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.