Businesses & Financial News

Kenya’s insurance sector announces Sh133.45billion growth

Industry figures released by Association of Kenya Insurers (AKI) for the year 2019, show that the industry’s gross written premium stood at Sh231.3billion, compared to Sh216.11billion the sector recorded a year earlier, a 7.03 percent overall sector growth.

During the period under review, life insurance premium soared to Sh 97.85billion, compared to Sh87.26 billion in 2018, representing a 12.14 per cent growth is the in the insurance class.

Non-Life insurance premiums grew to Sh133.45billion compared to Sh128.85billion with four major classes Motor commercial, motor private, Medical and Fire both contributing 77.4 per cent of the GWP during the year.

“The remaining 9 classes had GWP of Sh30.1billion. Group Life premiums increased to Sh25.11 billion in 2019 from Sh23.17 billion in 2018 recording an increase of 8.16 per cent compared to a decline of 8.21 per cent in 2018 with an average growth since 2015 at 8.16 per cent,” noted the report.

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