Kenya outperforms peers in life insurance business

From left: Judith Tyson, representative of the Overseas Development Institute, Jane Kiringai, senior economist at the World Bank, Matt Lilley, CEO of Prudential Africa and Christian Turner, British High Commissioner to Kenya, display the insurance report.[PHOTO: DOMINIC OMONDI/STANDARD]

Kenya’s life insurance business penetration has outperformed many of its peers in middle and low-income countries.

According to a just released insurance report, Kenya’s life insurance assets, which accounts for 8.8 per cent of the country’s Sh6.2 trillion Gross Domestic Product (GDP), is rated higher than that of Uganda, Nigeria, Tanzania, Ghana, Ethiopia, Vietnam, Philippines and Nigeria.