Country Dashboards

50 mn
US$110 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 336 mn
Non-life premium volume (USD) 617 mn
Total premium volume 953 mn
Total premium volume (KES) 76 bn
Insurance penetration: Premiums in % of GDP 2.10%
Insurance density: Premium / capita USD 24.7
Local currency KES
Market Composition
Domestic life insurers 11
Domestic non-life insurers 26
Domestic composite insurers 0
Foreign life insurers 9
Foreign non-life insurers 11
Foreign composite insurers 0
Domestic reinsurers 1
Foreign reinsurers 3
State-owned insurers 0
State-owned reinsurers 3
Insurance intermediaries 11622
Reinsurance intermediaries 19
Insurance Regulatory Authority
Zep Re Place, Longonot Road Upperhill Nairobi Tel +2540204996000

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed No
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement KES 600M
Minimum paid-up share capital KES 600M
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied No
Ceded reinsurance is regarded as a permissible asset No
Compulsory insurance lines Motor TPL, Workers Compensation
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: