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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Nigeria’s insurance industry gross premium written in 2025
  • Nigeria's insurance industry generated ₦2.3 trillion in gross premium written in 2025.
  • Gross premium written increased 47.3% from ₦1.56 trillion in 2024.
  • Premiums have grown by 273% since 2021, from ₦616.6 billion.
  • Gross premium written has increased every year since 2021.
  • Premium growth does not necessarily mean higher insurance coverage or profitability.
Among 17 insurers reviewed, the top three generated ₦30.3bn more than the rest
  • AXA Mansard, NEM Insurance and AIICO generated 51.7% of the combined revenue of 17 NGX-listed insurers.
  • The top three earned ₦449.9 billion, ₦30.3 billion more than the other 14 insurers combined.
  • The 17 insurers generated a combined ₦869.6 billion in insurance revenue in 2025.
  • AXA Mansard recorded the highest insurance revenue at ₦160.6 billion.
  • Revenue rose at 15 insurers, but only four reported higher profits.
Nigeria's insurance sector crossed ₦1.98tn in H1 2025 as every segment grew by at least 25%
  • Life Business was the single largest segment, and its 70.3% jump signals that more Nigerians are thinking seriously about financial protection for their families.
  • Miscellaneous, the smallest segment, posted the biggest growth at 86.7%, suggesting new and unconventional insurance products are gaining serious traction.
  • Aviation & Marine nearly doubled, with 79.9% growth in a sector tied to trade and logistics, reflecting Nigeria's expanding import/export activity and the rising cost of cargo and aircraft risk coverage.
  • Motor (52.5%), Fire (53.3%), and General Accident (49.6%) grew by roughly half, indicating broad-based sector expansion rather than isolated pockets of growth.
Nigeria's insurance sector crossed ₦1.98tn in H1 2025 as every segment grew by at least 25%
  • Life Business was the single largest segment, and its 70.3% jump signals that more Nigerians are thinking seriously about financial protection for their families.
  • Miscellaneous, the smallest segment, posted the biggest growth at 86.7%, suggesting new and unconventional insurance products are gaining serious traction.
  • Aviation & Marine nearly doubled, with 79.9% growth in a sector tied to trade and logistics, reflecting Nigeria's expanding import/export activity and the rising cost of cargo and aircraft risk coverage.
  • Motor (52.5%), Fire (53.3%), and General Accident (49.6%) grew by roughly half, indicating broad-based sector expansion rather than isolated pockets of growth.
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 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.
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