Kenya’s insurance hits 8-year high as life covers overtake general insurance

The latest rise in penetration coincided with a shift in the structure of the insurance market.

Photo credit: Shutterstock

Kenya’s insurance penetration climbed to an eight-year high of 2.63 percent last year, lifted by a sharp rise in life insurance premiums that saw long-term covers overtake general insurance for the first time.

The Insurance Regulatory Authority (IRA) data shows that insurance penetration, measured by premiums as a share of gross domestic product (GDP), rose from 2.45 percent in 2024.

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.