Kenya Insurance Report Q2 2012



Writing in March 2012, we remain of the view that Kenya’s insurance sector is dynamic and resilient. Although the insurance companies are small organisations by most standards, they are innovative and clearly understand the needs and challenges of their customers. Initiatives that have been announced in recent months include agricultural risk products that cover farmers against the impact of natural disaster, facilities to pay premiums and via mobile phones and takaful. Another indicator of the potential for the non-life segment is that Kenya is one of only four countries in Africa (the others being South Africa, Egypt and Uganda) in which global property and casualty insurance giant Chartis has an on-the-ground presence. Non-life penetration exceeds 2%, which is a high level for a country with Kenya’s per capita income.
In a country where many households are too poor to consider saving for the future, Kenya’s life insurers have still managed to develop a segment that accounts for about a third of all premiums written in the insurance sector as a whole. In other words, they have collectively built sufficient trust among those Kenyans who can save for the long-term. Given the country’s tendency for high(ish) inflation, this is very much to their credit. Unlike in some Eastern European countries, the development of the segment has not been driven entirely by multinational giants. South Africa’s Metropolitan Life has a subsidiary in Kenya.
Sanlam, another South African major, has a strategic relationship with Pan Africa, as well as its own subsidiary in African Insurance. However, the local life companies have also been key players in the segment’s evolution. Life density is low by many standards but is clearly growing rapidly. We remain optimistic about the prospects for Kenya’s insurance sector, and this is reflected in our projections through to 2016.
Published : May 2012              No. of Pages : 55                  Price:US$1175
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Table of Content
Executive Summary . 5
Table: Total Premiums, 2008-2016 … 5
Key Insights And Key Risks . 5
SWOT Analysis . 7
Kenya Insurance Industry SWOT … 7
Kenya Political SWOT … 8
Kenya Economic SWOT . 8
Kenya Business Environment SWOT .. 9
Life Sector … 10
Africa Life Sector Overview .. 10
Table: Middle East And Africa Life Premiums, 2008-2016 (US$mn) .. 10
Kenya Life Sector Update . 11
Life Industry Forecast Scenario 12
Table: Life Premiums, 2008-2016 12
Growth Drivers And Risk Management Projections . 13
Population … 13
Table: Insurance Key Drivers, Demographics, 2008-2016 .. 13
Non-Life Sector … 15
Africa Non-Life Sector Overview .. 15
Table: Middle East And Africa Non-Life Premiums, 2008-2016 (US$mn)… 15
Kenya Non-Life Sector Update . 16
Table: Breakdown Of Non-Life Premiums, 2008-2009 (KESmn) . 16
Non-Life Industry Forecast Scenario 18
Table: Total Non-Life Premiums 2008-2016 … 18
Growth Drivers And Risk Management Projections . 19
Macroeconomic Outlook .. 19
Table: Kenya Economic Activity, 2011-2016 … 21
Political Stability Outlook 22
Healthcare … 23
Health Insurance . 24
Epidemiology … 32
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2009-2016 . 35
Islamic Finance … 37
Insurance Risk/Reward Ratings … 39
Table: Kenya’s Insurance Risk/Reward Ratings .. 39
Table: Middle East And Africa Insurance Risk/Reward Ratings .. 40
Competitive Landscape . 41
Major Players In Kenya’s Insurance Sector . 41
Table: Non-Life Companies’ Premiums And Market Share, 2008-2009 .. 42
Table: Life Companies’ Market Shares, 2009 (KESmn) .. 44
Company Profiles … 45
APA Insurance . 45
Apollo .. 46
Blue Shield Insurance .. 47
Jubilee Holdings .. 48
Kenindia .. 48
Pan Africa 49
BMI Methodology … 50
Insurance Risk/Reward Ratings 52
Table: Insurance Risk/Reward Indicators And Rationale 53
Table: Weighting Of Indicators … 54Table: Total Premiums, 2008-2016 . 5
Table: Middle East And Africa Life Premiums, 2008-2016 (US$mn) . 10
Table: Life Premiums, 2008-2016 . 12
Table: Insurance Key Drivers, Demographics, 2008-2016 . 13
Table: Middle East And Africa Non-Life Premiums, 2008-2016 (US$mn). 15
Table: Breakdown Of Non-Life Premiums, 2008-2009 (KESmn) . 16
Table: Total Non-Life Premiums 2008-2016 . 18
Table: Kenya Economic Activity, 2011-2016 . 21
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2009-2016 . 35
Table: Kenya’s Insurance Risk/Reward Ratings . 39
Table: Middle East And Africa Insurance Risk/Reward Ratings . 40
Table: Non-Life Companies’ Premiums And Market Share, 2008-2009 . 42
Table: Life Companies’ Market Shares, 2009 (KESmn) . 44
Table: Insurance Risk/Reward Indicators And Rationale . 53
Table: Weighting Of Indicators . 54″

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