Insurance sector set for growth, mergers

According to Mr Mburu, younger Kenyans are likely to become more aware of the benefits of personal insurance, with a shift in culture awareness of life insurance products, especially as this cohort is more risk-oriented.PHOTO: COURTESY

Kenyan insurers are set to witness stronger revenue and deeper penetration, thanks to an expanding middle class and young population.

A report on sub-Saharan markets done by professional services firm EY forecasts that Kenya’s insurance sector could expand by a 6 per cent compound annual growth rate in premiums through to 2018.