Browsing: Kenya’s Insurance Industry

From Left to Right: Cabinet Secretary - National Treasury and Economic Planning - Prof. Njuguna Ndung’u and Commissioner of Insurance and Chief Executive Officer (IRA) Godfrey Kiptum share a light moment during a courtesy call to the CS at his offices at the National Treasury buildings on 6th February 2023.

Insurance premiums in Kenya up 12pc to $2.3Bn

Investing
  • Insurance firms in Kenya registered 12.2 percent jump to $2.3 billion in premiums attributable to continued economic recovery from the negative effect of COVID-19 in 2020 and 2021.
  • Long-term insurance business premiums grew by 13.8 per cent  to $1 billion compared to $921 million in 2021 with life assurance accounting for 25.2 per cent.
  • General insurance premiums amounted to $1.2 billion with medical and motor insurance classes maintaining a leading position in terms of contribution at 32.5 percent and 31.9 percent respectively.

Insurance companies in Kenya reported a 12.2 per cent increase in premiums to $2.3 billion in the three months ending December 2022, the latest report from the Insurance Regulatory Authority (IRA) shows.

In the quarter, long term insurance business premiums increased by 13.8 percent to $1 billion compared to $921 million during a similar period in 2021. Deposit administration and life assurance classes remained the biggest contributors to …

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Kenya’s insurance industry premiums hit $2.379Bn in Q3, 2022

Industry and Trade
  • Kenya’s Insurance industry premiums increased by 11.4 percent to hit $2.379 billion in the third quarter of (Q3) 2022 from $2.13 billion in Q3 2021
  • The growth is attributed to the continued economic recovery from the negative effect of COVID-19 in 2020 and 2021.
  • Long term insurance business premiums stood at $1.0349 billion accounting for 43.5 percent of the total industry premium while general business premiums amounted to $1.34 billion (56.5 percent).

Kenya’s Insurance industry premiums increased by 11.4 percent to hit Ksh 293 billion ($2.379b) in the third quarter of (Q3) 2022 from Ksh 263 billion ($2.13b) in Q3 2021, latest data from the Insurance Regulatory Authority (IRA)) indicates. 

The insurance industry report for the period July – September 2022 attributes the growth to the continued economic recovery from the negative effect of COVID-19 in 2020 and 2021.

Long term insurance business premiums stood at $1.0349 billion  accounting …