Kenya Insurance Report Q2 2015

Business Monitor International
February 4, 2015
87 Pages - SKU: BMI5465522
Countries covered: Kenya

Kenya Insurance Report Q2 2015

BMI View: We see a bright future for Kenya's insurance industry, with domestic economic growth drivingexpansion of both the life and non-life sectors. The market place is competitive and highly fragmented, andas such there opportunities for larger regional and global firms to expand their reach via local acquisitions.

Meanwhile local firms continue to expand via the use of innovative distribution channels and theintroduction of new, market targeted, products.

BMI is forecasting robust GDP growth of 6.3% in Kenya in 2015, as the tourism industry regains groundand the country's key agricultural sector sees more positive growth. This economic growth will drive a leapin private financial consumption, providing opportunities for insurance firms in related sectors such asmotor vehicle insurance (with auto sales on the up) and mobile phone insurance (Kenya Orient Insurancehas reported a sharp increase in demand for its new smart phone insurance products). As a result, we expectto see growth of 4.6% in gross insurance premiums, to USD1.7bn - motor insurance will be the industryoutperformer with growth in premiums of 5.8%.



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