madison General |
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Kenya General Insurance Market Trends
Digitalization, inclusive insurance, microinsurance, and ESG are some of the market trends impacting the Kenya GI market.
Digitalization: Insurtech developments have enabled insurers to adopt digitalization in their different processes. APA provides innovative and affordable inclusive insurance in Kenya. The insurer offers inclusive insurance called APA Hospital Cash that provides an insured person weekly earnings and a loan installment for meeting the financial obligation caused by continued hospitalization.
Kenya General Insurance Market Segmentation by Line of Business
The key lines of business in the Kenya general insurance market are property, motor, liability, MAT, general insurance PA&H, and miscellaneous. General insurance PA&H had the highest market share in the Kenya general insurance market in 2022 and is expected to record strong growth over 2023–27.
Motor insurance was the leading consumer line, however, it is also the most loss-making line of business in Kenya. Fraudulent claims such as fake accidents and thefts continued to weigh down on profitability.
Kenya General Insurance Market Analysis by Lines of Business, 2022 (%)
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Kenya General Insurance Market Segmentation by Distribution Channel
The key distribution channels in the Kenya general insurance market are direct marketing, insurance brokers, and agencies. General insurance distribution in Kenya is led by agencies. During 2018–22, direct marketing registered the highest growth and brokers recorded the lowest.
Kenya General Insurance Market Analysis by Distribution Channel, 2022 (%)
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Kenya General Insurance Market - Competitive Landscape
Some of the leading general insurance companies in Kenya are UAP, CIC General, GA Kenya, APA Kenya, Britam General, Jubilee Health, AAR, Heritage, ICEA Lion General, and Madison General, among others. UAP was the leading general insurer in 2021.
Kenya General Insurance Market Analysis, by Companies, 2021 (%)
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Segments Covered in the Report
Kenya General Insurance Market Lines of Business Outlook (Value, KES Billion, 2018-2027)
- Property
- Motor
- Liability
- MAT
- General Insurance PA&H
- Miscellaneous
Kenya General Insurance Distribution Channel Outlook (Value, KES Billion, 2018-2027)
- Direct Marketing
- Insurance Brokers
- Agencies
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Kenya.
- Historical values for the Kenya general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top general insurance companies in Kenya and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Kenyan general insurance segment.
- A comprehensive overview of the Kenyan economy, government initiatives, and investment opportunities.
- The Kenyan insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Kenyan general insurance industry’s market structure gives details of lines of business.
- The Kenyan general reinsurance business’ market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by the Kenyan general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Kenya general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Kenyan general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
CIC General
APA Kenya
Jubilee
Britam General
GA
ICEA Lion General
Heritage
Table of Contents
Frequently asked questions
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What was the Kenya general insurance market gross written premium in 2022?
The gross written premium of the Kenya general insurance market was KES162 billion ($1.4 billion) in 2022.
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What is the Kenya general insurance market growth rate?
The general insurance market in Kenya is expected to achieve a CAGR of more than 6% during 2023-2027.
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Which line of business holds the largest share of the Kenya general insurance market?
General insurance PA&H was the leading general insurance line of business in the Kenya general insurance market in 2022.
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Which distribution channel holds the highest share in the Kenya general insurance market?
Agencies was the leading distribution channel in 2022 in the Kenya general insurance market.
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Which are the key companies operating in the Kenya general insurance market?
Some of the leading general insurance companies in Kenya are UAP, CIC General, GA Kenya, APA Kenya, Britam General, Jubilee Health, AAR, Heritage, ICEA Lion General, and Madison General, among others.
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