NAIROBI (Xinhua) --
Kenyan President Uhuru Kenyatta vowed Thursday to hasten
regulatory reforms, capacity development, public awareness and technology
adoption to boost growth of the insurance sector.
Speaking at an
International Insurance Convention in Nairobi, Kenyatta in a speech read on his
behalf by Treasury Cabinet Secretary Henry Rotich said Kenya is committed to
accelerate growth of a sector that underpins financial inclusion, job creation
and stability in the financial markets.
"Insurance plays a big role in risk management for households and private
enterprises. We are committed to ensure this sector remains competitive to
enhance financial inclusion, market stability and job creation," Kenyatta said.
Kenya ranks number four in the league of African countries with the most
advanced insurance market after Morocco, Egypt and South Africa.
Statistics from the Insurance Regulatory Authority (IRA) indicate the
insurance market in Kenya was worth 19.7 billion U.S. dollars by March.
Kenyatta said enactment of a raft of policy and regulatory incentives that
are in the pipeline will revitalize growth of the insurance industry in line
with vision 2030 goal on financial inclusion.
"Both the public and private sectors have been coordinating efforts to boost
insurance uptake especially among small and medium sized enterprises and low
income population," said Kenyatta.
He noted that Kenya’s insurance sector has withstood disruptions occasioned
by automation and volatility in the global financial market to remain
The Kenyan leader urged players in the insurance sector to leverage on
technology, innovations and youth bulge in order to sustain their
"I urge insurance companies to be more innovative and venture into the
micro-space to ensure more Kenyans have access to affordable products," Kenyatta
The East Africa nation has adopted global best practices to enhance growth of
insurance sector amid rapidly evolving socio-economic and political dynamics.
The Acting commissioner of Insurance, Godfrey Kiptum said that sound
regulations and a stable macro-economic environment have attracted new
investments in the country’s insurance sector.
"Insurance sector in this country has evolved rapidly in the last decade.
"We have expanded insurance penetration thanks to improved purchasing power
and awareness among Kenyans," said Kiptum.
Kenya had 51 registered insurance companies by 2016 while investments in the
sector have grown from 900 million dollars in 2006 to 4.2 billion dollars in the
The insurance Regulatory Authority says in its latest report that 4.3 million
Kenya have so far taken up life insurance while total policies sold between 2007
to 2016 stood at 2.7 million.