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insurance gross premiums hit 173billion

Insurance Gross Premiums hit 173billion

AKI has today released the industry statistics for the year ended 31st December 2015. The report shows that non-Life insurance continues to contribute more to the insurance premiums basket compared to life insurance at 64.4% and 35.6% respectively. The insurance industry penetration remains low at 2.97%.

Deposit Administration/Pension, Aviation, Motor Private and Medical Insurances recorded the highest premium growth. On the other hand, Group Life, Investment/Unit linked Contracts, Theft, WIBA and Marine had the least premium growth.

Overall, the Industry grew by 10.05% in 2015 compared to a 20.3% growth in 2014 representing a 9.8% decrease. Contrastingly, the industry recorded positive growth in Gross Premiums of ksh173.89billion in 2015 compared to Ksh157.21billion in 2014.

This significant drop in percentage growth in 2015 has been attributed to the substantial drop in group life growth to record 8.58% compared to 2014 where it grew by 29.4%. The spike in 2014 has been attributed to the Governments uptake of group life insurance for civil servants and other public officers.

Mr. Hassan Bashir, AKI Deputy Chairman, while reading remarks on behalf of the AKI Chairman, Mr. Patrick Tumbo, noted that the insurance industry as part of the wider financial sector is facing more scrutiny from regulatory bodies which have led to several statutory changes, “There were some significant changes in statutory requirements including the risk based supervision…the regulations are set to take effect in a phased implementation concluding in 2018.”

In his remarks, he also noted the contribution that the Government had made in 2015, and is continuing to make in 2016, to the insurance industry through its Agriculture insurance premium subsidy initiative. He further lauded the Government’s drive to implement Section 20 of the Insurance Act that will direct Marine Cargo Insurance to local players, a business estimated at ksh20billion.

 

Read the full Chairman’s statement here

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