After a huge 57.7% drop in 2020, profits in Kenya’s insurance sector have seen a consistent increase

Kenya’s insurance sector PAT grew by 143% between 2017 and 2024.
The lowest point came in 2020, with profits dropping 57.7% to KSh 6.4B.
A sharp rebound followed, with profits rising steadily each year from 2021 to 2024.
The strongest yearly growth was in 2019, with a 108% surge in profits.
By 2024, PAT stood at KSh 33.1B, the highest in the seven-year period.
Profits more than quadrupled from 2020 (KSh 6.4B) to 2024 (KSh 33.1B).

Kenya’s insurance sector has experienced a remarkable turnaround in profitability over the past seven years, recording a 143% growth in Profit After Tax (PAT) between 2017 and 2024. Despite severe setbacks in 2018 and 2020, when profits fell sharply, the sector has since rebounded strongly, posting consistent growth from 2021 onwards. By 2024, PAT rose to KSh 33.1 billion, more than double the amount for 2017, highlighting a resilient recovery trajectory.

Source:

Insurance Regulatory Authority (IRA), Kenya

<div style="text-align: center;"><a href="https://intelpoint.co/insights/after-a-huge-57-7-drop-in-2020-profits-in-kenyas-insurance-sector-have-seen-a-consistent-increase/" title="After a huge 57.7% drop in 2020, profits in Kenya’s insurance sector have seen a consistent increase"><img src="https://intelpoint.co/wp-content/uploads/2025/09/total-profit-after-tax-in-kenyas-insurance-sector-2017-2024-68d9629ed8a5b-scaled.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: After a huge 57.7% drop in 2020, profits in Kenya’s insurance sector have seen a consistent increase"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=After+a+huge+57.7%25+drop+in+2020%2C+profits+in+Kenya%E2%80%99s+insurance+sector+have+seen+a+consistent+increase" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

2017-2024

HTML code to embed chart

Want a bespoke report?

Reach out

Related Insights

Gross premium income for Kenyan insurers posted an 89.1% growth between 2017 and 2024

Gross premium income in Kenya’s insurance sector grew by 89.1% between 2017 and 2024.
Premiums rose from KSh 209.0B in 2017 to KSh 395.3B in 2024.
The most substantial annual growth occurred in 2023 at 17.6%.
2021 also recorded a significant rise of 16.6% growth.
The slowest growth was observed in 2020, at just 2.3%, likely reflecting the impact of the pandemic.
Despite fluctuations, the sector has maintained an upward growth trajectory across the 7 years.

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.

Government securities consistently dominate Kenya's insurance assets, holding over 69% of the total share

Government securities consistently dominate, holding between 69% and 71% of total insurance assets.
In 2022, government securities reached their peak share at 71.4%.
Investments in subsidiaries fell steadily from 11.9% in 2021 to 8.4% in 2024.
Ordinary shares and investment property grew slightly, reaching 9.4% and 9.2% respectively, in 2024 and 2023.
Term deposits declined from 8.6% in 2021 to around 6.7% in 2024.
The sector made gradual diversification moves but remained highly concentrated in government securities.
The consistent focus on low-risk assets highlights insurers’ preference for stability and capital preservation.

South Africa controlled nearly 70% of Africa's $63.6 billion insurance market as of 2023; Nigeria trailed with only 1.7%

South Africa led the continent with a massive 68.2% of Africa’s insurance market, far ahead of all others combined.
Morocco (8.7%), Egypt (4.0%), and Kenya (3.6%) were the next largest.
Major economies, such as Nigeria (1.7%) and Algeria (1.9%), played surprisingly small roles in insurance penetration.
“Others” refers to the rest of Africa, which held just 6.4%, indicating a heavy concentration in a few markets.

Leadway Assurance was the leading insurance company in Nigeria by total assets as of 2022

With assets worth ₦536 billion, Leadway Assurance was the leading insurance company by total assets as of 2022 — two times more assets than second-placed AIICO Insurance with ₦270 billion. These are the top ten insurance companies in Nigeria by total assets as of 2022.