Browsing: Association of Kenya Insurers (AKI)

When Association of Kenya Insurers (AKI) released it’s 2018 insurance industry report few expected the shocker that the results would provide.

Insurance penetration in the economy relative to the Gross Domestics Product (GDP) fell from 2.7 percent in 2017 to 2.4 percent in 2018. Overall premium increase was recorded to Kshs 216.11 billion from 210 billion the previous year.

The fact that the results showed a decline in insurance penetration in the insurance industry was something that most people didn’t expect especially with the hype that we get of how the economy is doing well.

The results are a true reflection of the industry noting that they are actually audited figures from the various insurance companies. This contrasts sharply with the unaudited figures and subsequent reports that come from those figures always released by Insurance Regulatory Authority (IRA). Perhaps it’s time IRA left that work to AKI if they cannot …