Top 10 Insurance Companies In Kenya By Premiums In 2020

Insurance Companies In Kenya By Premiums

The Kenyan insurance industry is one of the fastest-growing markets on the entire African continent. The total gross premiums collected have risen from KSh 131 billion in 2015 to KSh 173 billion with life insurance being the faster-growing segment compared to the general business line.

It is the biggest in East Africa, 5 times bigger than the second-largest market Tanzania. Similarly, insurance penetration is significantly higher at 2.8% with Rwanda coming in at second with 1.6%. Kenya is number 5 in Africa behind South Africa, Namibia, Mauritius, and Morocco.

Penetration is measured as the total premiums collected divided by the Gross Domestic Product (GDP)(Total Premiums) x 100GDP

Insurance Companies: Industry Players

There are a total of 51 Insurance Companies, 180 brokers, 6,417 agents, and 19 bancassurance providers. The market is mainly dominated by intermediaries where the agents have 57% of premiums, brokers 28%, and the companies 15% of the market. Nairobi County accounts for 67% of the total national premiums followed by Mombasa at 4%.

Size Of The Market

The general insurance segment is still larger than the life business, contributing KSh 112 billion (65%) of the total premiums in 2015. This is different from many of the industrialized countries where the life business is the bigger share of total premiums indicating that there is still a lot to be done in Kenya to increase the uptake of life insurance products like savings, pensions, and investments products.

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Medical is the largest percentage of premiums at 27% followed by Motor insurance for commercial vehicles at 22% and private vehicles at 18%. Incidentally, these 3 business lines are the biggest loss-making lines in the industry. The biggest underwriting companies are leaders in these business lines underwriting a large portion of the total premium.

Top General Insurance Companies 2020

Jubilee Insurance Company Limited has continued to lead the market locally and in East Africa with 11% of the Kenyan premiums market followed by APA Insurance Company at 8.3% market share.

Top Insurance Companies by Premiums, 2020

PositionNamePercentage %
1Jubilee10.85
2APA8.25
3BRITAM7.25
4CIC7.07
5UAP7.04
6ICEA Lion5.02
7HERITAGE4.66
8AAR3.90
9GA3.86
10AIG3.51

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