Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Kenya Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Kenya includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Cushitic, Bantu and Nilotic speakers occupied Kenya prior to the arrival of Arab and Persian traders who settled along the East African coast. The Portuguese arrived in 1498 and Portuguese control passed to two Arab (Omani) dynasties in the 19th century. In 1886 the British and German governments agreed on spheres of influence in East Africa, with most of present-day Kenya passing to the British. In the 1920s Kenya was part of a federation with Tanganyika and Uganda and in 1963 became a republic within the Commonwealth.
Kenya is a member of the six nation East African Community trading bloc that seeks to promote regional trade. In terms of non-life insurance market premium, Kenya is the fourth largest market in Africa and the largest in East Africa though penetration remains relatively low. In 2018, gross written non-life premiums in 2018 totaled KES 85.4bn.
Kenya has a well-established local reinsurance market with sufficient capacity and expertise to underwrite all but the largest and most complex risks. The market is led by domestic and regional reinsurance groups, which benefit from state-sponsored support through compulsory cessions.