Kenya Life Insurance Market Report Overview
The gross written premium of the Kenya life insurance market was KES140 billion ($1.2 billion) in 2022 and is expected to achieve a CAGR of more than 8% during 2023-2027. The Kenya life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Kenya’s life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded & cession rates during the review period and forecast period.
The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Kenya’s economy and demographics, and provides detailed information on the competitive landscape in the country. It 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.
Kenya Life Insurance Market Outlook, 2022-2027 (KES Billion)
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|Market Size (2022)||KES140 billion ($1.2 billion)|
|Key Lines of Business||Pension, General Annuity, Endowment, and Other Life Insurance|
|Key Distribution Channel||Agencies, Direct Marketing, and Insurance Brokers.|
|Leading Companies||Britam Holdings, Jubilee Holdings, Kenya Reinsurance, Britam Life Kenya, British-American Kenya, PTA Reinsurance, CIC Insurance, and Sanlam Kenya|
Kenya Life Insurance Market Trends
Digitalization, Inclusive insurance, microinsurance, ESG are some of the key trends impacting the Kenya life insurance market.
Britam provides a microinsurance known as Kinga Ya Mkulima. It is an insurance product particularly designed for small-scale tea farmers registered with Kenya Tea Development Agency and provides medical and life coverage for the entire family. 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/a loan installment for meeting the financial obligation caused by continued hospitalization.
Kenya Life Insurance Market Segmentation by Lines of Business
The key lines of business in the Kenya life insurance industry are pension, general annuity, endowment, and other life insurance. Pension is the leading life insurance line of business.
Kenya Life Insurance Market Analysis by Lines of Business, 2022 (%)
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Kenya Life Insurance Market Segmentation by Distribution Channel
The key distribution channels in the Kenya life insurance industry are direct from agencies, direct marketing, and insurance brokers. Agencies was the most sought-out channel for life insurance in Kenya in 2022, followed by direct marketing.
Kenya Life Insurance Market Analysis by Distribution Channel, 2022 (%)
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Kenya Life Insurance Market - Competitive Landscape
The leading life insurance companies in Kenya are Britam Holdings, Jubilee Holdings, Kenya Reinsurance, Britam Life Kenya, British-American Kenya, PTA Reinsurance, CIC Insurance, and Sanlam Kenya among others. Britam Holdings accounted for the highest share in 2022.
Kenya Life Insurance Market Analysis by Companies, 2022 (%)
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Segments Covered in the Report
Kenya Life Insurance Lines of Business Outlook (Value, KES Billion, 2017-2027)
- General Annuity
- Other Life Insurance
Kenya Life Insurance Distribution Channel Outlook (Value, KES Billion, 2017-2027)
- Direct Marketing
- Insurance Brokers
This report provides a comprehensive analysis of the life insurance segment in Kenya –
- It provides historical values for Kenya’s life insurance segment for the report’s review period and projected figures for the forecast period.
- It profiles the top life insurance companies in Kenya and outlines the key regulations affecting them.
• Key insights and dynamics of the Kenyan life 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 life insurance industry’s market structure giving details of lines of business.
• The Kenyan life insurance reinsurance business’s market structure giving details of premium ceded along with cession rates.
• Distribution channels deployed by the Kenyan life 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 life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Kenya life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
MLCICEA Lion Life
Table of Contents
- 1. Executive Summary
- 2. Economy Overview
- 3. Regulatory and Compliance
- 4. Key Market Trends
- 5. Summary Trends and KPIs
- 6. Key Trends by Line of Business
- 6.1. General Annuity
- 6.2. Endowment
- 6.3. Pension
- 6.4. Other Life
- 7. Distribution Channels
- 8. Competitive Landscape
- 9. Competitor Profiles
- 10. Reinsurance
- 11. Appendix
Frequently Asked Questions
The gross written premium of the Kenya life insurance market was KES140 billion ($1.2 billion) in 2022.
The life insurance market in Kenya is expected to achieve a CAGR of more than 8% during 2023-2027.
Pension was the leading line of business in the Kenya life insurance market.
Agencies was the most preferred distribution channel in the Kenya life insurance market.
The leading life insurance companies in Kenya are Britam Holdings, Jubilee Holdings, Kenya Reinsurance, Britam Life Kenya, British-American Kenya, PTA Reinsurance, CIC Insurance, and Sanlam Kenya.
Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.
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