Kenya Insurance Report Q2 2016
BMI View: We have a bullish outlook for the Kenyan insurance sector, with non-life insurance in particularexpected to record robust annual growth throughout our five-year forecast period through to 2020.
Increases in average household income rates, as well as wider economic growth, is driving demand for anumber of products, including property, health and motor insurance. At the same time, improvingawareness of the benefits of various life products, as well as an expansion in the number of productsavailable in the market, is contributing to growth of the life sector - though we note that widespread povertyremains a serious hindrance to growth potential.
Key Updates And Forecasts
The Association of Kenya Insurance (AKI) continues to tackle fraudulent claims in the motor sector. TheAKI plans to launch the Integrated Motor Insurance Data System in 2016, which will streamline theclaims process, reducing the potential for fraud and eventually reducing the cost of premiums. Thesystem will be linked with the Kenya Revenue Authority (KRA), Ministry of Transport and the police.
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