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.

The gross premium income of Kenya’s insurance sector rose from KSh 209.0 billion in 2017 to KSh 395.3 billion in 2024. This represents an impressive 89.1% increase, underscoring the sector’s expanding role in financial services and risk management. While year-on-year growth has varied, the overall trend reveals a steadily deepening insurance market in the country. This shift points to growing awareness, rising incomes, and increased trust in insurance services—factors that are gradually transforming the sector into a key pillar of Kenya’s economy.

Source:

Insurance Regulatory Authority (IRA), Kenya

Period:

2017-2024
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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.
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  • 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.
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  • 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
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  • In 2022, government securities reached their peak share at 71.4%.
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  • 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.
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Leadway Assurance was the leading insurance company in Nigeria by total assets as of 2022
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