East Africa Short-Term Insurance Statistical Bulletin

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Low insurance penetration hamstrings East Africa’s short term insurance sector despite progressive regulatory initiatives
  • East Africa Short-Term Insurance Statistical Bulletin
  • Year : Mar 2021
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Summary

This introduces the tenth East Africa Short-Term Insurance Statistical Bulletin from GCR Ratings (“GCR”). The statistical analysis presented herein has been compiled on a sample basis, sourced from the 2019 annual financial statements of 10 Kenyan, 6 Tanzanian and 4 Ugandan insurers. Statistics from the Annual Industry Reports compiled by the respective national insurance supervisory bodies have been used where noted.

Additional Information

While trading in 2H F20 showed a reduction in profit margins on the back of increased activity as lockdown restrictions were relaxed, benefits from low claims in motor and medical lines harnessed in 2Q F20 supported credit profiles going into 2021. Furthermore, supportive developments on regulations such as increased risk based solvency implementation in Kenya, and strict enforcement of cash and carry regulations and minimum rates in Tanzania bode well for the reduction of risks to solvency.

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