Insurance premiums in Kenya increased by 3.2% in the second quarter of this year to KSh 121 billion from KSh 117.28 billion reported in Q2 2019.
Gross premiums from Long term insurance business which includes; life assurance, group life, annuities and pensions rose by 8.2% to KSh 47.9 billion in the period under review. The general insurance business, made of motor insurance, property insurance, among others, registered only 0.2% increase in gross premiums to KSh73.18 billion from KSh 73.03 billion gross premiums recorded in the second quarter of 2019.
The general insurance business is the biggest contributor in Kenya’s insurance industry. In Q2 2020, it contributed 60.5% of all the premiums collected in the insurance sector, while long term insurance business (life insurance) brought in 39.5% of the insurance premiums.
Some of the leading companies in the long term insurance business are Britam Life Assurance, Jubilee Insurance, and ICEA Lion Life Assurance. Leaders in the general insurance business in terms of gross premium earned are UAP Insurance, CIC General Insurance, and APA Insurance.
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