(MoneyNewsWire.Net, December 04, 2019 ) Strong demand for insurance of vehicles, property, health and other insurances across Kenya are driving the revenues of insurance companies in the country. Growing life expectancy, tax incentives on insurance products, favourable savings associated with insurance are further encouraging the customers across insurance segments.
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On the global front, the world insurance market is dominated by vehicle insurance with the market for motor vehicle insurance is expected to register growth at a CAGR of 6.45% during the forecast period owing to increasing regulatory requirement for vehicle insurance.
Kenya’ insurance industry is facing stiff competition as the insurance companies not only compete with each other, but also compete with the risk retention groups, government, and self-insurance. The companies generally compete mainly based on two factors including the quality of the services and price that they provide. Many large organizations self-insure for most of their employee benefits like health coverage that lowers market scope for insurance companies.
Economic growth, rising government spending, technological innovations and increased consumer awareness about insurance products are key market drivers in Kenya. The government's policy of insuring the uninsured has progressively pushed the insurance penetration in Kenya and the proliferation of insurance schemes.
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The increasing number of digital distribution channels is favouring the insurers to easily obtain insurance policies. Insurtech, messaging platforms, and online sales channels are contributing to the insurance landscape in the country.
Through different distribution channels, insurance companies in Kenya are providing a wide variety of products with varying levels of complexity that are designed for different groups of businesses, individuals and other organizations. This will provide ways to meet the emerging demands of every end use customer and propel net sales.
Local market players in the country are focusing on marketing their competitive edge by rolling out more plans customized to diverse sectors and developing more innovative digital features.
The Kenya Insurance Market, Size, Share, Outlook and Growth Opportunities 2020-2026 presents a comprehensive analysis of the country’s Insurance activities. The report focuses on market dynamics, recent trends, and insights on the insurance market.
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The report covers the 2019 scenario and growth prospects of the Insurance Market for 2020-2026. Insurance Market research identifies that the competition continues to intensify year-on-year with emerging applications.
Kenya Life Insurance Premiums, Kenya Motor Vehicle Insurance, Kenya Property Insurance, Kenya Personal Accident Insurance, Kenya Health Insurance, Kenya General Liability Insurance, Kenya Credit/Financial Guarantee Insurance, and Other Insurance Markets are analyzed and forecast to 2026 in the report.
Kenya population and economic outlook are also presented in the report to provide insights and forecasts of macroeconomic factors shaping the future of Insurance markets.
Kenya Insurance Market is compared against five of its competitive markets in the region to analyze the role of Kenya on the regional front and benchmark its operations.
Global Insurance, Asia Pacific, Europe, Middle East Africa, North America, and South & Central America Insurance market outlook is also presented in the report to provide a global perspective of the industry.
Business and SWOT profiles of three of the leading Insurance companies in Kenya are detailed in the report along with strategic initiatives, recent developments and their impact on overall market growth. The report also analyzes the competitive landscape of companies in the Kenya insurance market.
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