Kenya is Sub-Saharan Africa’s second-largest life insurance market, trailing only South Africa. The country's strong macroeconomic fundamentals create an attractive environment for life insurance growth. Political stability has fostered a diversified economy while rising affluence among a rapidly growing young population further supports market expansion.
Real GDP is projected to grow by 5.56% in 2024 and 5.14% in 2025, reinforcing Kenya’s economic resilience and increasing the demand for financial services, including life insurance.
Sustained Growth
Kenya’s life insurance sector has demonstrated consistent double-digit growth, more than tripling its written premiums between 2013 and 2022. In 2023, life insurance premiums reached KES 170.08 billion, reflecting a 20.66% increase compared to the previous year.
Source: Axco Navigator
Market Participants
As of January 2024, 23 life insurers were licensed in Kenya by the Insurance Regulatory Authority (IRA). Kenya’s reputation as a stable, middle-income economy has attracted multinational insurance giants, including:
Despite the presence of global insurers, domestic companies remain dominant and rank among the top performers.
Equity Life Assurance
One notable success story is Equity Life Assurance. Licensed in January 2022, the company, a subsidiary of Equity Group Holdings, has experienced remarkable growth. According to the latest IRA figures, Equity Life increased its premiums by 240%, making it Kenya’s fourth largest life insurer within just two years.
Britam Life continues to lead the market, maintaining its position as the country’s top life insurer.
Kenya’s life insurance industry is poised for continued expansion, driven by economic growth, increasing financial literacy, and rising demand for insurance products among its youthful population.
More trends and data analysis for Kenyan market data and companies can be seen in Axco Navigator.
The life and benefits report reveals further insight from our in-country research.
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