Country Dashboards

45 mn
US$69 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 2.38%
Insurance density: Premium / capita USD 24.8
Local currency KES
Market Composition
Domestic life insurers 6
Domestic non-life insurers 24
Domestic composite insurers 11
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers
Domestic reinsurers
Foreign reinsurers 9
State-owned insurers
State-owned reinsurers 1
Insurance intermediaries
Reinsurance intermediaries
Insurance Regulatory Authority
Insurance Regulatory Authority Kenya P.O Box 43505, 00100 Nairobi, Zep- Re Place Longonot Road, Upper Hill, Nairobi

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates Yes
Cross-border insurance allowed No
Bancassurance is allowed No
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions Yes
Minimum capital requirement KSH 150mn - KSH 500mn
Minimum paid-up share capital KSH 150mn - KSH 500mn
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed Yes
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied Yes
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL, Aviation TPL, WC etc.
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: