Recently published research from Business Monitor International, "Kenya Insurance Report Q4 2012", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 12/05/2012 -- Key Insights And Key Risks
The Kenya Insurance Report considers the prospects for both life and non-life insurers in the country. As of late 2012, we remain of the view that Kenya's insurance sector is dynamic and resilient. Premiums in both major segments are about 20% higher than they were in 2011. 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 income per capita.
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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 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, owns half of Pan Africa. Liberty and Old Mutual are also present. However, 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.
Over the last quarter, BMI has made the following changes:
- The analysis incorporates BMI's latest forecasts for Kenya's economy, including details in relation to auto sales and trends in the healthcare sector.
- The analysis incorporates the latest comments on developments from the leading insurers.
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