KENYA INSURANCE MARKET

INTRODUCTION

 The insurance industry in Kenya is among the most established in all of East Africa, and it has been expanding steadily in recent years.  Health insurance, automobile insurance, property and casualty insurance, life insurance, non-life insurance (property and casualty insurance), and specialty lines like marine and aviation insurance are just a few of the insurance products available in Kenya. 

Technology and digital solutions are being embraced by the Kenyan insurance sector. Digital claims processing, mobile insurance (m-insurance), internet sales and distribution platforms, and data analytics are all examples of this.

There are initiatives undertaken to raise consumer knowledge of insurance and financial literacy in Kenya. Initiatives aimed at educating the public on the advantages of insurance and how to make knowledgeable insurance decisions.

KENYA INSURANCE MARKET SIZE AND FORECAST

The Kenya insurance market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030.

NEW PRODUCT LAUNCH

A digital auto insurance platform was launched in Kenya by InsurTech Lami.  With just a few clicks, drivers can get auto insurance using the app. The policy language will be open and clear, and customers will be able to choose from a variety of customised vehicle insurance options with flexible coverage durations.

 Additionally, if and when necessary, the policies can be suspended, degraded, or upgraded. The software also has a "help" button that, when pressed, instructs the system to send the nearest security personnel, towing vehicles, or ambulances to the motorists across the nation. Users are able to submit claims using their phones through the company's digital claims system.

Both the Apple App Store and the Android Play store offer the application. The programme aims to digitise auto insurance for Kenyan drivers who must wait in huge lines to be assisted. For Lami, this is incredibly exciting. Their goal has always been to make insurance products available to smartphone users.

Companies like Insurify, which provide drivers with an online marketplace, are examples of the beneficial innovation the auto insurance sector is attempting to implement globally. As new InsurTechs enter the market and provide enhanced customer experience and claims resolution, Kenya's sector may be prepared for change.

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. How many insurances are manufactured per annumin Kenya? Who are the sub-component suppliers in different regions?
2. Cost breakup of a Kenya insurance and key vendor selection criteria
3. Where is the insurance manufactured? What is the average margin per unit?
4. Market share of Kenya insurance market manufacturers and their upcoming products
5. Cost advantage for OEMs who manufacture Kenya insurance in-house
6. key predictions for next 5 years in Kenya insurance market
7. Average B-2-B insurance market price in all segments
8. Latest trends in insurance market, by every market segment
9. The market size (both volume and value) of the insurance market in 2023-2030 and every year in between?
10. Production breakup of insurance market, by suppliers and their OEM relationship