It has grown at an average rate of 16% p.a. over the last 5 years. The market comprises of 45 insurance companies, transacting long-term and short-term insurance business. In addition, there are over 140 insurance brokers operating in the Kenyan insurance market. Competition is strong and therefore clear market positioning is essential.
I am standing here today wearing two hats: one, as Regulator of the banking sector and secondly, as a Board Member of the IRA. I have seen that there is a strong requirement for products that are driven by a real need from customers – products that appeal to a specific demand.