Kenyan bancassurance market in 2023

A report published by the Association of Kenyan Insurers (AKI) indicates that bancassurance activity in the country closed the 2023 financial year with a turnover of 35 billion KES (221.5 million USD), up 13.3% over one year.

Non-life premiums stood at 18.5 billion KES (117.1 million USD), against 16.5 billion KES (104.4 million USD) for the life segment.

Incurred losses increased by 11.8%, from 12.7 billion KES (102.2 million USD) in 2022 to 14.2 billion KES (89.9 million USD) a year later.

In 2023, bancassurance accounted for 9.69% of premiums written by the entire Kenyan insurance market, which amounted to 361.36 billion KES (2.3 billion USD).