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Insurance Trends in Kenya 2025: The Covers That Quietly Grew

Insurance Trends in Kenya 2025: The Covers That Quietly Grew

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Insurance That Quietly Grew in Kenya in 2025 (But Nobody Is Talking About It) | Insurance Trends

If you ask most Kenyans about insurance in 2025, the response is usually the same.

Premiums went up. Claims became stricter. Medical and motor insurance caused frustration.

And none of that is wrong.

But it is only half the story.

Away from the headlines, complaints, and social media outrage, something else was happening. Several insurance segments in Kenya were quietly growing. They were not trending. They were not heavily advertised. But they expanded steadily because they addressed real, everyday risks for individuals and businesses.

This article looks at the insurance products that quietly grew in Kenya in 2025 — why they grew, who adopted them, and what this shift reveals about the future of insurance in the country.

Key Takeaways

  • Microinsurance grew through digital channels, offering affordable, specific coverage
  • Marine insurance became mandatory for imports, driving silent but significant growth
  • Cyber insurance gained traction among SMEs as digital risks increased
  • Professional and SME insurance expanded due to greater risk awareness
  • Supplementary health covers filled gaps left by rising medical insurance costs

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Why Quiet Growth Matters More Than Headlines

Insurance growth is often misunderstood. Big headlines usually follow controversy — denied claims, rising premiums, or regulatory changes. But sustainable growth rarely looks dramatic. It happens quietly, driven by practicality rather than hype.

In 2025, Kenya’s insurance industry faced mounting pressure: rising healthcare and repair costs, increased claims frequency, fraud and tighter underwriting, and greater regulatory scrutiny.

In this environment, growth did not come from selling more of the same products. It came from insurance that was simpler, more targeted, and easier to justify financially. Consumers stopped buying insurance “just in case.” Businesses stopped buying cover for compliance alone. Instead, they focused on specific risks they could clearly see and understand.

Microinsurance: Small Premiums, Big Impact

Microinsurance was one of the strongest quiet performers in 2025. Designed for affordability and simplicity, microinsurance covers clearly defined risks such as personal accidents, basic health events, funeral expenses, and short-term income loss. These products continued to gain traction among individuals with irregular incomes and first-time insurance buyers.

Most of this growth happened digitally — through mobile platforms, SACCOs, cooperatives, and simplified distribution channels.

Why Microinsurance Grew

  • Low and flexible premiums
  • Simple, easy-to-understand benefits
  • Mobile onboarding and payments
  • Faster and clearer claims processes

For many Kenyans, microinsurance became their first meaningful interaction with insurance.

Feature Microinsurance Traditional Insurance
Premiums Low and flexible Higher and fixed
Access Mobile & digital Broker or office-based
Coverage Specific risks Broad and bundled
Target users Individuals, informal sector Formal sector, corporates

Microinsurance did not replace traditional insurance — it complemented it.

Marine Insurance: From Optional to Mandatory

One of the most significant — yet least discussed — insurance developments in 2025 was marine insurance. From early 2025, Kenya began enforcing requirements that all imported goods must be covered by Marine Cargo Insurance (MCI) purchased from locally licensed insurers before customs clearance. The insurance certificate is now integrated into customs systems, meaning cargo cannot be cleared without proof of cover.

For importers, exporters, and logistics-dependent businesses, marine insurance is no longer a choice — it is mandatory.

Why Marine Insurance Grew Quietly

  • Mandatory local marine insurance for imports
  • Integration into customs clearance systems
  • Rising value of goods in transit
  • Increased losses from theft, damage, and delays

Marine insurance does not attract public debate because it affects trade rather than individuals. But for businesses, it became a non-negotiable cost of compliance and risk management.

Aspect Before 2025 Onwards
Requirement Optional or offshore Mandatory & local
Purchase Often bundled abroad Locally licensed insurers
Clearance Manual verification Digitally enforced
Compliance risk Low enforcement High enforcement

Cyber Insurance: Quietly Becoming Essential

Cyber insurance continued its slow but steady rise in 2025, especially among SMEs. As businesses relied more on digital platforms, online payments, cloud services, and customer data, cyber risks became harder to ignore. Data breaches, ransomware, and system downtime carried real financial consequences.

What Drove Cyber Insurance Uptake

  • Increased digitalisation across sectors
  • Growing awareness of cyber threats
  • Stronger data protection and compliance requirements

Cyber insurance did not become mainstream — but it became necessary for businesses that could not afford digital downtime.

SME and Professional Insurance: Risk Awareness Growing

Professional and SME-focused insurance also expanded quietly in 2025. Covers such as professional indemnity, directors and officers (D&O) insurance, and business interruption insurance gained relevance as businesses became more aware of legal and operational exposure.

Key Drivers

  • Increased regulatory scrutiny
  • Contractual requirements from clients and partners
  • Greater understanding of liability risks

This growth was not sales-driven. It was experience-driven — shaped by lawsuits, disputes, and costly business interruptions.

Group Insurance Moving Beyond Large Corporates

Group life and group medical insurance quietly expanded beyond large corporates in 2025. Small and mid-sized employers increasingly viewed insurance benefits as a retention and stability tool, even when budgets were tight. Many opted for basic group covers to provide a safety net rather than comprehensive benefits.

This shift reflected changing workforce expectations rather than regulatory pressure.

Health-Related Covers Filling Medical Insurance Gaps

As medical insurance premiums rose, consumers sought supplementary health covers instead of abandoning insurance altogether. Products such as personal accident insurance, hospital cash plans, and critical illness cover gained traction because they offered clear benefits with predictable payouts.

Why These Covers Made Sense

  • Rising out-of-pocket medical costs
  • Limits and exclusions in medical insurance
  • Simpler terms and faster claims

These covers did not replace medical insurance — they filled its gaps.

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Rising Insurance Costs in Kenya: Causes and Solutions
Common Insurance Mistakes in Kenya
Insurance Claims Report in Kenya
Kenya Insurance Industry Report 2025

What These Quietly Growing Insurance Segments Have in Common

Despite serving different needs, these insurance products shared common traits:

Common Feature Why It Matters
Affordability Easier to justify financially
Clear purpose Less confusion and disappointment
Simple wording Better understanding
Digital access Convenience and speed
Lower claims friction Higher trust

These features align with how Kenyan consumers now approach financial decisions — practical, cautious, and value-driven.

What This Quiet Growth Means for Consumers

Insurance in Kenya is no longer one-size-fits-all. Instead of relying on one large policy, consumers and businesses are combining smaller, targeted covers to manage risk more effectively.

This creates opportunity — but also complexity. Without guidance, it’s easy to duplicate cover or misunderstand exclusions. Knowing how different policies work together is now more important than simply owning insurance. For more insights, see our guide on common insurance mistakes in Kenya.

What This Signals About the Future of Insurance in Kenya

The quiet growth of 2025 points to a future where insurance is more modular, more personalised, more digital, and more focused on real-world relevance.

Insurers that succeed will be those that solve real problems, not those that simply sell more policies. Our Kenya insurance industry report 2025 provides deeper analysis of these trends.

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Conclusion: The Growth Story That Defined 2025

While 2025 was marked by frustration around premiums and claims, it also quietly reshaped how insurance works in Kenya. The most meaningful growth did not happen loudly. It happened where insurance became simpler, more accessible, and more relevant to everyday risks.

As Kenya moves into 2026, understanding these quiet shifts may matter more than chasing headlines. Insurance is changing — not dramatically, but deliberately. And those paying attention will be better protected.

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Why Insurance Is Getting More Expensive in Kenya — And What You Can Do

Why Insurance Is Getting More Expensive in Kenya — And What You Can Do

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Why Insurance Is Getting More Expensive in Kenya — And What You Can Do

Introduction: You’re Not Imagining It — Insurance Really Is More Expensive

If you’ve renewed your insurance recently and felt shocked by the price, you’re not alone. Across Kenya, individuals, families, and businesses are asking the same question: “Why has my insurance gone up so much?”

Motor insurance is more expensive. Medical cover feels harder to afford. Business insurance renewals are tougher than before.

At Step by Step Insurance, we speak to clients every day who feel frustrated, confused, and sometimes even mistrustful of insurers because of rising premiums. And while the frustration is valid, the reality is more complex than many people realise.

Insurance in Kenya has become more expensive, but it hasn’t happened randomly — and it hasn’t happened without reason.

In this article, we explain:

  • Why insurance costs are rising in Kenya
  • The real forces driving premium increases
  • Common myths about insurance pricing
  • Practical steps you can take to manage your insurance costs

No jargon. No scare tactics. Just clear explanations — step by step.

Key Takeaways

  • Insurance premiums are rising primarily due to increased claims, medical inflation, and stricter regulations.
  • Motor and medical insurance have been particularly affected by rising costs and fraud.
  • Understanding your coverage and working with an advisor can help you manage costs effectively.
  • Switching insurers isn’t always the best solution—value and reliability matter more than price alone.

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Quick Internal Links
How Insurance Pricing Works What You Can Do About Costs
Real Reasons for Price Increases When to Switch Insurers
Common Insurance Myths Contact & Consultation

How Insurance Pricing Works in Kenya (In Simple Terms)

Before we talk about rising costs, it helps to understand how insurance pricing works. Insurance is based on risk pooling. Many people contribute premiums into a shared pool, and that pool is used to pay claims for the few who suffer losses.

In Kenya, insurers price premiums based on:

  • The likelihood of a claim happening
  • The expected cost of that claim
  • Past claims data
  • Legal and regulatory requirements
  • Operating and compliance costs

When claims increase — either in number or cost — premiums must adjust. If they don’t, insurers become financially unstable, which puts policyholders at risk.

This pricing process is monitored and regulated by the Insurance Regulatory Authority, whose role is to ensure insurers remain solvent and can pay claims when they arise.

What Changed in the Last Year?

Over the past 12–18 months, several things happened at once:

Factor Impact on Insurance
Claims increased faster than premiums Direct pressure on premium rates
Medical and motor insurance experienced sustained losses Targeted premium increases in these categories
Courts awarded higher compensation amounts Increased liability insurance costs
Inflation pushed up repair and healthcare costs Higher claim values across all insurance types
Regulators introduced stricter capital and claims rules Increased compliance costs and reserve requirements

Together, these factors reshaped how insurance is priced in Kenya.

The Real Reasons Insurance Is Getting More Expensive in Kenya

1. Rising Claims: The Biggest Driver of Higher Premiums

The single biggest reason insurance costs are rising is claims. In recent years, insurers in Kenya have paid out significantly more in claims than before — particularly in:

  • Medical insurance
  • Motor insurance
  • Liability claims

When claims rise consistently, insurers must increase premiums to keep the system working.

2. Medical Inflation: Healthcare Is Getting More Expensive

Medical inflation in Kenya has outpaced general inflation. Healthcare costs have risen due to:

  • Expensive imported medical equipment
  • Higher pharmaceutical prices
  • Increased use of advanced diagnostics
  • Rising operational costs in hospitals

3. Motor Insurance Losses and Fraud

Motor insurance remains one of the most challenging classes of insurance in Kenya. Key issues include:

  • Fraudulent accident claims
  • Exaggerated repair costs
  • Staged accidents
  • Bodily injury claims involving “ghost passengers”
Motor Insurance Challenge Cost Impact
Fraudulent claims Increases premiums for all policyholders
Expensive spare parts Higher repair costs per claim
Increased accidents More frequent claims payouts
Bodily injury claims Larger settlement amounts

4. Court Awards and Legal Costs

Another major driver of rising insurance costs is litigation. In recent years:

  • Courts have awarded higher compensation amounts for bodily injury claims
  • Legal processes have become longer and more expensive
  • Insurers face uncertainty when pricing liability risks

5. Stricter Regulation and Capital Requirements

Insurance regulation in Kenya has tightened — and this is a good thing for policyholders. Under risk-based supervision, insurers are required to:

  • Hold more capital against risky portfolios
  • Improve governance and internal controls
  • Strengthen claims reserves

6. Inflation and Economic Pressures

General inflation affects insurance in several ways:

  • Higher repair and replacement costs
  • Increased healthcare expenses
  • Rising administrative and operational costs

Insurance doesn’t just insure risk — it insures replacement value. When replacement costs rise, premiums must follow.

Common Myths About Rising Insurance Costs

Myth 1: “Insurers Are Just Being Greedy”

In reality, most premium increases are driven by claims, inflation, and regulation — not excess profits. Industry data shows that profitability has actually come under pressure in many insurance classes.

Myth 2: “Switching Insurers Always Saves Money”

Switching insurers may lower your premium temporarily, but it can also:

  • Expose you to weaker claims support
  • Reset waiting periods or exclusions
  • Leave gaps in cover

Cheaper is not always better — especially when a claim happens.

Myth 3: “The Cheapest Policy Is the Best Policy”

The cheapest policy often has:

  • Narrow cover
  • Strict exclusions
  • Poor claims service

Insurance should be judged by value, not just price.

What Rising Insurance Costs Mean for You

Why Renewals Feel Tougher

Many policyholders notice that renewals now involve:

  • More questions
  • Additional documentation
  • Stricter underwriting

This isn’t meant to frustrate you — it’s part of better risk assessment and fraud prevention.

Why Claims Are Being Scrutinized More Closely

Insurers are under pressure to:

  • Reduce fraud
  • Comply with regulations
  • Protect honest policyholders

As a result, claims processes are more detailed — but also more structured and transparent.

What You Can Do About Rising Insurance Costs

The good news? You’re not powerless.

1. Review Your Cover — Not Just the Price

Ask:

  • Are my cover limits realistic?
  • Am I paying for benefits I don’t need?
  • Am I underinsured or overinsured?

A proper review often reveals opportunities to optimise cost without sacrificing protection.

2. Adjust Excesses and Deductibles Wisely

Increasing your excess can reduce premiums — but only if you can comfortably afford it during a claim. Higher excess works best for:

  • Low-frequency, high-impact risks
  • Disciplined risk management

3. Manage Your Claims History

Frequent small claims increase future premiums. In some cases, it makes sense to self-fund minor losses and reserve insurance for major risks.

4. Be Honest During Disclosure

Non-disclosure can:

  • Void claims
  • Lead to premium loading
  • Damage your insurability

Transparency protects you in the long run.

5. Compare Value, Not Just Cost

When choosing insurance, consider:

  • Claims reputation
  • Financial strength of the insurer
  • Clarity of policy wording
  • Support during claims

Insurance only proves its value when something goes wrong.

When Switching Insurers Makes Sense — And When It Doesn’t

It Makes Sense When:

  • Your risk profile has changed
  • Your insurer no longer supports your needs
  • You’ve outgrown your current cover

It Doesn’t Make Sense When:

  • You’re chasing the cheapest price
  • You don’t understand exclusions
  • You risk losing continuity of cover

How an Insurance Advisor Helps Control Costs

Working with an advisor like Step by Step Insurance helps you:

  • Access multiple insurers
  • Match your risk to the right cover
  • Avoid unnecessary costs
  • Get support during claims

Good advice doesn’t just save money — it saves stress.

Will Insurance Keep Getting More Expensive?

In the short term, pricing pressure may continue — especially in medical and motor insurance. However, stabilising factors include:

  • Better fraud controls
  • Stronger regulation
  • Digital efficiencies
  • Improved claims management

Over time, these changes are expected to improve sustainability and fairness.

Final Thoughts: Paying Smarter, Not Just Paying Less

Insurance in Kenya is getting more expensive — but it’s also becoming more structured, regulated, and transparent.

The goal isn’t to avoid insurance costs altogether. It’s to pay smarter, choose wisely, and protect what matters most.

At Step by Step Insurance, we believe that when you understand your cover, you make better decisions — and better decisions lead to better outcomes.

Insurance shouldn’t be confusing. It should work for you — step by step.

Contact & Further Resources

For more detailed analysis of the Kenyan insurance market, read our comprehensive Kenya Insurance Industry Report 2025.

Need personalized advice or a quote?

Request a Consultation Get a Quote Call: +254 (0) 729 712 200 Call: +254 (0) 716 534 192 WhatsApp: 0722 888 350

Kenya Insurance Industry Report 2025: Trends, Regulations, and Market Growth | Step by Step Insurance

Kenya Insurance Industry Report 2025: Trends, Regulations, and Market Growth | Step by Step Insurance

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Kenya Insurance Industry Report 2025: Trends, Regulations, and Market Growth | Step by Step Insurance

A Step by Step Insurance Industry Insight

Introduction: Why This Report Matters

Over the last year, insurance in Kenya has changed—quietly but significantly. Premiums grew, claims increased faster than expected, regulations tightened, and technology reshaped how Kenyans buy and use insurance. Yet for many individuals and businesses, insurance still feels confusing, expensive, or unreliable.

At Step by Step Insurance, we believe insurance should be simple, transparent, and dependable. This report breaks down what actually happened in the Kenyan insurance industry in 2024–2025—and what it means for you as a policyholder, business owner, or decision-maker. No jargon. No guesswork. Just facts—explained clearly.

Key Takeaways

  • Growth Under Pressure: Premiums grew over 10%, but claims rose even faster, squeezing profitability.
  • Regulatory Shift: Tighter rules from the IRA aim to protect policyholders and ensure insurer stability.
  • Digital Acceleration: Technology is making insurance more accessible but also introducing new risks.
  • Segment Variations: Life insurance thrived while motor and medical faced significant challenges.
  • Future Focus: Microinsurance, digital products, and climate coverage are key growth areas.

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The Big Picture: Kenya’s Insurance Industry at a Glance

Kenya’s insurance market continued to grow in 2024–2025, but growth came with pressure.

  • Total industry premiums increased by over 10%
  • Claims rose even faster, especially in medical and motor insurance
  • Insurance penetration remained low, at about 2.4–2.5% of GDP
  • Regulators increased scrutiny to protect policyholders

In short: insurance is growing, but trust and profitability are being tested.

How the Insurance Industry in Kenya Is Structured

Kenya’s insurance industry has two main segments:

1. General Insurance

This covers everyday and business risks such as: Motor insurance, Medical insurance, Property and fire insurance, Marine, aviation, and transit, Liability covers, Agricultural insurance.

2. Long-Term Insurance

This focuses on future financial security, including: Life insurance, Pensions and retirement plans, Annuities, Investment-linked policies.

The industry is regulated by the Insurance Regulatory Authority, while insurers are represented by the Association of Kenya Insurers.

Market Performance: Growth That Came at a Cost

Premium Growth

Insurance premiums continued to rise across most classes.

Indicator 2024 2025 (Estimated)
Gross Written Premiums ~KES 395 billion ~KES 430 billion
Growth Rate ~11% ~13%
Insurance Penetration ~2.4% ~2.5%

Growth was driven mainly by: Life insurance and pensions, Medical insurance, Microinsurance products. However, higher premiums did not automatically mean higher profits.

Claims and Profitability

Claims increased faster than premiums, which squeezed insurers’ margins. Key realities:

  • Medical insurance recorded the highest claims
  • Motor insurance remained structurally loss-making
  • Fraud and legal costs continued to affect pricing

As a result, overall industry profits declined despite stronger investment income. What this means for policyholders: Insurers are becoming stricter on underwriting, pricing, and claims documentation—not to frustrate customers, but to stay solvent.

Quick Internal Links
Regulation & Policy Changes Sector Performance Details
Technology in Insurance Fraud & Compliance
Consumer Trust Insights Future Opportunities

Regulation: Stronger Rules to Protect Policyholders

One of the most important shifts in 2024–2025 was tighter regulation.

Risk-Based Supervision

The regulator continued implementing risk-based supervision, meaning insurers are now assessed based on: Financial strength, Governance quality, Risk exposure. Insurers with weak capital or poor management face corrective action, mergers, or exit.

Claims Management Reforms

Draft claims guidelines were introduced to address one of the biggest complaints in insurance: delayed or rejected claims. Proposed changes include: Clear timelines for claim acknowledgment, Faster decision-making, Limits on unfair claim repudiation.

At Step by Step Insurance, this aligns with what we already believe: 👉 Insurance only matters when claims are paid fairly and on time.

Governance, Data, and Consumer Protection

Other regulatory priorities included: Stronger board oversight, Improved internal controls, Greater accountability for directors, Higher expectations on data protection and cybersecurity. These reforms aim to rebuild public confidence in insurance.

Industry Consolidation: Fewer but Stronger Players

The past year saw notable restructuring. Some insurers exited unprofitable segments, others merged or sold stakes to regional and global groups, and banks expanded into insurance through bancassurance. This trend is reducing weak players while strengthening financial stability across the market.

For customers, this means: Better-capitalized insurers—but also more disciplined underwriting.

Sector Performance: What Changed and Why It Matters

Life Insurance and Pensions

Life insurance remained one of the strongest performers. Growth drivers included: Employer-provided group life cover, Increased pension contributions, Rising awareness of retirement planning. For individuals, this reflects a growing shift toward long-term financial security.

Medical Insurance: Growth with Pressure

Medical insurance was the largest contributor to claims. Challenges included: Rising hospital costs, Increased utilization, Fraudulent billing in some facilities. Insurers responded by: Reviewing benefit limits, Introducing co-payments, Strengthening provider controls. What this means for you: Medical insurance remains essential—but choosing the right cover matters more than ever.

Motor Insurance: The Toughest Segment

Motor insurance continued to struggle. Key issues: Bodily injury claims inflation, Fraudulent accident claims, Court awards exceeding actuarial pricing. Insurers introduced: Flexible monthly payment options, Usage-based concepts (limited adoption), Stricter underwriting. Motor insurance remains compulsory—but pricing is becoming more risk-based.

Agricultural Insurance: Growing Through Innovation

Agricultural insurance expanded through index-based cover, especially for: Drought, Excess rainfall, Livestock losses. Government-supported premium subsidies helped smallholder farmers access protection that was previously unaffordable.

Microinsurance: Insurance for Everyday Kenyans

Microinsurance grew rapidly, targeting: Informal workers, Small traders, Low-income households. Features include: Very low premiums, Mobile enrollment, Simplified claims. This segment is key to closing Kenya’s insurance gap.

Technology and Digital Insurance

Digital transformation accelerated across the industry. Key developments: Online policy purchase and renewal, Mobile apps and USSD platforms, Embedded insurance via fintech partnerships. Technology is making insurance more accessible, but it also increases cyber and data risks—hence tighter regulation.

Fraud, Compliance, and Enforcement

Fraud remains a major challenge, especially in: Motor insurance, Medical insurance, Fake insurance certificates. While reported fraud cases declined slightly, enforcement actions increased: Prosecutions, License suspensions, Statutory management of failing insurers. Fraud ultimately hurts honest policyholders through higher premiums—making enforcement essential.

Consumer Trust and Behavior

Why Trust Still Matters

Many Kenyans still associate insurance with: Complicated terms, Delayed claims, Unclear exclusions. Regulatory reforms and better claims processes aim to change this narrative—but trust must be earned.

Youth, SMEs, and Insurance Uptake

Young people and small businesses remain underinsured due to: Cost concerns, Limited understanding, Perceived complexity. Insurers are responding with simpler, modular products—but education remains critical.

Challenges Facing the Industry

The main obstacles going forward include: Low insurance penetration, Medical inflation, Fraud and litigation costs, Compliance costs, Economic uncertainty. These challenges explain why insurance prices are adjusting—and why quality advice matters.

Opportunities and the Road Ahead

Despite the challenges, opportunities remain strong.

Growth Areas

Microinsurance, Embedded and digital insurance, Climate and agricultural insurance, SME-focused solutions.

What Policyholders Should Expect

More transparency, Faster claims processes, Better-defined covers, Risk-based pricing.

Final Thoughts: Insurance That Actually Works

The Kenyan insurance industry in 2025 is stronger, more regulated, and more innovative—but still evolving. At Step by Step Insurance, our role is simple: Help you understand your cover, Match you with the right insurer, Support you through claims, Make insurance work when you need it most. Because insurance shouldn’t be confusing. It should be step by step—clear, fair, and dependable.

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Need personalized insurance advice or a quote tailored to your specific needs? Reach out to our team.

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New Valuation Rules for Used Car Imports and Their Impact on Motor Insurance Underwriting in Kenya (Effective July 1, 2025)

New Valuation Rules for Used Car Imports and Their Impact on Motor Insurance Underwriting in Kenya (Effective July 1, 2025)

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Kenya’s New Vehicle Valuation Rules: Impact on Car Prices and Insurance

Starting July 1, 2025, Kenya’s automotive and insurance sectors are bracing for a significant shake-up. The Kenya Revenue Authority (KRA) has introduced new valuation rules for used car imports, updating the Current Retail Selling Price (CRSP) schedule for the first time since 2019. This update not only recalibrates how customs duties are calculated but also has far-reaching implications for motor insurance underwriting.

Whether you’re a car buyer, importer, insurer, or industry observer, understanding these changes is essential. This blog dives deep into the new valuation framework, its rationale, the expected impact on vehicle prices, and how motor insurance companies will adjust their underwriting models to reflect the new reality.

Key Takeaways

  • KRA has updated vehicle valuation rules for the first time since 2019
  • Taxes on imported used vehicles will increase significantly
  • Small cars and commercial vehicles face the steepest price hikes
  • Motor insurance premiums will rise due to higher vehicle values
  • Insurers are adjusting risk models and claims reserves
  • Industry reactions are mixed with potential legal challenges

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What Are the New Valuation Rules?

The CRSP is the official price list KRA uses to determine the customs value of imported used vehicles. This valuation forms the basis for calculating multiple taxes, including:

Tax Type Previous Rate New Rate Impact
Import Duty 25% 35% Significant increase
Excise Duty 20-35% 20-35% Varies by vehicle type
Value Added Tax (VAT) 16% 16% No change
Import Declaration Fee 2.5% 2.5% No change
Railway Development Levy 1.5% 1.5% No change

The July 2025 update is the most comprehensive revision of the CRSP since 2019. It expands the vehicle database from about 3,000 to over 5,200 models, incorporating detailed trim levels, drivetrain options, and performance specifications. The update also factors in currency depreciation and inflation to reflect current market realities more accurately.

Why the Change? Understanding the Rationale

The last CRSP update was six years ago, and a lot has changed since then. Kenya’s currency has depreciated from roughly KES 100 to KES 130 per US dollar, global vehicle prices have shifted, and the local market has evolved with new models and variants.

KRA’s Objectives with the New CRSP

KRA’s goals with this update are clear:

  • Enhance transparency and reduce tax evasion by basing valuations on up-to-date, realistic prices
  • Align import duties with current economic conditions to protect government revenue
  • Ensure fairer taxation by covering a broader spectrum of vehicle models and specifications

The update followed extensive consultations with industry stakeholders, including car importers, freight forwarders, and dealer associations, ensuring that the new CRSP reflects real-world market trends.

How Will Used Car Prices Change?

The immediate effect of the new CRSP is an increase in the taxable value of many imported used vehicles, leading to higher overall costs for buyers.

Vehicle Category Example Models Estimated Price Increase Primary Reason
Small Cars Toyota Vitz, Honda Fit Up to 145% Higher import duties
Commercial Vehicles Toyota Probox, Nissan Vanette 30-60% Increased excise duty
Luxury Sedans BMW 5 Series, Mercedes E-Class 20-40% Higher valuation + duties
Performance Vehicles Porsche 911, BMW M Series 25-45% Increased excise duty
Luxury SUVs Range Rover, Mercedes GLE 5-15% decrease Reclassification benefits

Small cars face the steepest tax hikes, with some models seeing import duty increases of up to 145%. Popular models like the Toyota Probox, a staple for commercial use, will become more expensive due to higher duties. Luxury and high-performance vehicles such as the Porsche 911 Turbo S and BMW M5 will also attract higher taxes because of increased excise duty rates. Interestingly, some luxury SUVs may see marginal tax reductions due to reclassification and updated pricing.

Overall, buyers should expect used car prices to rise by approximately 15-25% in the coming months, reflecting the cumulative effect of higher import duties, excise taxes, and VAT.

Impact on Motor Insurance Underwriting

The ripple effects of the new valuation rules extend beyond the car market into the insurance industry, particularly motor insurance underwriting.

1. Higher Insured Values

Motor insurance premiums are typically calculated based on the insured declared value (IDV) of the vehicle, which closely aligns with the vehicle’s market value. As import duties push up car prices, the IDV will rise accordingly.

2. Adjusted Risk Assessment

Insurers use vehicle value as a key factor in underwriting risk. Higher-valued cars often carry higher risks due to:

  • Increased repair costs
  • Greater likelihood of theft or targeting by criminals
  • Higher costs for spare parts and specialized labor

3. Claims Settlement and Reserves

With increased vehicle valuations, insurers must also adjust their claims reserves to ensure sufficient funds are available to cover potential payouts. This could impact the overall financial health and capital requirements of insurance companies.

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Industry and Consumer Reactions

The announcement of the new CRSP and associated tax hikes has elicited mixed reactions:

Concerns from Industry Players

Car importers and dealers warn that the increased costs may dampen demand, especially for small commercial vehicles vital to many Kenyans’ livelihoods. Consumers express concern over affordability, fearing that vehicle ownership will become out of reach for many.

Potential Legal Challenges

Some industry players have threatened legal challenges, arguing that the tax increases are excessive and could hurt the economy. Insurers are preparing to update their pricing models and educate customers about the reasons behind premium increases.

Positive Responses

Despite these concerns, many acknowledge that the update was overdue and necessary to curb undervaluation and tax evasion, which have long distorted the market.

Regulatory and Market Outlook

The new valuation rules are part of a broader regulatory push to modernize Kenya’s automotive and insurance sectors:

Alignment with Global Standards

KRA’s move aligns with global customs valuation standards, improving transparency and compliance. Insurance regulators are expected to issue updated guidelines on motor insurance underwriting to reflect the new vehicle valuation landscape.

Market Shifts and Innovations

The market may see a shift in import patterns, with buyers favoring models with lower tax burdens or newer vehicles that offer better value. Insurers might innovate with new products, such as usage-based insurance or microinsurance, to cater to changing consumer affordability.

External Reference

For more information on insurance claims in Kenya, see this recent report:

Insurance Regulatory Authority Reveals Firms Rejected Sh658 Million in Claims

Conclusion

The July 1, 2025 implementation of new valuation rules for used car imports marks a pivotal moment for Kenya’s automotive and insurance industries. While buyers will face higher vehicle prices, insurers will need to adapt underwriting practices to a new reality of increased insured values and claims costs.

For consumers, understanding these changes helps set realistic expectations about vehicle ownership costs and insurance premiums. For insurers and industry stakeholders, the update presents both challenges and opportunities to innovate and build a more transparent, sustainable market.

Staying informed and proactive will be key as Kenya navigates this significant transition. If you’re involved in buying, importing, or insuring vehicles in Kenya, now is the time to review your plans and prepare for these changes.

Regulatory and Market Impact of Kenya’s New Insurance Laws in 2025: Including the Insurance Professionals Bill

Regulatory and Market Impact of Kenya’s New Insurance Laws in 2025: Including the Insurance Professionals Bill

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Kenya’s 2025 Insurance Reforms: A Comprehensive Guide

Kenya’s insurance sector is in the midst of a significant transformation in 2025, driven by a suite of new laws and regulatory reforms designed to improve transparency, consumer protection, and overall market stability. Among these, the Insurance Professionals Bill 2024 stands out as a landmark legislation aimed at professionalizing the industry by regulating the qualifications, licensing, and conduct of insurance practitioners. This blog post provides a comprehensive and engaging exploration of the regulatory and market impacts of these reforms, focusing on insurers, reinsurers, the newly established Policyholders Compensation Fund, and the critical role of the Insurance Professionals Bill in elevating standards across the sector.

Key Takeaways

  • The Insurance Professionals Bill 2024 introduces mandatory licensing and continuous professional development for all insurance practitioners
  • New regulations require insurers to maintain higher capital reserves and adopt more rigorous risk management practices
  • The Policyholders Compensation Fund ensures claims payment even if an insurer becomes insolvent
  • All marine cargo insurance for imports must now be issued by locally licensed insurers
  • Reinsurers must adapt to stricter evaluation requirements and potential claims payment delays
  • Digital transformation is accelerating across Kenya’s insurance sector

Table of Contents

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I. Introduction: Setting the Stage for a New Era in Kenyan Insurance

The Kenyan insurance industry has long been a vital engine for economic growth and risk management, yet it has faced challenges such as low market penetration—currently below 3%—and occasional issues with insurer solvency and consumer trust. Recognizing these gaps, the government has enacted several reforms in 2025 to strengthen regulatory oversight, enhance professionalism, and protect policyholders.

The combined effect of these reforms is expected to foster a more resilient insurance ecosystem that not only safeguards consumers but also supports the growth of local insurance businesses, encourages innovation, and builds public confidence.

II. Impact on Insurers: Enhanced Oversight and Financial Discipline

The new regulatory framework demands that insurance companies maintain higher capital reserves and adopt more rigorous risk management practices. This is a clear push toward financial discipline, ensuring insurers can meet their claims obligations even in adverse conditions.

Insurers are now required to provide greater transparency in their operations, including clearer disclosures on financial health and claims handling. This transparency is crucial for rebuilding consumer trust and encouraging more Kenyans to participate in insurance markets.

Additionally, the government’s mandate that all marine cargo insurance for imports must be issued by locally licensed insurers has expanded the market for domestic players. This policy not only retains premiums within the country but also compels insurers to invest in digital platforms and customer service improvements to handle increased volumes efficiently.

III. The Insurance Professionals Bill 2024: Raising the Bar for Industry Practitioners

A cornerstone of Kenya’s 2025 insurance reforms is the Insurance Professionals Bill, signed into law by President William Ruto. This law introduces mandatory licensing and continuous professional development (CPD) for all insurance practitioners, including brokers, agents, underwriters, and loss adjusters.

Key Provisions and Objectives:

Mandatory Licensing: All insurance professionals must hold valid licenses issued by the Insurance Regulatory Authority (IRA). This ensures that only qualified individuals are authorized to operate in the sector, effectively locking out unqualified practitioners.

Establishment of Regulatory Bodies: The law formally establishes the Insurance Institute of Kenya (IIK), the Insurance Professionals Examinations Board, and the Registration of Insurance Professionals Committee. These bodies are tasked with examining candidates, registering qualified professionals, regulating conduct, and upholding service standards.

Continuous Professional Development (CPD): The law mandates a structured CPD program coordinated by IIK. Insurance professionals must complete a minimum of 30 hours of CPD annually, covering topics such as ethics, anti-money laundering, customer treatment, claims handling, and emerging risks like cyber and climate insurance.

Code of Conduct and Disciplinary Measures: A code of professional ethics is developed, and the IIK is empowered to take disciplinary action against practitioners who violate standards, including license revocation.

Why This Matters:

The Insurance Professionals Bill is a game-changer for Kenya’s insurance sector. By ensuring that practitioners are well-trained, ethical, and continuously updated on industry developments, the law boosts consumer confidence and service quality. It also aligns Kenya with global best practices seen in other professions such as medicine and engineering, where CPD is mandatory.

Moreover, professionalizing the workforce is expected to contribute to increased insurance penetration by fostering trust and improving the design and delivery of insurance products.

IV. Implications for Reinsurers: Adapting to a More Regulated Environment

Reinsurers play a critical role in Kenya’s insurance ecosystem by providing risk transfer solutions to primary insurers. The 2025 reforms affect reinsurers in several ways:

Stricter Evaluation of Cedents: With regulators demanding stronger financial discipline from insurers, reinsurers must conduct more thorough due diligence to ensure that their cedents are compliant and financially sound.

Growth in Demand for Reinsurance: As insurers are required to hold higher capital reserves, they may seek to cede more risk to reinsurers to optimize capital usage. This presents an opportunity for reinsurers to expand their offerings and deepen partnerships with local insurers.

Managing Claims Payment Delays: The introduction of the Policyholders Compensation Fund, which steps in when insurers become insolvent, may lead to delays in claims settlements. This can affect reinsurers’ cash flow since they rely on timely claims payments from insurers. Reinsurers will need to revise contract terms, possibly incorporating stricter claims payment timelines and collateral requirements.

Market Consolidation and Strategic Positioning: The tougher regulatory environment may lead to mergers and acquisitions among insurers. Reinsurers should be prepared to support these newly formed entities with customized risk solutions and flexible terms.

Essential Insurance Resources
Insurance Professionals Bill 2024 Analysis
Digital Marine Cargo Insurance System
Policyholders Compensation Bill 2025
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V. The Policyholders Compensation Fund: A Safety Net for Consumers

One of the most significant consumer protection mechanisms introduced in 2025 is the Policyholders Compensation Fund. This fund acts as a financial backstop, ensuring that policyholders receive their claims even if their insurer faces insolvency or financial distress.

Benefits:

Enhanced Consumer Confidence: Knowing that claims will be paid regardless of insurer solvency encourages more people and businesses to buy insurance, aiding market growth.

Market Stability: The fund reduces systemic risk by preventing insurer failures from causing widespread loss of trust in the insurance sector.

Challenges:

Potential Claims Processing Delays: When the fund intervenes, claims payments may be slower than usual, impacting policyholders’ cash flow and reinsurers’ recovery timelines.

Operational Adjustments: Both insurers and reinsurers will need to adapt their claims management processes and contracts to account for these delays, ensuring liquidity and minimizing disruptions.

VI. Market Dynamics and Strategic Responses

The regulatory reforms are reshaping Kenya’s insurance market in several notable ways:

Digital Transformation: The requirement for local marine cargo insurance certificates to be issued digitally is accelerating the adoption of technology. Insurers are investing in digital platforms to streamline policy issuance, premium collection, and claims processing, improving customer experience and operational efficiency.

Broadening Insurance Reach: The reforms aim to increase insurance penetration by protecting consumers and expanding product availability, especially in underserved areas like microinsurance and agriculture.

Industry Consolidation: Smaller insurers may find it challenging to meet new capital and compliance requirements, leading to mergers or exits. This consolidation can create stronger, more resilient insurers but may temporarily reduce competition.

Pricing and Risk Management: Insurers and reinsurers will need to revisit pricing models to reflect higher compliance costs and risk exposures. Balancing affordability with financial sustainability will be key to maintaining market growth.

VII. Engagement with Regulators and Industry Stakeholders

To successfully navigate these changes, insurers and reinsurers must engage proactively with regulators and industry bodies:

Ongoing Monitoring: Staying updated on regulatory developments and compliance requirements is essential.

Industry Collaboration: Participating in forums and consultations helps shape best practices and influence future policy directions.

Capacity Building: Investing in training and education ensures staff and agents remain competent and compliant, supporting the goals of the Insurance Professionals Bill.

VIII. Conclusion: Embracing Change for a Stronger Insurance Sector

Kenya’s 2025 insurance reforms, anchored by the Insurance Professionals Bill and the establishment of the Policyholders Compensation Fund, are setting the stage for a more professional, transparent, and resilient insurance industry. Insurers must strengthen governance and financial discipline, reinsurers need to adapt to a more regulated market, and insurance professionals are now held to higher standards through mandatory licensing and continuous education.

While challenges such as claims delays and market consolidation are expected, these reforms ultimately foster consumer trust, market stability, and industry growth. Stakeholders who embrace these changes with agility and foresight will be well-positioned to thrive in Kenya’s evolving insurance landscape.

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Jubilee Life Insurance Posts Sh2.1 Billion Net Profit: Inside the Numbers, Strategy, and Digital Transformation

Jubilee Life Insurance Posts Sh2.1 Billion Net Profit: Inside the Numbers, Strategy, and Digital Transformation

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Jubilee Life Insurance Posts Sh2.1 Billion Net Profit

Jubilee Life Insurance has made headlines by posting a remarkable Sh2.1 billion net profit for the year ended December 2024, a milestone that underscores the insurer’s robust investment strategy and resilience in a challenging economic climate. This performance not only cements Jubilee Life’s position as a leading player in East Africa’s insurance sector but also highlights the company’s innovative approach to growth, digital transformation, and customer-centric solutions.

This in-depth analysis explores the drivers behind Jubilee Life Insurance’s impressive results, the strategic decisions fueling its growth, the impact of technology and digitalization, and what these achievements mean for the future of life insurance in Kenya and the broader region.

Key Takeaways

  • Sh2.1 billion net profit in 2024, driven by investment returns.
  • 87.3% growth in investment income to Sh17.1 billion.
  • Digital transformation powered by a US$20 million investment.
  • AI processes 12,000 claims daily, boosting efficiency.
  • Regained #2 spot in regional life insurance market.
  • Award-winning agent performance and customer retention.

Table of Contents

Jubilee Life Insurance’s 2024 Financial Performance: By the Numbers

Key Financial Highlights

Jubilee Life Insurance’s financial results for 2024 paint a picture of a company firing on all cylinders in investment management, operational efficiency, and market expansion. Below is a summary table of the key financial metrics:

Metric 2024 Value 2023 Value % Change
Net Profit After Tax Sh2.1 billion Not stated Significant
Net Investment Income Sh17.1 billion Sh9.1 billion +87.3%
Insurance Revenue Sh4.8 billion Sh5.3 billion -8%
Insurance Service Expenses Sh4.5 billion Sh4.0 billion +12.5%
Total Assets Sh149 billion Sh122 billion +22%
Gross Written Premium (Kenya) +57% growth –
Gross Written Premium (Tanzania) +58% growth –

Key facts:

  • The company’s net investment income nearly doubled, rising 87.3% to Sh17.1 billion, driven by prudent investments in government securities and equities.
  • Insurance revenue dipped by 8% to Sh4.8 billion, reflecting industry-wide pressures and increased competition.
  • Insurance service expenses increased to Sh4.5 billion, attributed to higher claims and enhanced operational efforts to improve service delivery.
  • The insurer’s total assets surged by 22%, reaching Sh149 billion by the end of 2024.
  • Jubilee Life regained its position as the second-largest life insurer in the region, powered by strong growth in gross written premiums in both Kenya and Tanzania.
“We’re encouraged by the strides we’ve made, particularly in the performance of our investment portfolio. While there has been some pressure on insurance revenue and rising service costs, we remain focused on building a strong, stable business. Our priority is to stay connected to our customers and develop solutions that truly serve them.” – CEO Asman Mugambi

The Investment Engine: How Prudent Strategy Drove Profits

The Power of Investment Income

A standout feature of Jubilee Life Insurance’s 2024 performance is the outsized contribution of investment income to overall profitability. The company’s net investment income soared to Sh17.1 billion, a leap of 87.3% from the previous year.

Key Drivers:

  • Government Securities: Jubilee Life strategically increased allocations to government bonds and treasury bills, capitalizing on attractive yields and relative safety.
  • Equity Investments: The insurer’s equity portfolio benefited from a rebound in local and regional stock markets, delivering strong capital gains.
  • Disciplined Asset Management: The company’s investment team adopted a risk-adjusted approach, balancing growth with capital preservation.

Impact:

This prudent investment approach not only offset pressures from declining insurance revenue and rising service costs but also protected policyholders’ savings from inflation, ensuring long-term value retention.

“Jubilee Life Insurance’s investment approach continues to deliver competitive returns that outpace inflation, protecting members’ savings and preserving their purchasing power into retirement.” – CEO’s Perspective

Insurance Operations: Navigating Revenue and Cost Challenges

Revenue Pressures and Expense Management

While investment income surged, the core insurance business faced headwinds:

  • Insurance Revenue: Fell by 8% to Sh4.8 billion, reflecting a tough operating environment and increased competition.
  • Service Expenses: Rose to Sh4.5 billion, up from Sh4.0 billion, mainly due to higher claims and efforts to enhance service delivery.

Underlying Factors:

  • Higher Claims: An uptick in policyholder claims, possibly due to increased awareness, penetration, or macroeconomic factors.
  • Operational Investments: Enhanced spending on customer service, digital platforms, and process improvements to boost client satisfaction and retention.

Despite these challenges, Jubilee Life maintained a solid bottom line, thanks to its investment income and disciplined cost management.

Market Leadership and Regional Growth

Climbing the Ranks in East Africa

Jubilee Life Insurance’s 2024 results have propelled it back to the number two spot in the regional life insurance market. This achievement is underpinned by:

  • 57% Growth in Gross Written Premiums in Kenya
  • 58% Growth in Gross Written Premiums in Tanzania

Growth Drivers:

  • Customer Trust: Strong brand reputation and consistent delivery on promises have fostered deep customer loyalty.
  • Cross-Market Collaboration: Leveraging synergies across East African markets to drive innovation and operational efficiency.
  • Digital-First Solutions: Introduction of customer-centric, digital products that simplify financial planning and insurance access.

Awards and Recognition:

At the 2024 Association of Kenya Insurers (AKI) Awards, Jubilee Life Insurance received:

  • First Runners-Up for Highest Growth in Policies Sold
  • Most Improved New Business
  • Second Runners-Up for Most Innovative Product
  • Super-agent Jayshree Haria’s fifth consecutive award for 100% policy persistency, reflecting excellence in client retention

Digital Transformation: The J-Force and Beyond

A US$20 Million Digital Overhaul

Jubilee Life Insurance is not just growing; it is transforming. The company has embarked on a US$20 million digital transformation journey, fundamentally reshaping its operations, technology, and customer experience.

Four Pillars of Digital Strategy:

  • Robotics Process Automation (RPA): Automating repetitive tasks to free up staff for higher-value activities and improve efficiency.
  • Data Integration: Creating a unified data lake across seven entities for a 360-degree customer view, enabling personalized service and better risk management.
  • Cloud Migration: Moving 100% of operations to cloud platforms (Azure, AWS, Oracle Cloud) for scalability, agility, and resilience.
  • Enhanced Customer Experience: Streamlining onboarding, claims, and service processes for a seamless, digital-first journey.

AI in Claims Processing:

Jubilee Life now processes 12,000 claims daily using machine learning models, drastically improving speed and reducing errors. This innovation sets new standards for efficiency and customer satisfaction in the insurance sector.

J-Force: Revolutionizing Insurance Distribution

J-Force, Jubilee’s digital platform for agents and brokers, is a game-changer:

  • Fully paperless and digitized end-to-end
  • Real-time visibility of leads, sales, and commissions
  • Instant commission tracking, reducing cycles from 14 days to immediate updates
  • Intuitive design informed by agent and broker feedback
“Jubilee’s ambition is to move beyond being an insurance business-it is fast becoming a data-driven business, leveraging technology at every level.” – George Makori, Head of Digital Innovation

Customer-Centric Innovations and Solutions

Meeting Evolving Consumer Needs

Jubilee Life Insurance’s focus on digital-first, customer-centric solutions is central to its recent success:

  • Simplified Financial Planning: Digital tools and products make it easier for customers to understand, select, and manage insurance policies.
  • Personalized Service: Data-driven insights enable tailored recommendations and proactive engagement.
  • Accessibility: Digital platforms extend reach to underserved segments and remote regions.

Case Study: Policy Persistency

Super-agent Jayshree Haria’s achievement of 100% policy persistency for five consecutive years exemplifies Jubilee Life’s commitment to client retention and service excellence.

Challenges and Opportunities Ahead

Navigating a Dynamic Market

Despite its strong performance, Jubilee Life Insurance faces ongoing challenges:

  • Economic Uncertainty: Inflation, currency fluctuations, and macroeconomic volatility can impact investment returns and claims experience.
  • Regulatory Changes: Evolving insurance regulations require agility and compliance investments.
  • Competition: New entrants and fintech disruptors are raising the bar for innovation and customer experience.

Opportunities:

  • Expanding Digital Offerings: Continued investment in technology can unlock new markets and improve efficiency.
  • Product Diversification: Developing products tailored to emerging risks and demographic shifts.
  • Regional Integration: Leveraging cross-border synergies to drive growth across East Africa.

Conclusion: Jubilee Life Insurance Sets the Pace for the Future

Jubilee Life Insurance’s Sh2.1 billion net profit for 2024 is more than a financial milestone-it is a testament to the power of strategic vision, disciplined execution, and relentless innovation. By balancing prudent investment management with digital transformation and customer-centricity, Jubilee Life is not only weathering industry headwinds but also shaping the future of insurance in Kenya and beyond.

As the company continues to build on its strengths, invest in technology, and deepen its customer relationships, it stands poised to deliver even greater value to policyholders, shareholders, and the broader community in the years ahead.

Chart: Jubilee Life Insurance Key Financial Metrics (2023 vs. 2024)

Metric 2023 (Sh) 2024 (Sh) % Change
Net Investment Income 9.1B 17.1B +87.3%
Insurance Revenue 5.3B 4.8B -8%
Insurance Service Exp. 4.0B 4.5B +12.5%
Total Assets 122B 149B +22%
Net Profit After Tax – 2.1B –

Final Word

Jubilee Life Insurance’s 2024 results are a blueprint for success in a rapidly changing insurance landscape. By prioritizing investment excellence, digital innovation, and unwavering customer focus, the company is not just posting profits-it is building a sustainable, future-ready business model that others in the industry will look to emulate. Learn more about insurance options on Step By Step Insurance or check out their blog for more insights.

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info@stepbystepinsurance.co.ke
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