Insurance

In recent years, insurance penetration and accessibility have been improving steadily in Kenya. The middle class is growing, more Kenyans have disposable income and there is potential for new demand for insurance. There is rapid urbanisation, giant infrastructure projects, new energy schemes and growing industry. In 2013 life insurance penetration stood at 1.2% of GDP and general insurance was about twice that, bringing the total to 3.44%. However, this measure of insurance penetration dropped to 2.93% in 2014 after GDP was rebased with a 25% increase. Life assurance gross premium income was KSh56.5bn ($621.5m) in 2014, up from KSh44.3bn ($487.3m) the previous year, and this growth trend continued into the first quarter of 2015.

This chapter contains an interview with Sammy M Makove, Commissioner of Insurance and CEO, Insurance Regulatory Authority.