The Insurance Industry in Kenya, Key Trends and Opportunities to 2020

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Published: December 09, 2016 Report Code: GD-IS1345MR-ST

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GlobalData’s 'The Insurance Industry in Kenya, Key Trends and Opportunities to 2020' report provides a detailed analysis of the Kenyan insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011–2015) and forecast periods (2015–2020).

The report also gives a comprehensive overview of the Kenyan economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes analysis of the impact of natural hazards on the insurance industry.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the insurance industry in Kenya:

• It provides historical values for the Kenyan insurance industry for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key segments in the Kenyan insurance industry, with market forecasts to 2020.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It profiles the top insurance companies in Kenya, and highlights recent developments.

• It covers the economic and demographic structure of Kenya.

• It analyzes the impact of natural hazards in the Kenyan insurance industry.

Key Highlights

• In August 2015, the Kenyan government launched pastoral livestock insurance in northern Kenya, in partnership with the World Bank and the International Livestock Research Institute (ILRI).

• Life insurance penetration in Kenya was 1.0% in 2015.

• The non-life segment accounted for 70.0% of the industry’s gross written premium in 2015.

• In 2015, there were 16 life insurers, 25 general insurers, 10 composite insurers and three reinsurers operating in the country.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Kenyan insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Kenyan insurance industry.

• Assess the competitive dynamics in the Kenyan insurance industry.

• Identify growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing the Kenyan insurance industry, and their impact on companies and the industry's future.

Jubilee Insurance Company,British American Insurance ,UAP Insurance Company,APA Insurance Company,ICEA Lion Life Assurance Company



Table of Contents

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHY

4 INDUSTRY OUTLOOK

4.1 Regional Comparison

4.2 Industry Indicators

4.2.1 Gross written premium

4.2.2 Direct written premium

4.2.3 Policies sold

4.2.4 Claims

4.2.5 Assets and investments

5 LIFE INSURANCE OUTLOOK

5.1 Individual Life Insurance

5.1.1 Policies sold

5.1.2 Penetration

5.2 Group Life Insurance

5.2.1 Policies sold

5.2.2 Penetration

6 NON-LIFE INSURANCE OUTLOOK

6.1 Property Insurance

6.1.1 Gross written premium

6.1.2 Penetration

6.1.3 Profitability

6.2 Motor Insurance

6.2.1 Gross written premium

6.2.2 Penetration

6.2.3 Profitability

6.3 Liability Insurance

6.3.1 Gross written premium

6.3.2 Penetration

6.3.3 Profitability

6.4 Marine, Aviation and Transit Insurance

6.4.1 Gross written premium

6.4.2 Penetration

6.4.3 Profitability

7 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK

7.1 Personal Accident Insurance

7.1.1 Gross written premium

7.1.2 Penetration

7.1.3 Profitability

7.2 Health Insurance

7.2.1 Gross written premium

7.2.2 Penetration

7.2.3 Profitability

8 REINSURANCE OUTLOOK

8.1 Premium Ceded

9 DISTRIBUTION CHANNEL OUTLOOK

10 NATURAL HAZARDS

10.1 Flooding

10.2 Droughts

10.3 Landslide

10.4 Exposure

11 COMPETITIVE LANDSCAPE

11.1 Company Profiles

11.1.1 The Jubilee Insurance Company of Kenya Ltd – Company overview

11.1.2 British American Insurance Company (Kenya) Ltd – Company overview

11.1.3 UAP Insurance Company Ltd – Company overview

11.1.4 APA Insurance Company – Company overview

11.1.5 ICEA Lion Life Assurance Company – Company overview

12 GOVERNANCE, RISK AND COMPLIANCE

12.1 Legislation Overview and Historical Evolution

12.2 Latest Changes in Regulation

12.3 Legislation and Market Practice by Type of Insurance

12.3.1 Life insurance

12.3.2 Property insurance

12.3.3 Motor insurance

12.3.4 Liability insurance

12.3.5 Marine, aviation and transit insurance

12.3.6 Personal accident and health insurance

12.4 Compulsory Insurance

12.4.1 Motor third-party liability insurance

12.4.2 Workmen’s compensation insurance

12.4.3 Professional indemnity insurance for brokers and agents

12.5 Supervision and Control

12.5.1 International Association of Insurance Supervisors

12.5.2 African Insurance Organization

12.5.3 Insurance Regulatory Authority (IRA)

12.5.4 Association of Kenya Insurers (AKI)

12.6 Non-Admitted Insurance Regulation

12.6.1 Overview

12.6.2 Intermediaries

12.6.3 Market practices

12.6.4 Fines and Penalties

12.7 Company Registration and Operations

12.7.1 Type of insurance organization

12.7.2 Establishing a local company

12.7.3 Foreign ownership

12.7.4 Types of license

12.7.5 Capital requirements

12.7.6 Solvency margin

12.7.7 Reserve requirements

12.7.8 Investment regulations

12.7.9 Statutory return requirements

12.7.10 Fee structure

12.8 Taxation

12.8.1 Insurance premium or policy taxation

12.8.2 Withholding taxes on premium paid overseas

12.8.3 Corporate tax

12.8.4 VAT

12.8.5 Captives

12.9 Legal System

12.9.1 Introduction

12.9.2 Access to court

12.9.3 Alternative dispute resolution (ADR)

13 DATABOOK

13.1 Life Insurance

13.1.1 Policies and premium

13.1.2 Claims and expenses

13.1.3 Assets and investments

13.1.4 Individual life insurance

13.1.5 Group life insurance

13.1.6 Group life insurance by product

13.1.7 Individual life – Single vs non-single premium

13.1.8 Group life – Single vs non-single premium

13.1.9 Linked vs non-linked policies

13.2 Non-Life Insurance

13.2.1 Policies and premium

13.2.2 Claims and expenses

13.2.3 Assets and investments

13.2.4 Property insurance

13.2.5 Property insurance by product

13.2.6 Motor insurance

13.2.7 Motor insurance by product

13.2.8 Liability insurance

13.2.9 Marine, aviation and transit insurance

13.3 Personal Accident and Health Insurance

13.3.1 Policies and premium

13.3.2 Claims and expenses

13.3.3 Assets and investments

13.3.4 Personal accident insurance

13.3.5 Health insurance

14 DEFINITIONS AND METHODOLOGY

14.1 Definitions

14.2 Methodology

15 ABOUT TIMETRIC

15.1 Contact GlobalData

15.2 About GlobalData

15.3 GlobalData’s Services

15.4 Disclaimer

Table

Table 1: Kenyan Insurance Industry – Key Facts, 2015

Table 2: Kenyan Insurance Industry – Segment Shares of the Top Insurers, 2015

Table 3: Kenyan Government Credit Ratings

Table 4: Kenyan Insurance Industry – Gross Written Premium by Segment (KES Billion), 2011–2015

Table 5: Kenyan Insurance Industry – Gross Written Premium by Segment (KES Billion), 2015–2020

Table 6: Kenyan Insurance Industry – Direct Written Premium by Segment (KES Billion), 2011–2015

Table 7: Kenyan Insurance Industry – Direct Written Premium by Segment (KES Billion), 2015–2020

Table 8: Kenyan Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (KES), 2011–2015

Table 9: Kenyan Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (KES), 2015–2020

Table 10: Kenyan Life Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 11: Kenyan Life Insurance– Number of Policies Sold Thousand), 2015–2020

Table 12: Kenyan Life Insurance – Paid Claims (KES Billion), 2011–2015

Table 13: Kenyan Life Insurance – Paid Claims (KES Billion), 2015–2020

Table 14: Kenyan Insurance Industry – Total Assets by Segment (KES Billion), 2011–2015

Table 15: Kenyan Insurance Industry – Total Assets by Segment (KES Billion), 2015–2020

Table 16: Kenyan Insurance Industry – Total Investment Income by Segment (KES Billion), 2011–2015

Table 17: Kenyan Insurance Industry – Total Investment Income by Segment (KES Billion), 2015–2020

Table 18: Kenyan Insurance Industry – Life Insurance Investment Portfolio (KES Billion), 2011–2015

Table 19: Kenyan Insurance Industry – Life Insurance Investment Portfolio (KES Billion), 2015–2020

Table 20: Kenyan Insurance Industry – Non-Life Insurance Investment Portfolio (KES Billion), 2011–2015

Table 21: Kenyan Insurance Industry – Non-Life Insurance Investment Portfolio (KES Billion), 2015–2020

Table 22: Kenyan Insurance Industry – Personal Accident and Health Insurance Investment Portfolio (KES Billion), 2011–2015

Table 23: Kenyan Insurance Industry – Personal Accident and Health Insurance Investment Portfolio (KES Billion), 2015–2020

Table 24: Kenyan Individual Life Insurance – Number of Active Policies (Thousand), 2011–2015

Table 25: Kenyan Individual Life Insurance – Number of Active Policies (Thousand), 2015–2020

Table 26: Kenyan Group Life Insurance – Number of Active Policies (Thousand), 2011–2015

Table 27: Kenya Group Life Insurance – Number of Active Policies (Thousand), 2015–2020

Table 28: Kenyan Property Insurance – Gross Written Premium (KES Billion and US$ Million), 2011–2015

Table 29: Kenyan Property Insurance – Gross Written Premium (KES Billion and US$ Million), 2015–2020

Table 30: Kenyan Property Insurance – Loss Ratio (%), 2011–2015

Table 31: Kenyan Property Insurance – Loss Ratio(%), 2015–2020

Table 32: Kenyan Motor Insurance – Gross Written Premium (KES Billion and US$ Million), 2011–2015

Table 33: Kenyan Motor Insurance – Gross Written Premium (KES Billion and US$ Million), 2015–2020

Table 34: Kenyan Motor Insurance – Loss Ratio (%), 2011–2015

Table 35: Kenyan Motor Insurance – Loss Ratio(%), 2015–2020

Table 36: Kenyan Liability Insurance – Gross Written Premium (KES Billion and US$ Million), 2011–2015

Table 37: Kenyan Liability Insurance – Gross Written Premium (KES Billion and US$ Million), 2015–2020

Table 38: Kenyan Liability Insurance – Loss Ratio (%), 2011–2015

Table 39: Kenyan Liability Insurance – Loss Ratio(%), 2015–2020

Table 40: Kenyan Marine, Aviation and Transit Insurance – Gross Written Premium (KES Billion and US$ Million), 2011–2015

Table 41: Kenyan Marine, Aviation and Transit Insurance – Gross Written Premium (KES Billion and US$ Million), 2015–2020

Table 42: Kenyan Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 43: Kenyan Marine, Aviation and Transit Insurance – Loss Ratio(%), 2015–2020

Table 44: Kenyan Personal Accident Insurance – Gross Written Premium (KES Billion and US$ Million), 2011–2015

Table 45: Kenyan Personal Accident Insurance – Gross Written Premium (KES Billion and US$ Million), 2015–2020

Table 46: Kenyan Personal Accident Insurance – Loss Ratio (%), 2011–2015

Table 47: Kenyan Personal Accident Insurance – Loss Ratio(%), 2015–2020

Table 48: Kenyan Health Insurance – Gross Written Premium (KES Billion and US$ Million), 2011–2015

Table 49: Kenyan Health Insurance – Gross Written Premium (KES Billion and US$ Million), 2015–2020

Table 50: Kenyan Health Insurance – Loss Ratio (%), 2011–2015

Table 51: Kenyan Health Insurance – Loss Ratio(%), 2015–2020

Table 52: Kenyan Reinsurance – Premium Ceded by Insurance Segment (KES Billion), 2011–2015

Table 53: Kenyan Reinsurance – Premium Ceded by Insurance Segment (KES Billion), 2015–2020

Table 54: Kenyan Average Annual Loss by Hazard (US$ Million), 1990–2014

Table 55: Kenyan Insurance Industry – Shares of Leading Insurers (%), 2015

Table 56: Kenyan Life Insurance – Segment Shares of Leading Insurers (%), 2015

Table 57: Kenyan Non-Life Insurance – Segment Shares of Leading Insurers (%), 2015

Table 58: Kenyan Personal Accident & Health Insurance – Segment Shares of Leading Insurers (%), 2015

Table 59: The Jubilee Insurance Company of Kenya Ltd – Key Facts

Table 60: British American Insurance Company (Kenya) Ltd – Key Facts

Table 61: UAP Insurance Company Ltd – Key Facts

Table 62: APA Insurance Company – Key Facts

Table 63: ICEA Lion Life Assurance Company – Key Facts

Table 64: Kenya – Insurance Regulatory Framework Key Features

Table 65: Kenya – Life Insurance Regulatory Framework

Table 66: Kenya – Bond Investment Commission Rates

Table 67: Kenya – Industrial Life Business

Table 68: Kenya – Ordinary Life Business (Individual Life Policies)

Table 69: Kenya – Superannuation Business (Including Group Life Policies)

Table 70: Kenya – Property Insurance Regulatory Framework

Table 71: Kenya – Property Insurance Commission Rates

Table 72: Kenya – Motor Insurance Regulatory Framework

Table 73: Kenya – – No-Claims Discount

Table 74: Kenya – Liability Insurance Regulatory Framework

Table 75: Kenya – Corporate Tax Rates for the Financial Year 2016

Table 76: Kenyan Life Insurance – Policies and Premium, 2011–2015

Table 77: Kenyan Life Insurance – Policies and Premium, 2015–2020

Table 78: Kenyan Life Insurance – Claims and Expenses, 2011–2015

Table 79: Kenyan Life Insurance – Claims and Expenses, 2015–2020

Table 80: Kenyan Life Insurance – Assets and Investments, 2011–2015

Table 81: Kenyan Life Insurance – Assets and Investments, 2015–2020

Table 82: Kenyan Life Insurance – Individual Life Insurance, 2011–2015

Table 83: Kenyan Life Insurance – Individual Life Insurance, 2015–2020

Table 84: Kenyan Life Insurance – Group Life Insurance, 2011–2015

Table 85: Kenyan Life Insurance – Group Life Insurance, 2015–2020

Table 86: Kenyan Life Insurance – Group Life Insurance by Product, 2011–2015

Table 87: Kenyan Life Insurance – Group Life Insurance by Product, 2015–2020

Table 88: Kenyan Life Insurance – Individual Life Insurance by Premium, 2011–2015

Table 89: Kenyan Life Insurance – Individual Life Insurance by Premium, 2015–2020

Table 90: Kenyan Life Insurance – Group Life Insurance by Premium, 2011–2015

Table 91: Kenyan Life Insurance – Group Life Insurance by Premium, 2015–2020

Table 92: Kenyan Life Insurance – Linked vs Non-Linked Policies, 2011–2015

Table 93: Kenyan Life Insurance – Linked vs Non-Linked Policies, 2015–2020

Table 94: Kenyan Non-Life Insurance – Policies and Premium, 2011–2015

Table 95: Kenyan Non-Life Insurance – Policies and Premium, 2015–2020

Table 96: Kenyan Non-Life Insurance – Claims and Expenses, 2011–2015

Table 97: Kenyan Non-Life Insurance – Claims and Expenses, 2015–2020

Table 98: Kenyan Non-Life Insurance – Assets and Investments, 2011–2015

Table 99: Kenyan Non-Life Insurance – Assets and Investments, 2015–2020

Table 100: Kenyan Non-Life Insurance – Property Insurance, 2011–2015

Table 101: Kenyan Non-Life Insurance – Property Insurance, 2015–2020

Table 102: Kenyan Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 103: Kenyan Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 104: Kenyan Non-Life Insurance – Motor Insurance, 2011–2015

Table 105: Kenyan Non-Life Insurance – Motor Insurance, 2015–2020

Table 106: Kenyan Non-Life Insurance – Liability Insurance, 2011–2015

Table 107: Kenyan Non-Life Insurance – Liability Insurance, 2015–2020

Table 108: Kenyan Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 109: Kenyan Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 110: Kenyan Personal Accident and Health Insurance – Policies and Premium, 2011–2015

Table 111: Kenyan Personal Accident and Health Insurance – Policies and Premium, 2015–2020

Table 112: Kenyan Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 113: Kenyan Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 114: Kenyan Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 115: Kenyan Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 116: Kenyan Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 117: Kenyan Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 118: Kenyan Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 119: Kenyan Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 120: Insurance Industry Definitions

Figures

Figure 1: Kenyan Real GDP (KES Trillion), 2011–2020

Figure 2: KES–US$ Exchange Rate, 2011–2020

Figure 3: Kenyan Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 4: Kenyan Consumer Price Inflation (%),2011–2020

Figure 5: Kenyan Unemployment Rate, 2011–2020

Figure 6: Kenya Population by Age Group, 1991–2025

Figure 7: Kenyan Life Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Kenyan Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 9: Kenyan Non-Life Insurance Penetration – Regional Comparison (%), 2015

Figure 10: Kenyan Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 11: Kenyan Insurance Industry – Gross Written Premium by Segment, 2011–2020

Figure 12: Kenyan Insurance Industry – Direct Written Premium by Segment, 2011–2020

Figure 13: Kenyan Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (KES), 2011–2020

Figure 14: Kenyan Life Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 15: Kenyan Life Insurance – Paid Claims (KES Billion)

Figure 16: Kenyan Insurance Industry – Total Assets by Segment (KES Billion), 2011–2020

Figure 17: Kenyan Insurance Industry – Total Investment Income by Segment (KES Billion), 2011–2020

Figure 18: Kenyan Insurance Industry – Life Insurance Investment Portfolio (KES Billion), 2011–2020

Figure 19: Kenyan Insurance Industry – Life Insurance Investment Portfolio Dynamics by Category (KES Billion), 2011–2020

Figure 20: Kenyan Insurance Industry – Non-Life Insurance Investment Portfolio (KES Billion), 2011–2020

Figure 21: Kenyan Insurance Industry – Non-Life Insurance Investment Portfolio Dynamics by Category (KES Billion), 2011–2020

Figure 22: Kenyan Insurance Industry – Personal Accident and Health Insurance Investment Portfolio (KES Billion), 2011–2020

Figure 23: Kenyan Insurance Industry – Personal Accident and Health Insurance Investment Portfolio Dynamics by Category (KES Billion), 2011–2020

Figure 24: Kenyan Individual Life Insurance – Number of Active Policies (Thousand), 2011–2020

Figure 25: Kenyan Individual Life Insurance – Penetration (%), 2011–2015

Figure 26: Kenyan Individual Life Insurance – Penetration (%), 2015–2020

Figure 27: Kenya Group Life Insurance – Number of Active Policies (Thousand), 2011–2020

Figure 28: Kenya Group Life Insurance – Penetration (%), 2011–2015

Figure 29: Kenya Group Life Insurance – Penetration (%), 2015–2020

Figure 30: Kenyan Property Insurance – Gross Written Premium (KES Billion), 2011–2020

Figure 31: Kenyan Property Insurance – Penetration (%), 2011–2015

Figure 32: Kenyan Property Insurance – Penetration (%), 2015–2020

Figure 33: Kenyan Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (KES Billion and %), 2011–2020

Figure 34: Kenyan Motor Insurance – Gross Written Premium (KES Billion), 2011–2020

Figure 35: Kenyan Motor Insurance – Penetration (%), 2011–2015

Figure 36: Kenyan Motor Insurance – Penetration (%), 2015–2020

Figure 37: Kenyan Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (KES Billion and %), 2011–2020

Figure 38: Kenyan Liability Insurance – Gross Written Premium (KES Billion), 2011–2020

Figure 39: Kenyan Liability Insurance – Penetration (%), 2011–2015

Figure 40: Kenyan Liability Insurance – Penetration (%), 2015–2020

Figure 41: Kenyan Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (KES Billion and %), 2011–2020

Figure 42: Kenyan Marine, Aviation and Transit Insurance – Gross Written Premium (KES Billion), 2011–2020

Figure 43: Kenyan Marine, Aviation and Transit Insurance – Penetration (%), 2011–2015

Figure 44: Kenyan Marine, Aviation and Transit Insurance – Penetration (%), 2015–2020

Figure 45: Kenyan Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (KES Billion and %), 2011–2020

Figure 46: Kenyan Personal Accident Insurance – Gross Written Premium (KES Billion), 2011–2020

Figure 47: Kenyan Personal Accident Insurance – Penetration (%), 2011–2015

Figure 48: Kenyan Personal Accident Insurance – Penetration (%), 2015–2020

Figure 49: Kenyan Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (KES Billion and %), 2011–2020

Figure 50: Kenyan Health Insurance – Gross Written Premium (KES Billion), 2011–2020

Figure 51: Kenyan Health Insurance – Penetration (%), 2011–2015

Figure 52: Kenyan Health Insurance – Penetration (%), 2015–2020

Figure 53: Kenyan Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (KES Billion and %), 2011–2020

Figure 54: Kenyan Reinsurance – Premium Ceded by Insurance Segment (KES Billion), 2011–2020

Figure 55: Kenyan Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2020

Figure 56: Kenyan Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2020

Figure 57: Kenyan Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2020

Figure 58: Kenya – Frequency of Hazards by Type, 1990–2014

Figure 59: Kenya Mortality by Hazards Type, 1990–2014

Figure 60: Kenya Economic Loss by Hazards Type, 1990–2014

Figure 61: Kenyan Insurance Industry – Shares of Leading Insurers (%), 2015

Figure 62: Kenyan Life Insurance – Segment Shares of Leading Insurers (%), 2015

Figure 63: Kenyan Non-Life Insurance – Segment Shares of Leading Insurers (%), 2015

Figure 64: Kenyan Personal Accident & Health Insurance – Segment Shares of Leading Insurers (%), 2015

Figure 65: Kenya – Insurance Supervision and Control at Various Levels

Figure 66: Kenya – Insurance Regulatory Frameworks for Company Registration and Operation

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