Kenya Insurance Report Q1 2015

Business Monitor International
December 10, 2014
79 Pages - SKU: BMI5405780
Countries covered: Kenya

Kenya Insurance Report Q1 2015

BMI View: The outlook for Kenya's insurance market is increasingly positive, with substantial growthreported across a range of life and non-life insurance products in recent months. With healthy economicgrowth forecast for the next few years and private financial consumption increasingly steadily, we expect tosee double digit premium growth throughout the forecast period through to 2018. As the market maturesand develops, we expect to see more global players enter the field and a process of market consolidation.

There are some significant challenges facing the insurance market in Kenya. Much of the population livesbelow the poverty line and there is little awareness of, or appetite for, long-term investment or savingsproducts which restricts potential growth in the life sector. The launch of a revised mandatory state pensionsystem in mid-2014 may go some way towards educating the public as to the benefits of pension planning,and as economic growth fuels private financial consumption we expect to see the life insurance marketincrease over the next few years.



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