62.3 per cent of the industry business comprised of general or short-term insurance. FILE PHOTO | NMG
Summary
- IRA third quarter 2017 figures show that gross premium income for life insurance grew by 14.48 per cent to Sh60.44 billion from Sh51.69 billion recorded during the same period in 2016.
- General insurance gross premium income went up by 6.69 per cent to Sh99.75 billion from Sh93.07 billion during the same period in 2016.
Insurance premiums hit Sh160.2 billion in the nine months to
September 2017 with long-term underwriting recording better growth than
the general segment.
However, 62.3 per cent of the
industry business comprised of general or short-term insurance, latest
data from the industry regulator shows.
Insurance
Regulatory Authority (IRA) third quarter 2017 figures show that gross
premium income for life insurance grew by 14.48 per cent to Sh60.44
billion from Sh51.69 billion recorded during the same period in 2016.
General
insurance gross premium income went up by 6.69 per cent to Sh99.75
billion from Sh93.07 billion during the same period in 2016.
The reinsurers recorded gross premium income of Sh2.01 billion
in life insurance segment up from Sh1.59 billion reported during the
previous comparable period, representing a 21.09 per cent growth.
Under
the general business segment, reinsurers reported a 1.05 per cent
growth recording Sh11.10 billion during the third quarter of 2017
compared to Sh10.98 billion during the same period in 2016.
“The
reinsurance reported premium income of Sh13.12 billion by end of the
third quarter of 2017. This was a growth of 4.3 per cent from the
Sh12.58 billion reported by the end of September 2016,” IRA said.
During
the period, the insurance industry’s total asset base grew by 12.8 per
cent to Sh574.71 billion from Sh509.37 billion held at the end of
September 2016.
The regulator said 80.7 per cent (Sh463.86 billion) of the assets were held in income-generating investments.
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