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Kenya’s insurance industry showing positive signs of growth

12 January 2016, 15:21

Nairobi - Having witnessed a significant growth across all the sectors in the past few years, the Kenyan insurance industry will continue to grow at a double-digit CAGR, finds a new report by Timetric’s Insurance Intelligence Center.

Overall, the sector more than doubled in size from KES77.9 billion (US$983.3 million) to KES157.7billion (US$1.8bn) during the review period (2010-2014). Furthermore, it is expected to continue showing a strong growth over the next five years, with Timetric’s analysts forecasting the industry to reach KES324.2 billion (US$3.1 billion) by 2019, at a CAGR of 15.5%.
Motor insurance is expected to be a key growth area
Timetric expects the non-life insurance sector to grow by 16.5% per year during the forecast period (2015-2019), with motor insurance being at the top. This owns in part to the increasing disposable income of Kenyans. As a result, higher disposable income will likely support car sales and consequently, with third-party liability insurance being compulsory, insurers should witness an increase in premiums. Car sales in Kenya increased by approximately 10% over in the last five years from 196,456 to 218,057 - a trend which is expected to continue over the forecast period, supporting demand for motor insurance.
New construction projects promise premiums for property insurers

According to Timetric, a number of construction projects that are planned across Kenya in the coming years will provide opportunities for property insurers. Construction output in Kenya rose from KES289.0 billion (US$3.6 billion) in 2010 to 687.5 billion (US$7.8 billion) in 2014, supporting the growth of property insurance. The category is expected to value KES48.0 billion (US$464.8 million) in 2019, mainly driven by government investments to develop the Lamu Port and South Sudan-Ethiopia transport corridor, the Mombasa–Nairobi standard gauge rail network and the construction of a 2,000km road.

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- News24


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