In kenya there were 46 licensed insurance companies at the end of 2010, 22 companies wrote nonlife insurance business only, 9 wrote life insurance business only while 14 were composite both life and nonlife. Authority, the central bank of kenya, insurance companies and other stakeholders. The kenyan insurance industrys growth prospects by segment and category. Recent laws and reforms in east africa insurance industry 40. Insurance industry annual report for the year ended 31st december, 2017 reliance and limitations the information contained in this report has been obtained from the audited annual accounts and statutory returns submitted by insurance and reinsurance companies to the insurance regulatory authority pursuant to the provisions of. List of reinsurance companies fortune of africa kenya. East africa insurance outlook report 20192020 deloitte.
The study asse ssed cloud co mputing use s in terms of pr oductivit y. Currently, there are 44 insurance companies in kenya, all doing commendable well. In kenya there are a total of 49 insurance companies, 5 reinsurance companies and 198 insurance brokers. Insurance sector has shown tremendous growth in the recent years. The cic group has for more than three decades shouldered the risks of kenyans by providing flexible insurance and financial services built around their needs. There were 163 licensed insurance brokers, 23 medical insurance providers mips and 4223 insurance agents. Heritage insurance company ltd in kenya and tanzania offers. The determinants of financial performance in general.
The licensed brokers number rose from 186 in 2016 to 221 in 2017. The studys general objective was to establish the effects of risk mitigation strategies on performance of insurance industry in kenya. Defaults of insurer, broker or agent not to invalidate policy. Oct 01, 2015 available to download in png, pdf, xls format. Metrics for kenyan listed insurance companies only.
The growth of insurance industry in kenya has been highly boosted by the insurance regulatory authority that ensures proper product delivery, handles customer complaints and regulates the product pricing. Top 10 insurance companies in kenya answers africa. Updated list of insurance companies in kenya exposeke news. There are a total of 5,155 insurance agents in kenya. Insurance penetration has remained low not only in kenya but in africa as a whole. Africa merchant assurance company amaco allianz 2 apollo life assurance. Pdf effects of competitive strategies on competitiveness of.
They are regulated by the insurance regulatory authority. Insurance sector in kenya in kenya there are a total of 49 insurance companies, 5 reinsurance companies and 198 insurance brokers. Car insurance kenya comprehensive online motor insurance quotes. The study recommends that insurance companies be monitoredassessed based on their level of risk. Allianz group is represented in kenya by allianz insurance company of kenya limited allianz kenya, a company registered in kenya click here to find the certificate of incorporation.
Jul 20, 2019 all prospects shall be allowed babcassurance decide out of their own volition, which insurance product they wish to buy and from which insurer. Each player in the industry to have a greater share of the market. The insurance industry in kenya has been in existence for decades. Kenya currently has 49 insurance companies regulated by the insurance regulatory authority. The number of insurance surveyors and loss adjusters increased marginally compared to 2016. The competition is high but the reaping is high too hence making sense to continue in a highly competitive environment that many would bow out. Kenyas listed insurance companies analysis cytonn fy2015. Pdf nairobi securities exchange college of insurance. Some of them have copayment plans to reduce the risk of frivolous visits to healthcare facilities. Major nonlife insurance companies in kenya 2014 statista. The study is focused at determining the specific marketing. Insurance is an important part of the financial sector. Earlier, only two insurance companies were there in india life insurance corporation of india lic and general insurance corporation of india gic. The insurance regulatory authority is a statutory government agency established under the insurance act amendment 2006, cap 487 of the laws of kenya to regulate, supervise and develop the insurance industry.
Medium and high cost covers are the most common types of health insurance covers in kenya. Company name address east africa reinsurance company limited p. Using data from the greek and kenyan insurance industries. In the future as well, it is expected to progress at a high scale. Sep 08, 2019 insurance companies in kenya endured another difficult year after profits plunged by a staggering 61. To get you a cheaper car insurance rates in kenya, some insurance companies may bundle these options and sell it bundled.
The application of ifrs 4 insurance contracts in 2005 was a significant challenge for the global insurance industry. The insurance industry in kenya has had a progressive increase in its key players operating in the industry as at the end of 2017. Health insurance kenya compare medical insurance quotes. Challenges facing insurance industry in kenya and their possible solutions. Making the list as number 1 in the top 10 insurance companies in kenya is cic insurance company, formerly known as cooperative insurance services ltd. Challenges facing insurance industry in kenya in 2019 tuko. Insurance cover upon change of ownership of motor vehicle. It was created as a subsidiary of pan africa insurance holdings to tap into the largely underdeveloped life assurance market in kenya.
On top of the basic cover that your comprehensive car insurance will cover in kenya, there are several optional benefits that can be added to your policy to further secure your policy. However, to this day, there is cutthroat competition among various players. List of insurance companies in kenya answers africa. Low cost medical insurance covers in kenya are provided by insurance companies that are willing to work with low cost hospitals. Law applicable to contracts of insurance and place of payment. Timetrics the insurance industry in kenya, key trends and opportunities to 2020 report provides indepth market analysis, information and insights into the kenyan insurance industry, including. We actively supported the sector as they prepared to adopt the standard for 2005 financial statements, and in december 2004 held a seminar for our insurance sector contacts on the implications of the standard. This study set out to establish factors causing the low insurance uptake, the challenges faced by the insurers in marketing their products and subsequently identify strategies the kenyan insurance companies can adopt to enhance insurance uptake.
General insurance comprises of insurance of property against fire, burglary etc, personal insurance such as accident and health insurance, and liability insurance which covers legal liabilities. Another aspect of disservice to the motor insurance industry is the state of kenyan roads and. With more people seeking to venture into insurance. List of 7 best car insurance companies in kenya car.
Box 2019600100,nairobi kenya reinsurance corporation limited p. Challenges facing insurance industry in kenya in 2019. The insurance regulatory authority ira is the regulator of all insurance companies in kenya, with a mandate to regulate, supervise and. Therefore, further research to improve the industrys understanding of service quality is required. Leading nonlife insurance companies in kenya of 2014, by gross written premiums in million u. Ensure the effective administration, supervision, regulation and. The insurance regulatory authority whose mission is to effectively and professionally regulate, supervise and develop the insurance industry regulates the activities of insurance companies in kenya while the association of kenya insurers established in 1987 as an independent nonprofit making consultative and advisory body is the.
It started off as an insurance agency in 1968 as a department within the kenya national federation of cooperatives knfc. Insurance in kenya is mainly sourced through agents, brokers or directly by insurance companies with agents taking the lead by bancassurancethe new opportunity. The insurance industry in kenya, key trends and opportunities. This will ensure a stable insurance industry and this will play a major role in increasing the insurance penetration.
Ira kenya industry reports 2012 2018, bmi economic data life insurance kenya life insurance industry performance kenya in the last five years, the life insurance market in kenya has experienced growth in both the level of direct premiums as well as in the equity held by the industry constituents. A list of insurance companies in kenya in august 2016, with their contact details, headquarters and their main business lines medical, general, life is leading insurance comparison platform in kenya. The study is based on the 4ps, marketing mix, as a theoretical and strategic option of effective marketing. Kenyas insurance sector overview kenya currently has 49 insurance companies regulated by the insurance regulatory authority 20 12 20 in kenya there are a total of 49 insurance companies, 5 reinsurance companies and 198 insurance brokers. Insurance industry annual report 2017 insurance regulatory. General insurance such as principles of utmost good faiths material fact principle of insurable insures and principle of indemnity. Pan africa insurance company, established in mombasa in 1947, was the first insurance company in kenya to be listed on the nse. Heritage insurance company ltd among the top 10 in east africa. It has been observed that the contract of insurance is basically governed by rules which form part of the general law of contract. Pdf cloud computing adoption in insurance companies in kenya. Amounts and values in policies to be expressed in kenya currency. Specifically, the project focused on the risk control, risk.
1340 378 289 650 220 749 1345 1213 845 102 803 785 1261 247 495 348 1520 580 1628 1370 1091 1169 1297 199 1100 1103 195 599 1023 562