KENYA MOTOR INSURANCE MARKET

INTRODUCTION

The majority of insurance providers provide insurance coverage levels above those required by law.

Each company will have a different definition of what exactly is covered. When there is an accident, your car, you, and other drivers are all covered by motor insurance.

It offers monetary compensation for any harm brought about to people or their property.

Kenya's high rate of vehicle, property, health, and other insurance demand is what fuels the country's insurance companies' profits.

Customers across all insurance categories are being further encouraged by factors like rising life expectancy, tax advantages on insurance products, and favourable savings connected with insurance.

Kenya's insurance sector is facing intense competition from risk retention groups, the government, and self-insurance in addition to competition from other insurance companies. 

KENYA MOTOR INSURANCE MARKET SIZE AND FORECAST

The Kenya Motor Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.

RECENT PRODUCT DEVELOPMENT 

Telematics technology, a way of gathering and analysing driving data, powers the service. The solution, according to the insurance provider, uses telematics capabilities along with data and analytics to encourage safety and improve consumer involvement.

The tool gathers and transmits data on acceleration, braking, and cornering, all of which are important indicators of how well or carelessly a vehicle is driven.

The driving information gathered is used in a thorough procedure to determine an appropriate driving score.

The customer is projected to profit from the anticipated decrease in total claims to the company by paying less for insurance thanks to premium payback given to them at the end of each policy year based on their overall usage.

COMPANY PROFILE

•  Allianz Insurance Company Of Kenya Ltd.
•  Phoenix Of East Africa Assurance Company Limited.
•  Resolution Insurance.
•  Takaful Insurance Of Africa Limited.
•  The Jubilee Insurance Company Of Kenya Limited.

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. What is the average cost perKenya Motor Insurance Marketright now and how will it change in the next 5-6 years?
2. Average cost to set up aMotor Insurance MarketinKenya?
3. How manyKenya Motor Insurance Marketare manufactured per annum globally? Who are the sub-component suppliers in different regions?
4. What is happening in the overall public, globally?
5. Cost breakup of aKenya Motor Insurance Marketand key vendor selection criteria
6. Where is theKenya Motor Insurance Market manufactured? What is the average margin per equipment?
7. Market share ofKenya Motor Insurance Marketmanufacturers and their upcoming products
8. The most important plannedKenya Motor Insurance Marketin next 2 years
9. Details on network of majorKenya Motor Insurance Marketand pricing plans
10. Cost advantage for OEMs who manufactureKenya Motor Insurance Marketin-house
11. 5 key predictions for next 5 years inKenya Motor Insurance Market
12. Average B-2-BKenya Motor Insurance Marketprice in all segments
13. Latest trends inKenya Motor Insurance Market, by every market segment
14. The market size (both volume and value) ofKenya Motor Insurance Marketin 2022-2030 and every year in between?
15. Global production breakup ofKenya Motor Insurance Market, by suppliers and their OEM relationship