"Kenya Insurance Report Q4 2014" Published

From: Fast Market Research, Inc.
Published: Tue Oct 14 2014

As of late 2014, the latest news from Kenya's dynamic and resilient insurance sector confirms our optimistic view. Premium growth should remain well into double-digits in both of the main segments. This is partly because of innovate new products and distribution deals. It is also because of the emphasis on micro-insurance, bancassurance and measures to reach out to first time users. Growing awareness of pensions in the wake of the implementation of the NSSF Act from the end of May 2014 should also provide opportunities.

We remain of the view that Kenya's insurance sector is dynamic and resilient. Although insurance companies are small organisations by most standards, they are innovative and clearly understand the needs and challenges of their customers. Initiatives that have been announced in recent months include agricultural risk products that cover farmers against the impact of natural disaster, facilities to pay premiums via mobile phones and takaful. Another indicator of the potential for the non-life segment is that Kenya is one of only four countries in Africa (the others being South Africa, Egypt and Uganda) in which global property and casualty insurance giant AIG has an on-the-ground presence. Non life penetration exceeds 2%, which is a high level for a country with Kenya's low per capita income.

Full Report Details at
- http://www.fastmr.com/prod/888107_kenya_insurance_report_q4_2014.aspx?afid=302

In a country where many households are too poor to consider saving for the future, Kenya's life insurers have still managed to develop a segment that accounts for about a third of all premiums written in the insurance sector as a whole. In other words, they have collectively built sufficient trust among those Kenyans who can save for the long term. Given the country's tendency for high inflation, this is very much to their credit. Unlike some Eastern European countries, the development of the segment has not been driven entirely by multinational giants. South Africa's Metropolitan Life has a subsidiary in Kenya and is expanding by way...

The Kenya Insurance Report has been researched at source and features Business Monitor International (BMI)'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.

About Fast Market Research

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You may also be interested in these related reports:

- South Africa Insurance Report Q4 2014
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Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001

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