The Insurance Regulatory Commission has challenged insurance companies in the country to grow their businesses to enable them compete with other global firms.
IRA Commissioner of Insurance Godfrey Kiptum said Kenya is the third largest insurance market in Africa and number 58 in the world.
However, despite Kenya being among the top three insurance markets in Africa, the insurance companies are not contributing enough to the country’s economy.
Kenya’s insurance market has about Sh310 billion in premiums, which is a small fraction of the economy.
Kiptum said South Africa, which has Africa’s leading insurance market, contributes more than 60 per cent to its economy.
“We pride ourselves that Kenya is the third biggest insurance market in Africa, but that is not enough. In Africa, with our premiums of Sh312 or thereabouts, we contribute less than 5 per cent to the economy. South Africa contributed 65 per cent in 2022 and 68 per cent in the previous year,” Kiptum said.
He was speaking in Mombasa during the official opening of ICEA LION Group’s new branch located at Acacia Centre, Mezzanine 2, on Nyerere Road.
Kiptum said Mombasa, which contributes about 5.2 per cent to Kenya’s GDP, offers opportunities for the insurance business because of the port and the logistics business.
“Port cities contribute to the economic development of countries, and this is very important we know very well that insurance is crucial to the development of any country. There's nothing you can do without insurance,” Kiptum said.
He said businesses want to protect the lives, assets and health of their staff.
“Then you must get into the realm of insurance. And we want to encourage you to encourage many more people to come in and support the growth of the insurance industry,” he said.
“I know we say there's a lot of competition, but if you have a good name, you have good customer service, there's no competition then.”
ICEA LION Group CEO Philip Lopokoiyit said the Mombasa office reflects our commitment to bringing our world-class financial services closer to our valued customers in the region.
"We are excited by our presence in Mombasa town. We are confident that our comprehensive range of products and services will cater to the unique needs of the Mombasa community,” he said.
He said the Mombasa office is a testament to ICEA LION Group's commitment to serving the diverse needs of its customers across Kenya.
“With a strong presence in the financial services industry, ICEA LION Group is dedicated to delivering innovative and customer-centric solutions that empower individuals and businesses to achieve their financial goals,” he said.
The branch will offer a wide array of financial solutions, including life insurance, general insurance, asset management, pensions, and investment advisory services.
In addition to its core offerings, the Mombasa branch provides a seamless customer experience, leveraging technology and digital platforms to enhance accessibility and convenience.
ICEA LION Group has 21 branches across Kenya and has recently opened new branches in Nairobi (Cardinal Otunga), Nanyuki, Kakamega, Kericho and Kisii.
