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Kenya

Life Report

Product Insurance Market Reports Life Rev Kenya

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Kenya's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Kenya's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Kenya

The Kenya life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Kenya.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Kenya and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Kenya’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Kenya is available.

Axco’s report describes the regulatory framework that applies to the Kenya domestic life insurance sector, including whether non-admitted insurance is permitted in Kenya; as well as the legislation necessary to know regarding Kenya’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Kenya with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Kenyan market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Kenya, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Kenya pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Kenya report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Kenya Life and Benefits Report Extract

Below are brief extracts of information from the Kenya Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The fundamentals of Kenya support long-term life market premium growth with a population estimated to exceed 51 million, a young demographic, low penetration and an expanding middle-class. It is Africa's third life insurance market behind South Africa and Egypt. Nairobi county accounts for much the largest share of life market premium.

Mostly double-digit premium growth since 2000 has averaged 16.4% per year to 2018. Life market premium ....

Pensions

Kenyan pensions comprise public and private provision, mostly covering the minority of formal sector workers. Employees in formal sector work accounted for less than 17% of the 15.9 million work force in 2018, at 2.6 million people. Cover levels among the 13.3 million informal sector workers are very low.

Pillar I provision covers formal private sector employees and the self-employed, funded by ....

Healthcare

Kenya has a fragmented healthcare system supplied by a range of public and private providers. Cover is adequate in urban centres but often scarce in more remote rural areas.

The health system, however, is at the start of major reform: it is one of the "Big Four" development policy objectives for Kenya, which is seeking to meet the UN 2030 Sustainable Development Goal (SDG) with implementation ....

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