The Insurance Industry in Kenya, Key Trends and Opportunities to 2018

Published: Dec, 2014 | Pages: 192 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights into the insurance industry in Kenya, including:

The Kenyan insurance industry's growth prospects by insurance segment and category

The competitive landscape in the Kenyan insurance industry

The current trends and drivers in the Kenyan insurance industry

Challenges facing the Kenyan insurance industry

The detailed regulatory framework of the Kenyan insurance industry

Summary
According to the World Bank, Kenya is the ninth-largest economy in Africa. The country's real GDP increased from KES1.7 trillion (US$22.2 billion) in 2009 to KES2.3 trillion (US$26.9 billion) in 2013, at a compound annual growth rate (CAGR) of 4.9%. Economic growth slowed in 2008-2009 due to the global financial crisis, political instability and a decline in exports. Currency depreciation and elevated inflation rates were other factors that contributed to the slowdown. The economy began a period of recovery in 2010, as a result of the strong performance of the agriculture, manufacturing and real estate sectors.
The Kenyan insurance industry grew at a CAGR of 20.3% during the review period. This growth was achieved due to various factors, such as the expansion of the distribution network and premium growth. The personal accident and health insurance segment registered a CAGR of 28.8% during the review period (2009-2013). Health insurance was one of the fastest growing categories within the segment, and accounted for 86.3% of the total personal accident and health segment's share in 2013. Approval of the two newly licensed medical insurance underwriters in 2012 supported the growth of the health insurance category, at a CAGR of 41.2% during 2010-2013.
Scope
This report provides a comprehensive analysis of the insurance industry in Kenya:

It provides historical values for the Kenyan insurance industry for the report's 2009-2013 review period, and projected figures for the 2013-2018 forecast period.

It offers a detailed analysis of the key segments and categories in the Kenyan insurance industry, along with forecasts until 2018.

It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.

It profiles the top insurance companies in Kenya, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Kenyan insurance industry and each segment within it.

Understand the demand-side dynamics, key trends and growth opportunities in the Kenyan insurance industry.

Assess the competitive dynamics in the Kenyan insurance industry.

Identify the growth opportunities and market dynamics in key segments.

Gain insights into key regulations governing the Kenyan insurance industry, and their impact on companies and the industry's future.
Key Highlights
The Kenyan insurance industry is small in global terms, however it is competitive

The Kenyan insurance industry grew at a CAGR of 20.3% during the review period

Health insurance was one of the fastest growing categories within personal accident and health segment

The loss ratio for Kenyan life and non-life insurers reduced during the review period. For life insurers, this decreased from 50.5% in 2009 to 46.7% in 2013, while for non-life insurers it decreased from 60.1% to 56.4%

The insurance industry of Kenya is supervised and regulated by the Insurance Regulatory Authority (IRA)

The industry is served by 48 insurance companies, of which 23 are in life insurers and 36 are in non-life insurers (including personal accident and health insurance)

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Kenyan Insurance Industry Overview
3.1 Kenyan Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.4 Group Life Insurance
4.5 Life Insurance by Category
4.5.1 Group whole life insurance
4.5.2 Group superannuation insurance
4.6 Non-Life Insurance
4.6.1 Property insurance
4.6.2 Motor insurance
4.6.3 Liability insurance
4.6.4 Marine, aviation and transit insurance
4.7 Personal Accident and Health Insurance
4.7.1 Personal accident insurance
4.7.2 Health insurance
4.8 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Marine, aviation and transit insurance
5.2.5 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Workmen’s compensation insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors
5.4.2 African Insurance Organization
5.4.3 Insurance Regulatory Authority (IRA)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 British-American Investments Company Ltd (Britam) – company overview
6.2.2 Jubilee Insurance – company overview
6.2.3 CIC Insurance Group Ltd – company overview
6.2.4 APA Insurance – company overview
6.2.5 UAP Insurance – company overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation Rate (Percentage)
7.5 Life Expectancy (Years)
7.6 Labor Force (Million)
7.7 Unemployment Rate (Percentage)
7.8 Total Number of Internet Users (Million)
7.9 Total Population (Million)
7.1 Rural and Urban Populations (Percentage)
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric’s Services
8.5 Disclaimer"


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Kenyan Insurance Gross Written Premium by Segment (KES Billion), 2009-2013
Table 3: Kenyan Insurance Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 4: Kenyan Insurance Gross Written Premium by Segment (KES Billion), 2013-2018
Table 5: Kenyan Insurance Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 6: Kenyan Insurance Segmentation by Gross Written Premium (Percentage Share), 2009-2018
Table 7: Kenyan Insurance Direct Written Premium by Segment (KES Billion), 2009-2013
Table 8: Kenyan Insurance Direct Written Premium by Segment (US$ Billion), 2009-2013
Table 9: Kenyan Insurance Direct Written Premium by Segment (KES Billion), 2013-2018
Table 10: Kenyan Insurance Direct Written Premium by Segment (US$ Billion), 2013-2018
Table 11: Kenyan Insurance Segmentation by Direct Written Premium (Percentage Share), 2009-2018
Table 12: Kenyan Life Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 13: Kenyan Life Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 14: Kenyan Life Insurance - Direct Written Premium (KES Billion), 2009-2013
Table 15: Kenyan Life Insurance - Direct Written Premium (KES Billion), 2013-2018
Table 16: Kenyan Life Insurance - Gross Written Premium by Sub-Segment (KES Billion), 2009-2013
Table 17: Kenyan Life Insurance - Gross Written Premium by Sub-Segment (US$ Billion), 2009-2013
Table 18: Kenyan Life Insurance - Gross Written Premium by Sub-Segment (KES Billion), 2013-2018
Table 19: Kenyan Life Insurance - Gross Written Premium by Sub-Segment (US$ Billion), 2013-2018
Table 20: Kenyan Life Insurance - Segmentation by Gross Written Premium (% Share), 2009-2018
Table 21: Kenyan Life Insurance - Direct Written Premium by Sub-Segment (KES Billion), 2009-2013
Table 22: Kenyan Life Insurance - Direct Written Premium by Sub-Segment (US$ Billion), 2009-2013
Table 23: Kenyan Life Insurance - Direct Written Premium by Sub-Segment (KES Billion), 2013-2018
Table 24: Kenyan Life Insurance - Direct Written Premium by Sub-Segment (US$ Billion), 2013-2018
Table 25: Kenyan Life Insurance - Segmentation by Direct Written Premium (% Share), 2009-2018
Table 26: Kenyan Group Life Insurance - Gross Written Premium by Category (KES Billion), 2009-2013
Table 27: Kenyan Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2009-2013
Table 28: Kenyan Group Life Insurance - Gross Written Premium by Category (KES Billion), 2013-2018
Table 29: Kenyan Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2013-2018
Table 30: Kenyan Group Life Insurance - Direct Written Premium by Category (KES Billion), 2009-2013
Table 31: Kenyan Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2009-2013
Table 32: Kenyan Group Life Insurance - Direct Written Premium by Category (KES Billion), 2013-2018
Table 33: Kenyan Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2013-2018
Table 34: Kenyan Life Insurance - Paid Claims (KES Billion), 2009-2013
Table 35: Kenyan Life Insurance - Paid Claims (KES Billion), 2013-2018
Table 36: Kenyan Life Insurance - Incurred Loss (KES Billion), 2009-2013
Table 37: Kenyan Life Insurance - Incurred Loss (KES Billion), 2013-2018
Table 38: Kenyan Life Insurance - Loss Ratio (%), 2009-2013
Table 39: Kenyan Life Insurance - Loss Ratio (%), 2013-2018
Table 40: Kenyan Life Insurance - Combined Ratio (%), 2009-2013
Table 41: Kenyan Life Insurance - Combined Ratio (%), 2013-2018
Table 42: Kenyan Life Insurance - Total Assets (KES Billion), 2009-2013
Table 43: Kenyan Life Insurance - Total Assets (KES Billion), 2013-2018
Table 44: Kenyan Life Insurance - Total Investment Income (KES Billion), 2009-2013
Table 45: Kenyan Life Insurance - Total Investment Income (KES Billion), 2013-2018
Table 46: Kenyan Life Insurance - Retentions (KES Billion), 2009-2013
Table 47: Kenyan Life Insurance - Retentions (KES Billion), 2013-2018
Table 48: Kenyan Life Insurance - Total Investment (KES Billion), 2009-2013
Table 49: Kenyan Group Whole Life - Gross Written Premium (KES Billion), 2009-2013
Table 50: Kenyan Group Whole Life - Gross Written Premium (KES Billion), 2013-2018
Table 51: Kenyan Group Superannuation - Gross Written Premium (KES Billion), 2009-2013
Table 52: Kenyan Group Superannuation - Gross Written Premium (KES Billion), 2013-2018
Table 53: Kenyan Non-Life Insurance - Gross Written Premium by Category (KES Billion), 2009-2013
Table 54: Kenyan Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 55: Kenyan Non-Life Insurance - Gross Written Premium by Category (KES Billion), 2013-2018
Table 56: Kenyan Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 57: Kenyan Non-Life Insurance - Direct Written Premium by Category (KES Billion), 2009-2013
Table 58: Kenyan Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 59: Kenyan Non-Life Insurance - Direct Written Premium by Category (KES Billion), 2013-2018
Table 60: Kenyan Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 61: Kenyan Non-Life Insurance - Paid Claims (KES Billion), 2009-2013
Table 62: Kenyan Non-Life Insurance - Paid Claims (KES Billion), 2013-2018
Table 63: Kenyan Non-Life Insurance - Incurred Loss (KES Billion), 2009-2013
Table 64: Kenyan Non-Life Insurance - Incurred Loss (KES Billion), 2013-2018
Table 65: Kenyan Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 66: Kenyan Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 67: Kenyan Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 68: Kenyan Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 69: Kenyan Non-Life Insurance - Total Assets (KES Billion), 2009-2013
Table 70: Kenyan Non-Life Insurance - Total Assets (KES Billion), 2013-2018
Table 71: Kenyan Non-Life Insurance - Total Investment Income (KES Billion), 2009-2013
Table 72: Kenyan Non-Life Insurance - Total Investment Income (KES Billion), 2013-2018
Table 73: Kenyan Non-Life Insurance - Retentions (KES Billion), 2009-2013
Table 74: Kenyan Non-Life Insurance - Retentions (KES Billion), 2013-2018
Table 75: Kenyan Non-Life Insurance - Total Investment (KES Billion), 2009-2013
Table 76: Kenyan Property Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 77: Kenyan Property Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 78: Kenyan Motor Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 79: Kenyan Motor Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 80: Kenyan Liability Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 81: Kenyan Liability Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 82: Kenyan Marine, Aviation and Transit Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 83: Kenyan Marine, Aviation and Transit Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 84: Kenyan Personal Accident and Health Insurance - Gross Written Premium by Category (KES Billion), 2009-2013
Table 85: Kenyan Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 86: Kenyan Personal Accident and Health Insurance - Gross Written Premium by Category (KES Billion), 2013-2018
Table 87: Kenyan Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 88: Kenyan Personal Accident and Health Insurance - Direct Written Premium by Category (KES Billion), 2009-2013
Table 89: Kenyan Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 90: Kenyan Personal Accident and Health Insurance - Direct Written Premium by Category (KES Billion), 2013-2018
Table 91: Kenyan Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 92: Kenyan Personal Accident and Health Insurance - Paid Claim (KES Billion), 2009-2013
Table 93: Kenyan Personal Accident and Health Insurance - Paid Claims (KES Billion), 2013-2018
Table 94: Kenyan Personal Accident and Health Insurance - Incurred Loss (KES Billion), 2009-2013
Table 95: Kenyan Personal Accident and Health Insurance - Incurred Loss (KES Billion), 2013-2018
Table 96: Kenyan Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 97: Kenyan Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 98: Kenyan Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 99: Kenyan Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 100: Kenyan Personal Accident and Health Insurance - Total Assets (KES Billion), 2009-2013
Table 101: Kenyan Personal Accident and Health Insurance - Total Assets (KES Billion), 2013-2018
Table 102: Kenyan Personal Accident and Health Insurance - Total Investment Income (KES Million), 2009-2013
Table 103: Kenyan Personal Accident and Health Insurance - Total Investment Income (KES Million), 2013-2018
Table 104: Kenyan Personal Accident and Health Insurance - Retentions (KES Billion), 2009-2013
Table 105: Kenyan Personal Accident and Health Insurance - Retentions (KES Billion), 2013-2018
Table 106: Kenyan Personal Accident and Health Insurance - Total Investment (KES Billion), 2009-2013
Table 107: Kenyan Personal Accident Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 108: Kenyan Personal Accident Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 109: Kenyan Health Insurance - Gross Written Premium (KES Billion), 2009-2013
Table 110: Kenyan Health Insurance - Gross Written Premium (KES Billion), 2013-2018
Table 111: Kenyan Reinsurance - Ceded by Insurance Segment (KES Billion), 2009-2013
Table 112: Kenyan Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 113: Kenyan Reinsurance - Ceded by Insurance Segment (KES Billion), 2013-2018
Table 114: Kenyan Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 115: Kenyan Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 116: Kenyan Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 117: Kenyan Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 118: Kenyan Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 119: Kenyan Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 120: Kenyan Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 121: Kenya - Life Insurance Regulatory Framework
Table 122: Kenya - Property Insurance Regulatory Framework
Table 123: Kenya - Motor Insurance Regulatory Framework
Table 124: Kenya - No-Claims Discount
Table 125: Kenya - Corporate Tax Rates for the Financial Year 2013
Table 126: Kenyan Life Insurance - Segment Shares, 2012 and 2013
Table 127: Kenyan Non-Life Life Insurance - Segment Shares, 2012 and 2013
Table 128: Kenyan Personal Accident and Health Insurance - Segment Share, 2012
Table 129: Kenyan Personal Accident and Health Insurance - Segment Share, 2013
Table 130: Kenyan Reinsurance - Segment Shares, 2013
Table 131: Britam, Main Products
Table 132: Britam, Key Employees
Table 133: Jubilee Insurance, Main Products
Table 134: Jubilee Insurance, Key Employees
Table 135: CIC Insurance Group Ltd, Main Products
Table 136: CIC Insurance Group Ltd, Key Employees
Table 137: APA Insurance, Main Products
Table 138: APA Insurance, Key Employees
Table 139: UAP Insurance, Main Products
Table 140: UAP Insurance, Key Employees