Newly released market study: Kenya Insurance Report Q1 2016

By various measures, Kenya's insurance sector is among the most developed in Sub-Saharan Africa. The country has a high level of insurance penetration with premiums equivalent to about 3% of GDP, and is also home to some of Africa's largest insurance groups as well as a number of major multinational firms.

A robust economic backdrop has been a key driver of underwriting activity and is likely to continue to be so over the coming years. A growing middle class and increased levels of households spending are creating an opportunity for both life and non-life insurers to grow their business. With higher disposable incomes, increasingly, Kenyans are gaining awareness and investing in personal lines, including health, property and motor vehicle covers as well as savings and retirement income products. BMI's Country Risk team forecast the economy to expand by 6.7% in 2015 - a revision on our 6.0% growth forecasts - with GDP growth expected to remain steady at about 6% a year through to 2019.

Full Report Details at
- http://www.fastmr.com/prod/1073112_kenya_insurance_report_q1.aspx?afid=301

One of the main areas of growth is likely to be in the sale of micro insurance products as companies look to ways to target lower-income groups with limited access to traditional insurance products. Several insurers have signed partnerships agreements with mobile phone operators in recent months, a strategy which has allowed low-income users to use mobile technology to view and purchase insurance products. We expect companies to look increasingly to this and other distribution channels such as bancassurance to grow their customer base, going forward.

The Kenya Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Kenya Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Kenyan insurance industry.

Key Benefits

* Benchmark BMI's independent insurance industry forecasts for Kenya to test other views - a key input for successful budgeting and strategic business planning in Kenya's insurance market.
* Target business opportunities and risks in Kenya through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
* Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

Coverage

BMI Industry View

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