Firstly, allow me to spend a few moments to reflect upon the future of the Kenyan insurance industry based on my experience, and to provide some thoughts and advice on where reinsurers such as Continental Reinsurance can contribute additional value in the sector. The Kenyan insurance market wrote KShs. 100 billion of Gross Direct Premiums in the year 2011.
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.