Kenya ranks top market for African insurers

Cairo, SEP 8 (SEE) – Kenya emerged as the leading destination for South Africa insurers, audit firm PWC reported on Friday.

The Republic  of South Africa is  continent's powerhouse in terms of Insurance penetration at 16.99 per cent while Kenya leads in East Africa at 2.83 percent.

The 52 insurance firms in Kenya is leading South African based Old Mutual which merged with UAP insurance in 2017, Sanlam , and Liberty Insurance that took control of Kenya’s CfC Insurance Holdings in 2010.

Namibia came in second place at 6.69 %, Lesotho held the third position at 4.76 %, Mauritius and Zimbabwe secured the  four and five position with 4.18 and 4.09 % respectively.

The underwriters ranked Kenya at position one among top five countries they consider their target growth market in Africa.