Kenya's insurance sector assets doubled from KSh 591B to KSh 1.2T in seven years

Kenya’s insurance assets more than doubled in seven years, from KSh 591B in 2017 to KSh 1.2T in 2024.
This represents a 109.4% growth over the period.
The sector recorded positive growth every single year, with no declines.
The most substantial growth occurred in 2024, at 17%.
Asset growth averaged between 7.5% and 12.5% annually until the surge in 2024.
2023 marked the first time assets crossed the KSh 1 trillion mark.

Kenya’s insurance sector has seen steady and impressive growth in its asset base over the past seven years, with total assets more than doubling from KSh 591 billion in 2017 to KSh 1.2 trillion in 2024. This represents a 109.4% increase, underscoring the sector’s expansion and increasing role in the country’s financial system. The consistent year-on-year growth highlights the sector’s stability and resilience, even in periods of economic uncertainty. Despite fluctuations in annual growth rates, the sector has maintained positive momentum throughout the period.

Source:

Insurance Regulatory Authority (IRA), Kenya

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Period:

2017-2024

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