Kenya

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The past year has been a challenging one for Kenya’s banks. As the full-year results for 2017 began to emerge, the effects of a new cap on lending interest rates become apparent, with most banks reporting reduced margins and profitability. A tighter lending environment, however, has encouraged banks to find alternative routes to revenue. Technological innovation, in particular...

 

How would you assess the current business environment, and which sectors are driving investment?

Averaging 5% per year over the past decade, according to the most recent figures from the IMF, Kenya’s economic growth has been impressive. Revenue growth, however, has followed a more volatile trajectory and has often failed to meet government projections. The Kenya Revenue Authority (KRA) collected some KSh656.9bn ($6.4bn) in tax revenue in the second half of 2017, a figure...

 

With its large population, diverse economy and an insurance penetration rate of less than 3% of GDP in the first quarter of 2018, compared to a global average of more than 6%, Kenya holds significant promise as an insurance arena. Recent years have seen the government and the industry regulator attempt to realise this potential: key measures...

 

How can the private sector work to increase the contribution of insurance to Kenya’s GDP?

 

While advanced economies generate the vast majority of insurance and reinsurance business, emerging markets are posting higher rates of growth. Complementing this underlying trend is a strong and expanding interest in catastrophic risk, which by nature tends to pertain to emerging markets. This is coming alongside fast-paced, sector-...

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