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STRONG M&A ACTIVITY EXPECTED IN KENYA INSURANCE SECTOR

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The insurance industry in Kenya is expected to see a round of consolidation this year, as operators in the fast-growing sector look to not only increase market share but meet higher capital requirements. The sector has witnessed rapid growth over the past decade, with written premiums reaching compound annual growth rates (CAGR) of 15.1% between 2004 and 2014. Some in-house estimates put growth in the non-life segment at 20% per annum, while the health insurance component is leading the expansion with a 38% growth a year. Read More

MORE ADJUSTMENTS EXPECTED IN KENYA’S INSURANCE SECTOR

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Kenya’s insurance industry is expected to see increased consolidation this year as the sector gears up to the growing middle class and high foreign investor appetite.

The country has about 47 companies offering insurance services with a total of Sh130 billion in written premiums in 2013 and a total net profit of Sh14.5 billion in an industry where penetration is at 3.5 percent.

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BREAKING THE BARRIERS TO INSURANCE PENETRATION IN KENYA

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A In its latest annual report, the Association of Kenya Insurers (AKI) noted that as at December 2014, there were 49 insurance companies, 198 insurance brokers and 5,155 insurance agents in Kenya.

The industry generated gross premiums of Sh132.1 billion, up 23.2 per cent from Sh107.2 billion in 2013. This unusually high growth is attributed to the Government insuring civil servants and the disciplined forces in 2014. The industry recorded a profit of Sh15.5 billion before tax last year, down from Sh17.8 billion in 2013.

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IMF GIVES KENYA $700M INSURANCE LOAN

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The International Monetary Fund has agreed to make loans of around $700m (£460m) available to Kenya. The money will be used as an insurance policy to protect against any threats to the country's economy, considered a financial powerhouse in East Africa.

The Kenyan government requested the package as a precautionary measure, in case of an emergency such as a natural disaster or militant attack.

The funds will be available for the next 12 months.

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INSURANCE BROKERS CRY FOUL OVER PROPOSED CAPITAL RULES

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Insurance brokers and corporate agents want some of the proposed provisions in the Draft Insurance Bill, 2014 and Draft Insurance Regulations, 2015 rescinded saying they have the potential of driving many of them out of business.

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BANKING AND INSURANCE INDUSTRIES IN KENYA

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Banks have penetration rates of 50--70% interest one of the best in Sub-Saharan Africa, while insurance penetration in Kenya stands at 3% also one of the highest in Africa after South Africa with a 20% penetration. Banks want to tap into the insurance industry because of the complementing synergies between them and insurance companies in a bid to increase penetration.

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Geminia Insurance Plaza, Kilimanjaro Avenue, Upperhill +254 20 2782000 info@ geminia.co.ke

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