InSuRAnCe ReGulAtoRY AutHoRItY insurance industry report.pdf · competitive insurance market...

Bima Bora Kwa Taifa

AnnuAl RepoRt 2010

InSuRAnCe ReGulAtoRY AutHoRItY

Bima Bora Kwa Taifai

DISClAIMeR

The information contained in this report has been obtained from the annual audited accounts and statutory returns submitted pursuant to the provisions of Part VI of the Insurance Act, Cap 487, except where adjustments have been made in consultation with regulated entities.

The publication of any summary of the returns in this report does not necessarily mean that the returns so summarized have satisfied all the requirements of the Insurance Act, Cap 487, or that the Commissioner of Insurance approves of the accuracy or the contents of the returns.

Where necessary, figures have been adjusted to eliminate errors in total due to rounding off.

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tABle oF ContentSDISCLAIMER ....................................................................................................... iTABLE OF CONTENTS ........................................................................................ iiLIST OF FIGURES............................................................................................... vABBREVIATIONS AND ACRONYMS ................................................................... viiSTRATEGIC FRAMEWORK ............................................................................... viiiBOARD OF DIRECTORS .................................................................................... ixFOREWORD ....................................................................................................... xCHIEF EXECUTIVE OFFICER’S REPORT ........................................................... xi1.0 INTRODUCTION .........................................................................................11.1 Overview of insurance industry performance ...............................................11.2 Summary of key industry performance indicators .......................................22.0: KEY INDUSTRY DEVELOPMENTS ................................................................32.1 Amendments to the Insurance Act ..............................................................32.2 Industry Circulars and Guidelines ..............................................................52.2.1 Circulars ....................................................................................................52.2.2 Guidelines ..................................................................................................52.3 Review of the Insurance Act ........................................................................62.4 Micro Insurance ..........................................................................................62.5 Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) ......62.6 Evaluation of Mega Risks ............................................................................62.7 Risk Based Supervision ..............................................................................72.8 Insurance Anti-Fraud Unit ..........................................................................72.9 Online Submission of Returns ....................................................................73.0: INDUSTRY REGULATION ............................................................................83.1 Registration of Insurers ..............................................................................83.2 Reinsurance Business ................................................................................83.3 Intermediaries and Other Insurance Service Providers ................................83.4 License Fees and Penalties ..........................................................................93.5 Transfers and Amalgamations ...................................................................103.6 Inspection of Insurance Companies ........................................................... 103.7 Complaints ...............................................................................................103.8 Submission of Returns ..............................................................................103.9 Solvency Margins ......................................................................................103.10 Insurance Premium Levy ..........................................................................113.11 Policyholders’ Compensation Fund ............................................................ 113.12 Actuarial Valuations .................................................................................124.0 INDUSTRY PERFORMANCE- INSURERS ..................................................... 134.1 Long Term Insurance Business ................................................................. 134.1.1 General Performance ................................................................................134.1.2 Inward Reinsurance Premiums ................................................................. 144.1.3 Outward Reinsurance Premiums ............................................................... 154.1.4 Claims and Policyholders’ benefits ........................................................... 154.2 General Insurance Business .....................................................................164.2.1 Gross Direct Premium Income ..................................................................164.2.2 Inward Reinsurance Premiums ................................................................ 194.2.3 General Business Outward Reinsurance Premiums for Insurers ............... 204.2.4 Net Earned Premium Income ....................................................................214.2.5 Incurred claims ratios per class of business ............................................. 224.2.6 Underwriting Results ...............................................................................234.2.7 Summary of General Insurance Financial Performance ............................. 255.0 INDUSTRY PERFORMANCE - REINSURERS ............................................. 265.1 Long Term Re-Insurance Business ............................................................ 26

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5.1.1 Inward Reinsurance Premiums ................................................................. 265.1.2 Outward Reinsurance Premiums .............................................................. 275.2 General Re-Insurance Business ................................................................ 285.2.1 Inward Reinsurance Premiums ................................................................ 285.2.2 Outward Reinsurance Premiums .............................................................. 295.2.3 Net earned premium income ....................................................................305.2.4 Incurred Claims .......................................................................................315.2.5 Incurred Claims ratios .............................................................................325.2.6 Underwriting Results 2006 – 2010 ........................................................... 335.3 INDUSTRY PROFIT AND LOSS STATEMENT ............................................. 355.4 Investment income ....................................................................................356.0 INDUSTRY FINANCIAL CONDITION .......................................................... 376.1 Balance Sheet ...........................................................................................376.2 Investments ..............................................................................................38STATISTICAL APPENDICES ..............................................................................41SUMMARY OF ANNUAL ACCOUNTS ................................................................. 41

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lISt oF tABleS

Table 1: Licensed insurance industry players by number ....................................1Table 2: Industry Performance (Kshs. ‘000s) ........................................................2Table 3: Number of Insurers Registered ..............................................................8Table 4: Licensed intermediaries over the last four years .....................................9Table 5: Applicable license fees and penalties ......................................................9Table 6: Insurance premium levy ......................................................................11Table 7: Actuarial valuations.............................................................................12Table 8: Summary Long term insurance performance ....................................... 13Table 9: Outward Re-Insurance Premiums ........................................................ 15Table 10: Claims and policyholder benefits ....................................................... 16Table 11: Five Year Distribution of gross direct premium incomes, class use ..... 17Table 12: Inward re-insurance premiums .......................................................... 19Table 13: General Business Outward Reinsurance Premiums for Insurers ........ 20Table 14: Net Earned Premium for the period 2006- 2010 ................................. 21Table 15: Incurred Claims .................................................................................21Table 16: Underwriting Results for Insurers 2006 – 2010 .................................. 24Table 17: Summary of Financial Performance ................................................... 25Table 18: Inward insurance premiums – long term business ............................. 26Table 19: Outward Reinsurance Premiums for the period 2006-2010 ................ 27Table 20: Inward Reinsurance Premiums .......................................................... 28Table 21: Outward re-insurance premiums ....................................................... 29Table 22: Net earned premium income per class ............................................... 31Table 23: Incurred Claims .................................................................................31Table 24: Incurred Claims ratios .......................................................................32Table 25: Underwriting Results, 2006 – 2010 .................................................... 33Table 26: Industry Profit and Loss Statement .................................................... 35Table 27: Industry Consolidated Balance Sheet ................................................. 37Table 28: Combined industry investment channels. .......................................... 38Table 29: general insurance business investment channels between 2006 and . 2010. .................................................................................................39Table 30: Long Term insurance business investment channels between 2006 and . . 2010. .................................................................................................40

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lISt oF FIGuReSFigure 1: Trends in long term gross direct premium .......................................... 14Figure 2: Distribution of Gross Direct Premium ................................................ 14Figure 3: long term outward premiums for the period 2006-2010 ...................... 15Figure 4: Trends in claims and policyholder benefits for 2006-2010 .................. 16Figure 5: Distribution of gross direct premium income across classes in 2010 .. 18Figure 6: Gross Direct Premium income over the period 2006-2010 .................. 18Figure 7: Inward reinsurance premium incomes over the period 2006-2010 ...... 19Figure 8: Trend of outward reinsurance premium between 2006 and 2010........ 20Figure 9: Incurred claims for the period 2006-2010 .......................................... 22Figure 10: Incurred Claims Ratios .....................................................................22Figure 11: Claims Incurred for the period 2006-2010 ........................................ 23Figure 12: Trends in underwriting results for the period 2006-2012 .................. 24Figure 13: Trends in selected industry ratios .................................................... 25Figure 14: Trends in long term re-insurance premium income .......................... 26Figure 15: Total Outward Reinsurance Premiums for the period 2006-2010 ...... 27Figure 16: Trends in inward reinsurance premiums 2006 - 2010. ..................... 29Figure 17: Outward re-insurance premiums 2006 – 2010 ................................. 30Figure 18: Net earned premium for the period 2006 – 2010 ............................... 30Figure 19: Incurred claims for the year 2010 ..................................................... 32Figure 20: Claims ratios for 2006 - 2010: .......................................................... 33Figure 21: Trends in Underwriting Results, 2006 - 2010. .................................. 34Figure 22: Distribution of the industry’s investment income for the year 2010. . 36Figure 23: Trends in total assets .......................................................................38Figure 24: Distribution of investments .............................................................. 39

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lISt oF AppenDICeS

Appendix 1: Profit and loss account (including appropriation) ...................................... 43Appendix 2: Commissions and management expenses .................................................. 44Appendix 3: Balance sheets of insurers and reinsurers (long term insurance business) 45Appendix 4: Balance sheets of insurers and reinsurers (general insurance business) ... 48Appendix 5: Solvency margins of insurers and reinsurers as at 31.12.2010 .................. 52Appendix 6: Gross direct premium incomes under long term insurance business ......... 53Appendix 7: Inward reinsurance premiums under long term insurance business ......... 53Appendix 8: Outward reinsurance premiums under long term insurance business ....... 54Appendix 9: Long term insurance business revenue accounts ...................................... 55Appendix 10: Long term insurance business particulars for insurers and reinsurers ..... 56Appendix 11: Summary of actuarial valuation reports ................................................... 57Appendix 12: Gross direct premium incomes for general insurers under business ......... 58Appendix 13: Inward reinsurance premium incomes for general insurers - business .... 59Appendix 14: Gross premium incomes of insurers under general insurance-business .. 60Appendix 15: Outward reinsurance premiums for general insurers under business ..... 61Appendix 16: Aviation insurance business revenue accounts ....................................... 62Appendix 17: Engineering insurance business revenue accounts ................................. 63Appendix 18: Fire domestic insurance business revenue accounts ................................ 64Appendix 19: Fire industrial insurance business revenue accounts .............................. 65Appendix 20: Liability insurance business revenue accounts ....................................... 66Appendix 21: Marine insurance business revenue accounts ......................................... 67Appendix 22: Motor Private insurance business revenue accounts ................................ 68Appendix 23: Motor commercial insurance business revenue accounts ........................ 69Appendix 24: Personal accident insurance business revenue ....................................... 70Appendix 25: Theft insurance business revenue accounts ............................................ 71Appendix 26: Workmen’s compensation insurance business revenue accounts ............ 72Appendix 27: Medical insurance business revenue accounts ........................................ 73Appendix 28: Miscellaneous insurance business revenue accounts ............................... 74Appendix 29: Net earned premium incomes for general insurers under business .......... 75Appendix 30: Incurred claims of insurers under general insurance business ................ 76Appendix 31: Incurred claims ratios of insurers under general insurance business ....... 77Appendix 32: Underwriting profits of insurers under general insurance business ......... 78Appendix 33: Long term insurance business revenue accounts of reinsurers ................ 79Appendix 34: Inward reinsurance premium incomes of reinsurers - long term business 79Appendix 35: Outward reinsurance premium incomes of reinsurers - long term business 79Appendix 36: General insurance business revenue accounts of East Africa Re ............. 79Appendix 37: General insurance business revenue accounts of Kenya Re ..................... 80Appendix 38: Combined general insurance business revenue accounts of the reinsurers 80Appendix 39: Inward reinsurance premium incomes of reinsurers - general business .. 80Appendix 40: Outward reinsurance premium incomes of reinsurers - general business 81Appendix 41: Net earned premium incomes for general reinsurers under business ....... 81Appendix 42: Incurred claims of reinsurers under general insurance business ............. 81Appendix 43: Incurred claims ratios of reinsurers under general insurance business .... 81Appendix 44: Policyholders Compensation Fund Levy 2007-2010 ................................. 82Appendix 45: Directory of Insurance and Re- Insurance Companies .............................. 83

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ABBReVIAtIonS AnD ACRonYMS

AML/CFT Anti- Money Laundering/Combating of Financing of TerrorismASM Available Solvency MarginBn BillionC/F Carried ForwardCFSRD Comprehensive Financial Sector Reform and Development Strategy CID Criminal Investigations DepartmentESAAMLG Eastern and Southern Africa Anti- Money Laundering GroupGDP Gross Domestic ProductGPI Gross Premium IncomeIRA Insurance Regulatory AuthorityKshs. Kenya ShillingMIP Medical Insurance ProvidersMoU Memorandum of UnderstandingPHCF Policy Holders Compensation FundRBS Risk Based SupervisionSNR Solvency Margin RatioWCA Workmen’s Compensations Act

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StRAteGIC FRAMeWoRK

Vision

To be a leading insurance industry regulator

Mission

To protect policyholders and insurance beneficiaries and encourage a competitive insurance market through fair and efficient regulation of the industry

Mandate

The mandate of IRA as derived from the Insurance (Ammendment) Act 2006 is to regulate, supervise and develop the insurance industry in Kenya, and ensure that the interests of policyholders and insurance beneficiaries are protected.

Core functions:

i. Ensure the effective administration, supervision, regulation and control of insurance and reinsurance business in Kenya;

ii. Formulate and enforce standards for the conduct of insurance and reinsurance business in Kenya;

iii. Issue licenses to all persons involved in or connected with insurance business, including insurance and reinsurance companies, insurance and reinsurance intermediaries, loss adjusters and motor assessors, risk surveyors and valuers;

iv. Protect the interests of insurance policyholders and insurance beneficiaries in any insurance contract;

v. Promote the development of the insurance sector;vi. Advise the Government on the national policy to be followed in order to

ensure adequate insurance protection and security for national assets and national properties;

vii. Issue supervisory guidelines and prudential standards from time to time, for better administration of the insurance business of persons licensed under the Act;

viii. Share information with other regulatory authorities and to carry out any other related activities in furtherance of its supervisory role; and

ix. Undertake such other functions as may be conferred on it by the Insurance Act, 2006 or by any other written law.

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BoARD oF DIReCtoRS

ix

Mr Steve O. MaindaChairman

Prof Njuguna NdunguDirector

Stella KilonzoDirector

Joseph M. MurageDirector

Grace A. NgigiDirector

Chemutai W. MurgorDirector

Henry RotichDirector

Sammy M. MakoveCeo/Comissioner of

Insurance

Edward OdundoDirector

Capt. Abdulaziz MohammedDirector

Moses B. ObonyoDirector

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FoReWoRD

I am happy to present to you the Annual Insurance Industry Report for the year 2010. This report has been prepared pursuant to provisions of Section 5(2) of the Insurance Act Cap 487 of the Laws of Kenya is coming at a time when the country is gradually implementing the new constitution. The Report is a mirror of how the insurance industry has performed and therefore provides industry professionals and strategists, researchers and corporate analysts, insurance associations, government and government agencies with information to aid in decision making.

The report has been produced at a time when the domestic economy is experiencing a rebound in

growth as assessed against key macro economic growth indicators. There were encouraging developments in the domestic economy with real Gross Domestic Product (GDP) expanding by 5.6% against back ground of heightened economic activity exhibiting resilience in the wake of severe drought conditions and spiraling commodity and fuel prices.

A sneak preview and market assessment of the performance of the industry over the year shows a positive growth in all the key indicators. For instance, there was an 18% growth in Gross Direct Premiums Income from Kshs 65 billion to Kshs 76.9 billion, asset base grew by 25% from Kshs 178.4 billion to Kshs 223 billion with earnings from investment growing at 95% from Kshs 12.1 billion to Kshs 23.4 billion. This positive growth prospects will need to sustained and enhanced with the Authority ensuring that the sector is well regulated in order to contribute to economic growth and national development.

Looking ahead and as we move closer to operationalizing devolved governments after the 2012 general elections, it is expected that there will be shifts in centers of gravity with insurance expected to play a major role in the delivery of financial services in Kenya. This growth will in turn result in increased contribution of insurance to GDP due to increased demand for insurance services as envisioned in the economic pillar of Vision 2030. The information in this report should therefore act as a mirror to reflect on operations of the insurance industry and help us move forward.

SteVe o. MAInDACHAIRMAn, BoARD oF DIReCtoRS

Mr Steve O. MaindaChairman

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CHIeF eXeCutIVe oFFICeR’S RepoRt

The release of the 2010 Annual Insurance Industry report by the Insurance Regulatory Authority is coming at a critical time in our calendar when we are domesticating the new constitution. With the expectation that consumers of insurance services will become more demanding given the Bill of Rights, we are aware that that the way insurance services are delivered should concern all stakeholders in the insurance supply chain.

This report has been published for purposes of accountability on the workings of the Insurance Act

therefore becomes an issue of concern to us. With this requirement, we are aware of the rights our stakeholders to access timely information to aid in their decision making. With information, policyholders and insurance consumers are likely to become more demanding, putting more pressure to insurers which in turn will make insurance regulation and service provision more challenging.

The Insurance Regulatory Authority (IRA) has a mandate to regulate, supervise and develop the insurance industry in Kenya. In executing this mandate, the Authority aims at ensuring a safe, sound and stable insurance market that is not only competitive but also customer focused by meeting policyholder needs. To achieve this goal, the Authority continued to put in place targeted measures that seek provide a facilitative environment for industry growth and competiveness in line with Vision 2030 and the Comprehensive Financial Sector Reform and Development (CFSRD) strategy.

Before reviewing the performance of the local industry, let me hasten to point out some of the key developments that have been witnessed in the international arena that may have decisive implications and lessons for the domestic market. In 2010, the global economy continued to recover, which supported demand for insurance. The global Direct Premium written rose by 2.7% to USD 4339 billion after two years of contracting premium volumes.

The capital base of the industry continued to strengthen in 2010. Demand for insurance is expected to rise as the recent natural catastrophes in Japan and Oceania have highlighted the importance of non-life in mitigating the financial impact of catastrophic events, which are still underinsured in the emerging markets. Due to the ageing of the population, the role of life insurance is also likely to increase, as governments are under pressure to address the huge

Saammy M. MakoveCeo/Comissioner of

Insurance

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liabilities of their old age provision.

Global life insurance premiums increased by 3.2% to USD2,520bn. Asian emerging markets and a number of large continental European markets contributed the most to growth. In the US and the UK, premiums continued to decline, although at a slower pace compared to 2009. Growth of life insurance in the emerging markets in 2010 nearly reached the pre-crisis level, although large differences exists among regions and countries. After declining in 2008 and 2009, global non-life premiums grew by 2.1% to USD 1,819bn in 2010. The real premium growth in 2010 in industrialized countries was 1.8% for life and 1.0% for non life. For emerging markets, real premium growth for life was 13% while non life was 8.5% which compares favorably with the world average of 3.2% for life and 2.1% for non life.

It is therefore expected that the global economic recovery will continue in 2011, supporting premium growth in life and non-life insurance in industrialized countries and emerging markets.

In the domestic economy, the insurance industry realized a marked improvement in most of its performance indicators in the year 2010. There was a 30% growth in gross direct premium under ordinary life business during 2010 representing a premium growth under this class of business since 2000. Ordinary life fund also grew by 50% in 2010. The average growth rate in premiums over the last five years is 18%. Gross direct premiums for the year 2010 totaled KSh.76.9 billion1, with KSh.27.2 billion in long term business and KSh.49.76 billion general insurance business.

Investment income rose by 93% compared to 50% in 2009. Underwriting profit under general insurance business grew by 216% compared to a decline of 54% in 2009. Operating profit grew by 123% compared to a mere 2% growth in 2009. The industry shareholders’ funds grew by 41% compared to 8% in 2009. The life fund grew by 20% while surplus went up by 57%.

The total industry assets stood at Kshs.223 billion as at December 2010 compared to Kshs.178 billion in 2009 representing 25% growth. Access to insurance services by the low income earners still remains a challenge for the insurance sector. The Authority working together with the industry and with support from the Ministry of Finance is in the process of developing a regulatory framework for micro-insurance in Kenya with a view to making insurance available to the majority of the population.

I am happy to note that these developments have arisen as a result of various

1 This excludes data for Blue Shield Insurance Company and Shield Assurance Company

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regulatory and supervisory instruments that the Authority continues to put in place. These measures include raising of capital requirements with the aim of ensuring that all underwriters meet policyholder obligations through prompt payment of claims as they fall due. A number of prudential guidelines were issued in addition to onsite and offsite surveillance. The Authority also undertook various consumer awareness campaigns across the country to sensitize the public of benefits of insurance and the need to take insurance.

Other developments in the insurance industry include the review of the insurance Act arising from recognition that the current regulatory framework need to be aligned to best international practices as well as insurance core principles as issued from time to time by the International Association of Insurance Supervisors (IAIS).

Let me also reiterate that the Authority working together with the industry with support from the Ministry of Finance and the International Labour Organization (ILO) is developing a policy framework paper for development of micro insurance. This arises from recognition that a large segment of the population is currently not insured due to an array of mitigating factors of which key among them is prohibitive cost and lack of appropriate products that address their specific needs. Other areas of concern include drawing up appropriate guidelines on Anti-Money Laundering and Combating Financing of Terrorism in line with the AML/CFT as well as setting up of an insurance anti fraud unit.

As I conclude, I do hope that you will find this annual report a useful source of information on the performance of the insurance industry in Kenya. May I encourage you to engage with us as we seek to ensure that the insurance industry in Kenya is sound, fair and competitive.

SAMMY MAKoVeCoMMISIoneR oF InSuRAnCe/CHIeF eXeCutIVe oFFICeR

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1.0 INTRODUCTION1.1 Overview of insurance industry performance

The Insurance Regulatory Authority (IRA) normally extracts and publishes the official insurance industry statistics for all for all licensed insurers in Kenya. The data is normally extracted from annual audited accounts and other returns submitted by insurance and reinsurance companies to the Authority in compliance with the provisions of the Insurance Act. The report series aims at providing progress on the workings of the Insurance Act.

The insurance industry in Kenya consists of a number of players. This includes insurance companies, re-insurance companies and other insurance intermediaries2. There are 47 insurance companies and 2 re-insurance companies.

The table below shows the number of registered insurance industry players per each category:-

Table 1: Licensed insurance industry players by number

Regulated Entity No. LicensedInsurance Companies 47Re-Insurance Companies 2Insurance Brokers 161Medical Insurance Providers 24Insurance Investigators 115Motor Assessors 78Insurance Agents 3,931 Insurance Surveyors 26Loss Adjustors 21Claim Settling Agents 2Risk Managers 10

2 This covers insurance brokers, medical insurance providers, insurance agents, and other insurance service providers i.e. loss assessors, insurance investigators, loss adjusters, surveyors and claims settlement agents.


1.2 Summary of key industry performance indicators

With an annual direct gross premium income of growing at 18% from Kshs 65.0 billion in 2009 to Kshs 76.9 billion in 2010, the industry witnessed positive growth in all the key performance indicators with shareholder funds growing by 41% from Kshs 41.5 billion to Kshs 58.6 billion, assets base grew by 25% from Kshs 178.4 billion to Kshs 223.5 billion. Net premium income written grew by 41% from Kshs 45.6 billion recorded in 2009 to Kshs 64.1 billion in 2010. The table below gives the overall summary of key industry performance during the year 2010

Table 2: Industry Performance (Kshs. ‘000s)

ITEM/YEAR 2006 2007 2008 2009 2010

Gross Direct Premium Income

41,475,358 48,012,987 55,245,838 65,012,837 76,908,988

Net premium written

33,520,388 39,628,480 45,593,023 45,592,656 64,123,285

Claims incurred (General Business)

12,359,561 14,235,405 15,883,565 19,768,322 21,628,871

Commissions 4,858,458 5,504,342 7,252,116 8,714,712 10,269,674Expenses of management

9,853,675 12,902,101 12,602,253 14,640,675 16,758,479

Underwriting results (General business)

715,860 236,011 872,496 401,806 1,271,437

Investment income

11,227,800 11,141,669 8,191,112 12,112,000 23,369,307

Operating profit/loss after taxation

3,836,587 3,549,898 3,349,997 3,420,972 7,634,272

Investments 95,836,181 114,589,974 123,621,370 113,452,503 177,520,999Assets 124,737,706 146,541,007 154,452,739 178,403,820 223,490,783Shareholder’s funds

34,574,575 38,348,735 38,161,222 41,468,967 58,648,780

Source: 2010 industry Audited Returns


2.0: kEY INDUSTRY DEVELOPMENTS

2.1 Amendments to the Insurance Act

The Finance Bill 2010 introduced various amendments to the Insurance Act leading to the following:

i. General Powers to Issue Guidelines and Power of Information sharing: By amending Section 3A as follows:a. Issue supervisory guidelines and prudential standards. b. Share information with other regulatory authorities.

ii. Shareholding of Insurance Companies: By amendment of Section 23 (4A), (4B) and (4C) to:a. Limit the ownership by any person and power of appointment

to the paid-up share capital of an insurer instead of listed share capital.

b. Exempt any company listed in a stock exchange from the provisions of subsection (4A).

c. Postpone the date of those who were required to divest their shareholding to comply with new requirements of 25%, and 20% in subsections (4A) and (4B), respectively, to 31st December 2011.

d. Insert a new subsection (4D) with proviso, defining the meaning of indirect control or beneficial ownership to include family ownership and other corporate ownerships.

iii. Harmonization of Provisions relating to Outstanding Premiums: By amendment to:a. Section 42 (1) to delete clause (d) in relation to unpaid

premiums.b. Section 156 by deleting subsection (7).

iv. Submission of Accounts and Statements: By amending Section 61 to insert a new subsection (4A) allowing the Authority to prescribe the manner of submission of the annual accounts which may be submitted through the use of Information technology, thereby enhancing the development of an electronic database on submission of returns.

v. Mode of Payments: The following sections were amended as follows:a. Section 61(5) in respect of penalties for late submission

of accounts and statements. Penalties are currently made payable to Policyholders Compensation Fund.

b. Section 67D (2) in respect of penalties for transacting insurance business without registration and charging a rate of premium other than that filed with the Commissioner.


vi. Restrictions on Loans and advances by Insurers: By amending Section 71 (1) at the proviso to increase the maximum amount of loan by insurers to their officers or employees from Twenty Thousand Shillings to One Hundred Thousand Shillings (Kshs.100,000).

vii. Insurance Cover upon Change in Ownership: Section 76A as introduced through the Finance Act, 2009, was amended in paragraph (a) by substituting ‘temporary cover’ for the words ‘temporary policy’ and substituting the use of the term ‘new policy’ with ‘annual policy’.

viii. New class of business -Medical Insurance: By amending Section 150A (1) to provide that any person who provides medical insurance business in expectation of commission, fee or other remuneration to apply to the Authority for Registration.

ix. Insurance Agents: By amending Section 153(5) to substitute the word ‘Kenya’ wherever it appears with the words ‘the East African Community’. This amendment permits East African citizens to be registered as insurance agents in Kenya.

x. Objects & Functions of the Policy Holders’ Compensation Fund by amending Section 179: a. to insert new subsections (2A) and (2B) setting out the

functions and the power of the Board of the Policy Holders Compensation Fund.

b. subsection (9) to empower the Board of the Fund to hold the directors of the insurers personally and generally liable for failure to remit statutory contributions to the Board.

c. to insert a new section 179A that limits liability of the officers of the Board of the Fund, in respect of actions undertaken bona fide for the execution of the functions of the Board.

xi. Bank Guarantee by Brokers: By amending Regulation 39 by deleting paragraph (2) which requires an insurance broker to have additional bank guarantee of government bond based on outstanding premium.

xii. Audited Accounts: By amending Regulation 40 to reduce the period within which insurance intermediaries are required to submit their audited accounts to the Authority from six (6) to four (4) months.

xiii. Payment to the Insurance Regulatory Authority: By amending regulation 49 removing requirements for payment of fees by “crossed banker’s draft”.

xiv. Harmonization of Provisions relating to Outstanding Premiums: By deleting item (3)(vii) of form 41-1 that refers to outstanding


premium as “other admitted assets of the insurer”.

xv. New class of business – Medical Insurance business: By providing for a new class of business “Medical Insurance business” and providing for the appropriate definition.

xvi. Actuarial Valuation Balance Sheet: By substituting the words “surplus before distribution” for the word ‘surplus”.

2.2 Industry Circulars and Guidelines

Twelve circulars were issued during the year in which various issues were addressed as follows:

2.2.1 Circulars

i. Reinsurance Proposals for all Insurers and Re-insurers for year 2011 vide Circular No. IC & RE 04/2010

ii. Renewal of registration for the year 2011 for all Insurers and Re-insurers vide Circular No. IC & RE 06/2010

iii. Renewal of registration of Insurance Agents for all insurers vide circular No. IC 05/2010

iv. Renewal of registration as a Medical Insurance Provider for all Medical Insurance Providers vide Circular No. IB/MIP/12/2010

v. Renewal of registration as an Insurance Broker for all insurance Brokers vide Circular No.

vi. IB/01/2010

vii. Motor underwriting Guidelines for all insurance companies vide Circular No. IC 03/2010

viii. Renewal of registration for the year 2011 for claims settling agents, insurance surveyors, loss adjusters, motor assessors, insurance investigators and risk managers vide Circular No. IC IA/02/2010

2.2.2 Guidelines

i. Anti Money Laundering/Control of Financing of Terrorism (AML/ CFT) guidelines issued to all insurers, reinsurers, and intermediaries Vide Circular No. IC, RE, & INTERDIARIES 02/2010

ii. Bancassurance guidelines issued to all insurance agents vide Circular No. IC 03/2010


2.3 Review of the Insurance Act

The Authority with the support of the Ministry of Finance, engaged the services of a consortium of consultants to review the Legal and Regulatory Framework of the insurance Industry in Kenya. The consultants have since prepared a draft Bill which once submitted to Treasury and passed by Parliament will be operationalized by developing new regulations and guidelines.

2.4 Micro Insurance

The Government recognizes that low-income households constitute the vast majority of the population in Kenya. Conventional insurance products do not serve the insurance needs of this population. Micro-insurance stands as the best means of addressing this need. Ensuring access to insurance by the low income segment through micro insurance stands to enhance insurance penetration.

In order to operationalize micro insurance in Kenya, there is need for development of an appropriate policy framework. In August 2010 the Commissioner of Insurance appointed a Steering Committee to develop the policy framework on micro insurance. The Committee comprises representatives from the Insurance industry, the Ministry of Finance, Micro finance institutions, insurance experts and development partners. The committee is in the process of developing a policy paper that once completed will guide in the development of the micro-insurance framework.

2.5 Anti-Money Laundering/Combating Financing of Terrorism (AML/

CFT)

In 2009, Kenya with the assistance of the Financial Action Taskforce(FATF) passed the Anti Money Laundering and Combating Financing of Terrorism (AML/CFT) law. This law became effective on 28th June, 2010 . To operationalize the law, a National Task Force (NTF) on AML/CFT was constituted under the Ministry of Finance. The Authority is represented on the National Taskforce and is required to give direction to insurance regulated entities on AML/CFT. All insurance institutions are required to comply with this Law. The Authority is in the process of drawing up appropriate guidelines to this effect.

2.6 Evaluation of Mega Risks

Mega Risks comprise of Fire and Engineering risks with sums insured of at least Kshs.300m and 150m respectively. The Risk Evaluation Committee which is responsible for evaluation of mega risks has been holding meetings to evaluate and recommend a minimum rate as a guide to the industry. The committee comprises industry players and


is mandated to rate these risks; approve discounted rates where the same has been justified; enhance compliance by being vigilant and giving advice to the Authority where necessary. Compliance with rating guidelines is benchmarked on the 2005 rating. In 2010, three hundred and thirty six mega risks were rated by the Committee. Forty non-compliant cases were reported to the Committee.

2.7 Risk Based Supervision

The Authority is in the process transforming its regulatory framework from the current compliance based Supervision to Risk based Supervision (RBS). During the year and with support from the World Bank, Financial and Legal Sector Technical Assistance Project (FLSTAP), an RBS consultant was hired and the Authority is now at the stage of implementing the RBS framework.

In order to operationalize the RBS framework successfully, insurance companies will be required to adopt risk based management practices.

2.8 Insurance Anti-Fraud Unit

The Authority in partnership with the Criminal Investigations department is in the process of setting up an Insurance Anti-Fraud Unit. This Unit aims at investigating and prosecuting cases relating to insurance fraud. It is expected that once operational, the unit will enhance stakeholders’ confidence in the insurance industry in Kenya.

2.9 Online Submission of Returns

The Authority is desirous of adopting an appropriate e-platform to automate a number of regulatory functions with the objective of enhancing efficiency and timeliness in processing of data and information. This desire is based on the provisions in the Insurance Act that obligates insurance and re-insurance companies to submit returns to IRA at various intervals within the supervisory process. The process of submission as currently constituted is overly manual tedious, time consuming and demanding in terms of manpower for collating data as well as storage space.


3.0: INDUSTRY REGULATIONInsurance regulation is carried out under the Insurance Act, CAP 487, Laws of Kenya and other relevant laws.

3.1 Registration of Insurers

All insurance companies are required to apply for renewal of registration by 30th September every year. All companies applied for renewal of registration for year 2011 by the specified statutory time.

The table below shows the number of insurers registered to transact various types of insurance business in 2011:

Table 3: Number of Insurers Registered

Type of Business Number of InsurersGeneral 21Long term 10Composite 16Re-Insurance 2

3.2 Reinsurance Business

There are two reinsurance companies registered to transact long term and general reinsurance business in Kenya. Of the two, Kenya Reinsurance Corporation is a public owned reinsurer while East Africa Reinsurance Company Limited is a privately owned company. Both reinsurers were registered to transact reinsurance business in the year 2010. Mandatory cessions of Kenya Re of 18% still remain in force.

There are also two regional reinsurance companies, the PTA (ZEP RE) Reinsurance Company and Africa Reinsurance Corporation. The two regional reinsurers enjoy mandatory treaty cessions of 10% and 5% respectively.

3.3 Intermediaries and Other Insurance Service Providers

Insurance intermediaries comprise insurance agents, insurance brokers, Bancassurance agents and Medical Insurance Providers. Other service providers on the other hand include motor assessors, insurance investigators, loss adjusters, claims settling agents, insurance surveyors and risk managers. All these players are required to apply for renewal of registration by 30th September every year.


The table below shows insurance intermediaries and insurance service providers registered over the last four years:

Table 4: Licensed intermediaries over the last four years

Insurance Intermediary/ Insurance Service Provider

Number Registered

2007 2008 2009 2010Insurance IntermediariesInsurance Brokers 190 149 156 161Medical Insurance Providers 24 21 25 24Insurance Agents 3085 3355 3644 3,931Insurance Service ProvidersMotor Assessors 220 172 61 78Insurance Investigators - - 106 115Insurance Surveyors 27 19 20 26Loss Adjusters 22 18 19 21Claims Settling agents 1 2 1 2Risk Managers 7 6 7 10

3.4 License Fees and Penalties

The prescribed time for renewal of registration is 30th September every year. New applications may, however be made at any time during the year at normal license rates. The table below shows license fees and penalties for late application each player

Table 5: Applicable license fees and penalties

No. Registration/Renewal of registration

License fees in kshs.

Penalties in kshs.

1 Reinsurer 250,000 250,0002 Insurer 150,000 150,0003 Medical Insurance Provider 10,000 10,0004 Insurance Broker 10,000 10,0005 Risk Manager 3,000 3,0006 Loss Adjuster 3,000 3,0007 Loss Assessor 3,000 3,0008 Insurance Surveyor 3,000 3,0009 Claims Settling Agent 3,000 3,00010 Insurance Agent 1,000 1,000


3.5 Transfers and Amalgamations

During the year UAP insurance company de-merged into UAP Life Insurance Company and UAP Insurance.

3.6 Inspection of Insurance Companies

During the year under review, routine onsite inspections on various insurance companies, insurance brokers and medical insurance providers were conducted. Among the issues inspected included premium rates, dealings with unlicensed intermediaries, follow-ups on previous inspections and general operations of the company.

Under Section 67(D) of the Insurance Act, any person who upon inspection is found to be transacting insurance business without registration, renewal of registration or authorization under the Insurance Act, or with person(s) not so registered or authorized or charging a rate of premium other than that filed with the office of Commissioner of Insurance as required by Section 75 Act shall be separately liable to pay a penalty of two hundred thousand shillings. Companies that failed to comply were penalized appropriately.

3.7 Complaints

During the year under review, the Authority received complaints from policyholders and the public against insurers and insurance intermediaries. The Complaints are handled by the Consumer Protection section which assists policyholders. Most of the complaints lodged to the Authority were resolved within the time limits provided for ion the Insurance Act.

3.8 Submission of Returns

All insurers submitted 2010 annual audited accounts and returns within the statutory time limits with the exception of Blue Shield Insurance Company Limited, Shield Assurance Company Limited and Concord Insurance Company Limited. These companies were, however granted extension of the submission dates.

3.9 Solvency Margins

Available Solvency margin refers to the difference between the admitted assets of an insurer and its admitted liabilities. The Required Solvency Margin under general insurance business is arrived at by taking 15% of the Net premium income written by an insurer in the year preceding the year of registration while that for long term business is arrived at


by taking 5% of the insurer’s admitted liabilities. As at 31st December 2010, the industry Solvency Margin Ratio (SMR) for long term business was 276.1% and that of general insurance business was 460.1%. The Solvency Margin Ratio (SMR) is calculated by taking Available Solvency Margin (ASM) divided by required solvency margin (RSM) as a percentage.

3.10 Insurance Premium Levy

During 2010, the industry paid insurance premium levy amounting to Kshs.618.8 million against Kshs.634 million in 2009 representing a drop of 2.5%. The drop was mainly due to the reduction in premium levy charge from 1.5% to 1% in 2009. On the other hand, the 5% reinsurance premium levy amounting to Kshs.91.9.2 million was collected in 2010 as compared to Kshs.86.2. million collected in 2009 representing a decrease of 6.6%. The table below show levies paid by insurers

Table 6: Insurance premium levy

Category Rate of levy

Amount paid in 2009

Amount in Kshs. paid in 2010

Insurance Premium Levy 1% 634 618.8Reinsurance Premium Levy 5% 86.2. 91.9.2

3.11 Policyholders’ Compensation Fund

The purpose of the Fund is to promote confidence in the insurance industry by providing a relief to policyholders and claimants of the suffering they may undergo in the event of the unfortunate collapse of an insurer. Insurers and policyholders contribute equally to the Fund through monthly levy of 0.5% on gross direct premium written.

PHCF collected Ksh.294.3 million during the year 2010 compared to Kshs.236.3 million collected during the year 2009 representing a growth of 24.8%.


3.12 Actuarial Valuations

All insurers transacting long-term insurance business submitted their actuarial valuation reports for the year 2010 within the prescribed time of 30th April. The table below shows industry life-funds, net actuarial liabilities and distribution of surplus.

Table 7: Actuarial valuations

Item 2006 2007 2008 2009 2010Life Fund 50,283,070 63,447,975 65,724,433 84,770,767 101,344,236Net actuarial Liabilities 43,575,871 54,282,104 59,754,669 73,290,929 82,886,541Total Surpluses 7,170,868 8,969,732 3,317,811 11,715,660 18,457,695Surplus to Policyholders 2,259,856 2,202,543 477,471 3,504,993 4,065,334Surplus to Shareholders 751,984 704,102 683,309 728,913 1,801,964Surplus Carried forward 4,159,028 6,063,087 2,157,031 7,481,754 12,589,614

Amounts in ‘000 of Kshs.

The life fund grew by 20%. Net actuarial liabilities grew by 13%. Total Surplus grew by 58% while surplus to policyholders grew by 16%. Surplus carried forward grew by 68% over the same period.


4.0 INDUSTRY PERFORMANCE- INSURERS4.1 Long Term Insurance Business

4.1.1 General Performance

Over the period under review, gross direct premium grew by 29% from Kshs.8.5 billion to Kshs.10.9 billion and 11.5% from Kshs.14.5 billion to Kshs.16.2 billion under ordinary life and superannuation classes of business respectively. Management expenses under ordinary life grew by 3.7% in 2009-2010 against a 6.9% increase between 2008 and 2009. Under superannuation business, management expenses grew by 33% from Kshs.1.3 billion in 2009 to Kshs.1.7 billion in 2010. The life fund grew by 49% from Kshs.26.4 billion in 2009 to Kshs.39.4 billion in 2010 under ordinary life business. Under superannuation, the life fund grew by by19% from Kshs.50.8 billion in 2009 to 60.6 billion in 2010. The financial performance indicators for the insurance industry for the last five years are as shown below:

Table 8: Summary Long term insurance performance

Category

Years2006 2007 2008 2009 2010

Ordinary LifeGross Direct Premium 6,071,610 6,188,155 7,776,473 8,496,887 10,954,291Net Premiums 5,955,779 6,702,826 8,873,145 9,284,720 10,732,625Management expenses 2,259,946 2,722,156 2,911,137 3,185,153 3,388,252Net Commissions 1,249,949 1,294,974 1,661,512 1,640,512 1,827,375

Life Fund 16,253,708 19,574,206 21,301,420 26,447,558 39,444,425

SuperannuationGross Direct Premium 7,084,989 10,869,388 11,815,292 14,520,042 16,195,829

Net Premiums 6,291,054 9,872,761 8,967,075 12,760,573 14,613,801Management expenses 920,005 1,094,881 1,576,611 1,305,013 1,737,224Net commissions 118,177 267,209 171,449 427,377 698,771

Life Fund 29,008,873 35,111,837 37,958,358 50,817,522 60,550,541Amounts in ‘000 Kshs.

The figure below illustrates the trend for the gross direct premium for long term insurance business for the years 2006 to 2010.


Figure 1: Trends in long term gross direct premium

Both life and superannuation witnessed growth in gross direct premium income. For instance, out of the total Gross Direct Premium written, ordinary life business accounted for 40% while Superannuation accounted for 60%. The figure below shows the distribution of the gross direct premium during the period.

Figure 2: Distribution of Gross Direct Premium

4.1.2 Inward Reinsurance Premiums

For the last two years there was no inward reinsurance premiums.


4.1.3 Outward Reinsurance Premiums

Retention capacity under ordinary life business was almost 100% over the last five years. On the other hand, retention under superannuation business was 90% in 2010 as shown in table 10 below.

Table 9: Outward Re-Insurance Premiums

Class of business Years2006 2007 2008 2009 2010

Bond Investment 0 0 0 0 0

Industrial Life 0 0 0 0 0

Ordinary Life 115,940 145,653 101,341 106,402 199,769

Superannuation 780,139 998,669 959,154 1,188,017 1,609,163

TOTAL 896,079 1,144,322 1,060,495 1,294,419 1,808,932Figures in ‘000 Kshs.

The chart below shows the general trends of long term outward insurance business over the last five years. See figure below for details on trends in long term outward premiums for the period 2006-2010.

Figure 3: long term outward premiums for the period 2006-2010

4.1.4 Claims and Policyholders’ benefits

In 2010, a total of Kshs 13.6 billion was paid out to policyholders as claims and benefits compared to Kshs.10.5 billion paid in 2009 representing a growth 29.8%. See table 12 below


Table 10: Claims and policyholder benefits

Claims:Years

2006 2007 2008 2009 2010By death 936,429 1,206,502 1,472,254 1,879,469 2,958,357By maturity 1,522,035 1,403,509 1,325,669 1,541,741 1,997,460Surrenders 3,100,090 4,378,925 3,520,214 5,291,951 5,649,713Bonus paid 11,899 135,651 456,258 444,600 509,473Other claims 1,026,666 730,299 553,323 1,343,211 2,519,643Total Claims 6,597,119 7,854,886 7,327,718 10,500,972 13,634,646

Figures in thousands Kshs.

Of the total paid out in 2010, surrenders accounted for 41.4% while death was 21.7% with a similar scenario being replicated in the last five years. Only 14.6% was paid out due to maturity of claims. The figure below shows trends in claims and policyholder benefits.

Figure 4: Trends in claims and policyholder benefits for 2006-2010

4.2 General Insurance Business

4.2.1 Gross Direct Premium Income

The table below shows the distribution of gross direct premium incomes per class over the last five years.


Table 11: distribution of gross direct premium incomes per class over the last five years

GENERAL INSURANCE GROSS DIRECT INCOME PER CLASSClass of business Years

2006 2007 2008 2009 2010Aviation 171,313 257,046 324,968 479,388 528,500Engineering 933,137 914,586 1,101,655 1,131,771 1,396,657Fire Domestic 595,454 620,193 671,182 772,006 864,520Fire industrial 3,339,838 3,429,946 3,953,790 4,036,802 4,671,847Liability 704,104 731,882 896,002 910,197 1,209,120Marine 1,268,284 1,494,747 1,577,317 1,626,456 2,050,695Motor Private 4,692,590 5,162,054 6,033,472 6,773,327 9,625,238Motor Commercial 7,725,967 8,229,243 9,241,837 9,809,617 12,975,659Personal Accident 5,117,374 6,038,785 6,487,030 8,071,184 2,580,343Theft 1,572,882 1,582,514 1,723,028 1,947,954 2,193,192W o r k m e n ’ s Compensation 1,494,695 1,565,778 2,152,166 3,069,660 3,393,606Medical - - - - 6,864,184Miscellaneous 703,121 928,670 1,130,913 1,253,592 1,405,307TOTAL 28,318,759 30,955,444 35,653,633 39,881,954 49,758,868


Gross Direct Premium income earned amounted to Kshs.49.76 billion in the year 2010 compared to the previous year’s Kshs.39.88 billion representing a 24.8% growth which is the highest ever recorded growth in gross direct premium income over the last five years.

Motor Private (42.11%), Motor Commercial (32.27%) and Liability (32.84%) represented the most significant growth in premium. It is important to note that in 2010, Medical class of business was separated from Personal accident hence the drop in premium income from personal accident.


Figure 5: Distribution of gross direct premium income across classes in 2010

Motor Commercial, Motor Private, Medical and Fire Industrial classes accounted for 68.7% of the total business. As in the previous years, motor commercial remains the leading source of premium income for underwriters. Premium income under all classes of business has continued to registers positive growth.

Figure 6: Gross Direct Premium income over the period 2006-2010



Table 12: Inward re-insurance premiums

Class of businessYears

2006 2007 2008 2009 2010Aviation 1,679 4,411 0 0 3,561Engineering 120,977 126,243 153,100 179,086 139,552Fire Domestic 1,911 626 1,566 10,461 735Fire industrial 381,236 355,444 251,581 375,595 395,693Liability 45,980 23,218 69,655 29,511 18,857Marine 115,536 74,833 51,801 76,980 57,210Motor Private 39,540 47,770 60,036 16,895 24,836Motor Commercial 12,819 7,962 51,436 3,956 4,449Personal Accident 110,099 103,614 69,138 183,780 49,388Theft 38,934 34,047 70,473 47,924 56,155Workmen’s Compensation 14,882 9,001 -5,337 13,526 50,579

Medical 88,706Miscellaneous 104,457 137,123 154,948 152,981 107,500TOTAL 988,050 924,292 928,397 1,090,695 997,221


Fire Industrial (Kshs.396 million) and Engineering (Kshs.139million) accounted for most of the inward reinsurance insurance industry in Kenya. The sharing is mostly in form of facultative arrangements. The figure below illustrates the trend of inward reinsurance premium between 2006 and 2010.

Figure 7: Inward reinsurance premium incomes over the period 2006-2010


4.2.3 General Business Outward Reinsurance Premiums for Insurers

Table 13: General Business Outward Reinsurance Premiums for Insurers

Class of business Years

2006 2007 2008 2009 2010Aviation 161,774 251,395 185,756 469,515 521,947Engineering 817,674 794,860 688,659 1,011,837 1,099,198Fire Domestic 170,565 161,099 156,724 199,380 200,594Fire Industrial 2,900,857 3,011,348 2,869,742 3,380,718 3,875,242Liability 406,824 340,579 321,204 450,428 646,533Marine 650,943 755,353 789,669 765,695 1,009,919Motor Private 222,142 243,221 254,689 366,200 412,242Motor Commercial 399,813 400,934 538,219 663,595 715,095Personal Accident 1,147,874 1,039,090 853,334 1,158,104 738,145Theft 719,561 625,369 558,951 670,193 762,287Workmen’s Compensation 114,167 66,288 120,719 155,263 144,101

Medical 1,114,214Miscellaneous 336,414 477,092 539,209 658,000 739,713TOTAL 8,048,609 8,166,628 7,876,875 9,948,928 11,979,230


Fire Industrial (Kshs.3.88 billion), Medical (Kshs.1.11 billion), Engineering (Kshs.1.10 billion) and Marine (Kshs.1.01 billion) accounted for the most ceded business. This trend in cession has been consistent over the last five years as shown in the figure below.

Figure 8: Trend of outward reinsurance premium between 2006 and 2010


4.2.4 Net Earned Premium Income

Table 14: Net Earned Premium for the period 2006- 2010


2006 2007 2008 2009 2010Aviation 12,366 19,510 6,580 9,792 6,058Engineering 189,577 275,423 267,867 343,111 374,050Fire Domestic 416,461 439,455 474,116 558,917 642,835Fire industrial 786,422 791,836 917,174 960,664 1,057,142Liability 307,730 397,828 482,289 500,606 561,546Marine 683,184 796,672 835,834 933,410 1,618,688Motor Private 4,332,650 4,704,080 5,413,190 5,934,683 7,806,754Motor Commercial 7,110,970 7,474,050 8,442,266 8,558,057 11,071,546Personal Accident 3,855,678 4,751,499 5,632,686 6,675,492 1,838,560Theft 824,524 989,647 1,140,492 1,260,380 1,423,234Workmen’s Compensation 1,326,965 1,452,485 1,725,861 2,669,121 3,144,145Medical - - - - 5,626,452Miscellaneous 441,660 541,302 668,246 765,186 691,399TOTAL 20,288,187 22,633,787 26,008,609 29,199,420 35,258,309


Table 15: Incurred Claims

Class of business YEARS

2006 2007 2008 2009 2010Aviation 1,417 10,065 2,737 -4,780 2,875Engineering 98,767 81,340 147,220 171,451 220,936Fire Domestic 111,847 115,465 167,815 171,540 223,409Fire industrial 265,889 446,366 462,920 515,199 471,768Liability 151,475 109,400 228,390 230,038 251,310Marine 262,774 373,134 428,137 481,171 723,078Motor Private 3,286,171 3,565,915 4,502,851 5,123,107 5,883,767Motor Commercial 3,634,622 4,032,755 4,875,612 5,300,235 6,531,196Personal Accident 2,769,091 3,232,202 3,490,256 4,602,438 573,295Theft 487,050 512,778 696,488 756,822 650,411W o r k m e n ’ s Compensation 1,182,637 1,542,377 656,465 1,007,198 1,468,409Medical - - - - 4,479,354Miscellaneous 107,821 213,608 209,437 227,644 149,063T O T A L 12,359,561 14,235,405 15,868,328 18,582,064 21,628,871



In 2010, the insurance industry earned premiums amounting to Kshs.35.36 billion compared to Kshs.29.20 billion in 2009 representing a 20% increase. Of this, motor commercial was the leading with Kshs 11.07 billion earned in 2010 compared to same period last year when Kshs 8.56 billion was earned. Other classes on insurance are motor private earning Kshs 7.81 billion compared to Kshs 5.93 earned in 2009, medical earned kshs 5.63 billion while workmen’s compensation earned 3.14 billion over the period.

During 2010, Motor Commercial (Kshs.6.5 billion), Motor Private (Kshs.5.8 billion), Medical (Kshs.4.48 billion) and WCA (Kshs.1.47 billion) classes of business incurred the highest claims.

Figure 9: Incurred claims for the period 2006-2010

4.2.5 Incurred claims ratios per class of business

Figure 10: Incurred Claims RatiosClass of business YEARS

2006 2007 2008 2009 2010Aviation 11.5 51.6 41.6 -48.8 58.8Engineering 52.1 29.5 55.0 50.0 44.7Fire Domestic 26.9 26.3 35.4 30.7 34.9Fire industrial 33.8 56.4 52.8 53.6 55.5Liability 49.2 27.5 47.4 46.0 42.9Marine 38.5 46.8 51.2 51.5 53.4Motor Private 75.8 75.8 83.2 86.3 75.5Motor Commercial 51.1 54.0 57.8 61.7 55.1Personal Accident 71.8 68.0 62.0 68.9 40.9Theft 59.1 51.8 61.1 60.0 48.4Workmen’s Compensation 89.1 106.2 38.0 37.7 45.4Medical - - - - 79.2Miscellaneous 24.4 39.5 31.3 29.8 24.4Total /industry average 60.9 62.9 61.0 63.6 59.4


Medical(79.2%), Motor Private(75.5%), Aviation(58.8%), Fire Industrial (55.5%) and Motor Commercial (55.1%). The average claims ratio for the industry during the year was 59.4%. The figure below shows claims incurred between 2006 and 2010

Figure 11: Claims Incurred for the period 2006-2010

4.2.6 Underwriting Results

Motor Private class of business continues to incur underwriting losses since 2006. However, during 2010, the class registered an improved performance as the underwriting losses declined by 32%.

Overall, in 2010 the industry registered an underwriting profit of Kshs.1.27 billion compared to Kshs.631million in 2009 representing 100% growth.

The distribution of the underwriting results per class for the years 2006 -2010 is as shown below.


Table 16: Underwriting Results for Insurers 2006 – 2010


2006 2007 2008 2009 2010

Aviation 8,609 -7,245 3,561 -2,326 12,554

Engineering 77,611 123,178 71,216 99,126 56,703

Fire Domestic 87,272 98,021 73,008 150,189 145,522

Fire industrial 264,872 77,144 182,163 144,238 165,115

Liability 8,283 135,829 88,409 78,746 81,207

Marine 170,512 139,941 133,668 155,668 165,240

Motor Private -553,773 -645,450 -1,161,020 -1,392,066 -946,017

Motor Commercial 739,258 449,109 353,258 245,181 587,573

Personal Accident 19,122 221,728 494,144 185,228 423,123

Theft 114,113 166,709 71,811 93,447 354,383

Workmen’s Compensation -425,340 -706,358 291,877 556,652 406,442

Medical -520,600

Miscellaneous 205,321 183,405 270,401 317,557 340,192

TOTAL 715,860 236,011 872,496 631,670 1,271,437


Below is an illustration of the trend in underwriting results for insurers during the years 2006 - 2010.

Figure 12: Trends in underwriting results for the period 2006-2010


4.2.7 Summary of General Insurance Financial Performance

Table 17: Summary of Financial Performance

CategoryYears

2006 2007 2008 2009 2010Gross Direct Premium 28,318,759 30,955,444 35,653,633 39,881,954 49,758,868Net Earned Premium 20,288,187 22,633,787 26,008,609 29,199,420 35,258,309Incurred Claims 12,359,561 14,235,405 15,868,328 18,582,064 21,628,871Net Commission 1,293,620 1,645,216 5,163,564 2,356,559 3,019,393Management Expense 5,919,148 6,517,155 8,764,913 7,619,718 11,457,433Underwriting Profit 715,860 236,011 872,496 631,670 1,271,437Claim Ratio (%) 60.92 62.89 61.1 63.6 59.4Net Commission Ratio (%) 6.38 7.27 11.7 8.1 14.3Management Expense Ratio (%) 29.18 28.79 21.51 26.1 32.4Combined Ratio (%) 96.47 98.96 94.31 97.8 93.7Investment Income Ratio (%) 0.41 1.37 30.18 0.6 3.5Operating Ratio (%) 96.06 97.59 53.6 97.2 90.2

Figures in Thousands Kshs.

The figure below illustrates trends in net commission, management expense and investment income ratios under general insurance business for the years 2006 to 2010:

Figure 13: Trends in selected industry ratios


5.0 INDUSTRY PERFORMANCE - REINSURERS 5.1 Long Term Re-Insurance Business


In 2010, the industry received, through facultative arrangements Kshs.934 million compared to Kshs.830 million in 2009 representing an increase of 12.5%.

Table 18: Inward re-insurance premiums – long term business

Class of business Years2006 2007 2008 2009 2010

Bond Investment 0 0 0 0 0Industrial Life 0 0 0 0 0Ordinary Life 52,200 74,184 50,115 58,171 67,663Superannuation 525,475 589,569 600,769 771,475 866,825TOTAL 577,675 663,753 650,884 829,646 934,488


The following figure depicts a five years’ trend for inward reinsurance premium income for reinsurers under long term insurance business.

Figure 14: Trends in long term re-insurance premium income



Outward reinsurance premium ceded by reinsurance companies during the year 2010 amounted to Kshs.142 million compared to Kshs.113 million in 2009 representing an increase of 25% (see table below).

Table 19: Outward Reinsurance Premiums for the period 2006-2010


2006 2007 2008 2009 2010Bond Investment 0 0 0 0 0Industrial Life 0 0 0 0 0Ordinary Life 7,293 5,130 10,407 10,900 10,335Superannuation 67,952 41,099 119,871 102,847 131,836TOTAL 75,245 46,229 130,278 113,747 142,171


Figure 15: Total Outward Reinsurance Premiums for the period 2006-2010


5.2 General Re-Insurance Business


During 2010, Fire Industrial (Kshs.2.5 billion), Motor Commercial (Kshs.529 million), Engineering (Kshs.521 million) and Personal Accident (Kshs.503 million) received the highest inward placements business See table and figure below

Table 20: Inward Reinsurance Premiums


2006 2007 2008 2009 2010Aviation 16,650 10,090 3,177 13,341 31,521

Engineering 282,813 240,579 272,211 416,991 521,383

Fire Domestic 2,026 14,851 4,721 5,235 3,053

Fire Industrial 1,548,079 1,641,469 991,346 1,965,422 2,528,498

Liability 61,177 48,585 74,412 40,575 48,694

Marine 366,749 360,742 202,388 373,118 460,319

Motor Private 5,411 895 5,296 4,801 9747

Motor Commercial 318,398 433,803 326,995 398,972 529,181

Personal Accident 102,051 169,102 157,656 234,533 508,124

Theft 304,076 404,446 242,131 292,899 398,333

W o r k m e n ’ s Compensation 374 959 122 545 383

Medical 95,464

Miscellaneous 555,389 634,367 443,991 518,013 423,547

TOTAL 3,563,193 3,959,888 2,724,446 4,264,445 5,558,247 Figures in thousands Kshs


Figure 16: Trends in inward reinsurance premiums 2006 - 2010.


Fire Industrial(Kshs.302 million), Marine (Kshs.53.5 million) and Motor Commercial (Kshs.34.6 million) retro ceded the highest premiums under general class of business as shown in table and figure below

Table 21: Outward re-insurance premiums


2006 2007 2008 2009 2010Aviation 0 7 30 16 -9Engineering 24,559 24,477 22,891 22,109 20,013Fire Domestic 311 1,949 0 0 0Fire industrial 276,388 367,791 180,197 286,068 301,619Liability 4,841 2,126 551 699 329Marine 89,749 75,211 11,348 47,355 53,588Motor Private 0 0 0 0 0Motor Commercial 59,758 57,737 26,756 26,583 34,610Personal Accident 5,418 6,861 9,113 3,747 5,952Theft 9,858 8,031 8,204 2,147 856W o r k m e n ’ s Compensation 11 26 0 4 -4

Medical 17,869Miscellaneous 148,889 222,253 5,777 54,709 35,290TOTAL 619,782 766,469 264,867 443,437 470,113



Figure 17: Outward re-insurance premiums 2006 – 2010

5.2.3 Net earned premium income

Net Earned Premium for reinsurers grew by 26.7% in year 2010 against an increase of 8.6% recorded in 2009. Fire Industrial accounted for 44% of net earned premium under general reinsurance classes of business. The figure below shows net earned premium under reinsurance contracts for the period 2006 – 2010:

Figure 18: Net earned premium for the period 2006 – 2010


Table 22: Net earned premium income per class Class of business Years

2006 2007 2008 2009 2010Aviation 16,650 11,352 10,935 12,567 24,240Engineering 258,254 224,830 312,731 393,299 456,669Fire Domestic 1,715 10,917 291,764 6,363 3,928Fire industrial 1,271,691 1,257,503 1,087,622 1,575,222 2,044,589Liability 56,336 49,222 65,262 48,722 50,858Marine 277,000 275,672 303,194 324,571 362,054Motor Private 5,411 2,245 136,797 4,999 7,768Motor Commercial 258,640 354,164 227,599 355,170 470,753Personal Accident 96,633 141,216 160,080 202,108 398,658Theft 294,218 355,570 351,123 291,557 355,440Workmen’s Compensation 363 719 170 1,272 439Medical - - - - 63,939Miscellaneous 406,500 399,119 431,554 453,321 411,164T O T A L 2,943,411 3,082,529 3,378,831 3,669,171 4,650,499


5.2.4 Incurred Claims

Claims incurred increased by 15.7%. Fire Industrial class of business incurred the highest claims amounts in 2010 accounting for 54.7% of the total claims incurred. The table below shows distribution of incurred claims under reinsurance contracts in 2010.

Table 23: Incurred Claims Class of business Years

2006 2007 2008 2009 2010Aviation 3,920 6,649 3,076 5,329 14,928Engineering 102,319 -3,820 101,474 84,345 145,137Fire Domestic 561 3,864 151,761 217 774Fire industrial 842,286 623,065 553,704 977,572 1,253,343Liability 10,962 -26,869 43,213 28,791 11,115Marine 199,281 163,635 101,644 155,361 311,446Motor Private 6,633 31,810 53,267 4,487 -11,340Motor Commercial 236,408 202,833 158,309 157,820 -144,457Personal Accident 29,520 185,971 104,515 111,000 331,357Theft 178,568 69,376 136,908 177,317 228,126Workmen’s Compensation 5,786 35,759 1,575 -2,135 -9,061Medical - - - - 33,219Miscellaneous 397,251 231,621 302,812 210,262 126,899T O T A L 2,013,495 1,523,894 1,712,258 1,910,366 2,291,486



Figure 19: Incurred claims for the year 2010

5.2.5 Incurred Claims ratios

Motor Private, Fire industrial, Theft and Liability classes of business had the highest reinsurance claims ratios during 2010. However, the industry average was 49.3.

Table 24: Incurred Claims ratios

Class of business 2006 2007 2008 2009 2010

Aviation

23.54 58.57 28.13 42.4 61.6Engineering 39.62 -1.70 32.45 21.5 31.8Fire Domestic 32.71 35.39 52.01 3.4 19.7Fire industrial 66.23 49.55 50.91 62.1 61.3Liability 19.46 -54.59 66.21 59.1 21.9Marine 71.94 59.36 33.52 47.9 60.3Motor Private 122.58 1,416.93 38.94 89.8 -146.0Motor Commercial 91.40 57.27 69.56 44.4 -30.7Personal Accident 30.55 131.69 65.29 54.9 83.1Theft 60.69 19.51 38.99 60.8 64.2Workmen’s Compensation 1,593.94 4,973.44 926.47 -167.9 -2,064.0Medical - - - - 61.6Miscellaneous 97.72 58.03 70.17 46.4 30.9Industry Average 41.39 68.41 49.44 50.68 49.3


Figure 20: Claims ratios for 2006 - 2010:

5.2.6 Underwriting Results 2006 – 2010

While Motor Commercial emerged the most profitable class of business for reinsurers, Marine and Fire Industrial were the most loss making classes.

Table 25: Underwriting Results, 2006 – 2010


2006 2007 2008 2009 2010Aviation 4,443 1,855 4,225 3,153 1,788Engineering 35,919 128,671 42,292 135,599 110,975Fire Domestic 592 -640 -11,354 3,883 -21,731Fire industrial 72,983 5,956 -18,220 -118,732 -56,189Liability 36,432 63,020 -1,789 2,914 23,385Marine -19,608 -20,524 60,991 28,923 -100,680Motor Private -2,133 -29,691 48,197 66 18,302Motor Commercial 71,701 92,479 35,226 141,506 529,207Personal Accident 32,184 -109,264 -5,375 39,128 -46,068Theft 23,957 120,292 60,432 -35,299 -24,529Workmen’s Compensation -5,230 -35,337 -1,699 3,171 9,334

Medical 5,630Miscellaneous 13,945 -16,179 -48,169 65,112 133,616TOTAL 265,185 200,638 164,757 269,424 583,040



Figure 21: Trends in Underwriting Results, 2006 - 2010.


5.3 INDUSTRY PROFIT AND LOSS STATEMENT

There was a remarkable growth of 61.8% in total income under general business in 2010. Industry profit after tax increased by 72.8% during 2010. Provision for taxation increased by 28.1%, as the profit transferred from revenue accounts increased by 107%. Investment income increased by 59.6% during the same period. The table below shows the income and expenditure during the last five years.

Table 26: Industry Profit and Loss Statement

Item Years

2006 2007 2008 2009 2010Income:Profits/loss transferred from revenue accounts 2,020,670 1,107,627 2,018,204 1,510,941 3,127,719Investment Income 3,607,871 4,540,716 2,649,496 4,119,587 6,573,9120ther income 603,419 703,038 890,753 1,209,946 1,339,123Total income: 6,231,960 6,445,028 5,558,453 6,840,474 11,040,754Operating expenses:Management expenses (not charged to any particular fund or account) 556,558 714,261 412,765 764,803 883,838Provision for taxation 1,084,498 1,175,895 1,224,433 1,460,883 1,871,613Other Expenses 779,594 911,328 571,258 351,331 651,031Total expenses 2,420,650 2,801,484 2,208,456 2,577,017 3,406,482Profit/Loss after taxation 3,836,587 3,549,898 3,349,997 4,263,457 7,634,272


5.4 Investment income

Investment income (apportioned to various classes of business)• Long term business - Ordinary life 8,599,870,000 - Superannuation 7,983,975,000•General business - 211,550,000• Investment income not apportioned to any particular fund or account 6,573,912,000

Total 23,369,307,000

The overall investment income during the year 2010 amounted to Kshs.23.37 billion up from 12.16 billion recorded in the year 2009, an increase of 92%.


Figure 22: Distribution of the industry’s investment income for the year 2010.


6.0 INDUSTRY FINANCIAL CONDITION6.1 Balance Sheet

During the year 2010 the paid up capital in the insurance industry increased by 14.6% following the amendment to section 23 of the Act. The amendment increased the minimum paid up capital from Kshs.50 million to Kshs.150 million under long term business and from Kshs.100 million to Kshs.300 million for general insurance companies. Investments in Government securities increased by 78.8% during 2010. Investments in ordinary shares improved by 108.2%. Deposits in banks declined by 8.3 over the period.

Table 27: Industry Consolidated Balance Sheet

ITEM Years2006 2007 2008 2009 2010

Paid-up capital 10,130,982 11,121,882 13,490,374 15,765,731 18,125,602General Reserve 973,188 1,166,123 657,617 2,247,812 3,576,248Investment Fluctuation Reserves 4,542,769 3,948,670 813,087 1,711,848 5,438,381Un-appropriated surplus [net] 12,301,678 12,103,763 13,382,892 14,754,169 19,280,151Other Reserves 6,625,958 10,008,297 10,638,429 6,886,886 1,228,398Total Paid-Up Capital & Reserves 34,574,575 38,348,735 37,889,912 41,468,967 58,648,780Underwriting provisions 77,893,904 94,000,152 103,192,046 121,600,807 148,866,735Long term liabilities 3,911,527 2,343,697 2,498,627 2,977,074 3,259,928Current liabilities 8,357,699 11,848,423 10,234,177 12,356,972 12,715,340Total Paid-Up Capital, Reserves & Liabilities 124,737,706 146,541,007 153,814,762 178,403,820 223,490,783Land & Buildings 6,564,313 5,596,795 6,226,560 10,225,145 9,047,314Investment property 10,396,336 16,951,744 11,293,276 16,154,311 24,072,536Other Fixed Assets 2,656,829 2,101,482 2,544,638 19,174,410 2,631,561Government Securities 30,975,505 37,988,915 39,958,756 33,258,662 59,051,255Local Government securities 0 0 0 0 0Other Securities 184,815 1,169,957 154,705 641,067 5,072,337Debentures(Quoted & Unquoted) 258,511 36,605 31,290 173,371 48,549Preference Shares(Quoted & Unquoted) 62,667 83,605 97 0 573Investment in subsidiary 771,021 1,409,766 318,454 1,974,247 569,150Ordinary Shares unquoted 25,850,332 29,675,196 30,063,081 14,293,529 29,750,978Ordinary shares quoted 15,100,557Secured loans(including loans on life insurance policies 4,561,070 5,795,484 5,103,398 6,223,449 7,114,154Unsecured Loans 693,245 832,597 1,777,482 427,604 188,749Deposits with Banks and other financial institutions 15,518,366 15,049,310 28,362,801 30,081,118 27,504,849Other investments 6,076,373Outstanding Premiums 8,351,454 7,532,163 7,475,888 7,966,614 8,033,540Amounts due from Insurers 9,658,605 7,560,137 6,199,367 5,245,997 8,064,860Cash 2,583,487 2,412,106 2,644,651 2,736,242 4,688,057Other Current Assets 5,210,236 11,766,678 11,056,145 13,789,566 15,813,149Intangible Assets 437,913 578,467 742,041 749,820 662,244TOTAL ASSETS 124,737,706 146,541,007 153,952,627 178,403,820 223,490,783



Figure 23: Trends in total assets

6.2 Investments

The total investments of the industry at the end of year 2010 amounted to Kshs.177.52 billion compared to Kshs.113.52 billion in 2009 registering a growth of 56.4% against the previous period growth of 7.9%. An analysis of the industry’s balance sheet shows that 80.3% of the total assets are in form of investments.

Table 28: Combined industry investment channels.

INVESTMENT CHANNELS Years

2006 2007 2008 2009 2010

Land & Buildings 6,564,313 5,596,795 6,226,560 10,225,145 9,047,314

Investment property 10,396,336 16,951,744 11,293,276 16,154,311 24,072,536

Government Securities 30,975,505 37,988,915 39,958,765 33,258,662 59,051,255

Local Government securities 0 0 0 0 0

Other Securities 184,815 1,169,957 154,705 641,067 5,072,337

Debentures 258,511 36,605 31,290 173,371 48,549

Preference Shares 62,667 83,605 97 0 573

Investment in subsidiary 771,021 1,409,766 318,454 1,974,247 569,150

Ordinary Shares 25,850,332 29,675,196 30,063,081 14,293,529 44,851,535

Secured loans 4,561,070 5,795,484 5,103,398 6,223,449 7,114,154

Unsecured Loans 693,245 832,597 1,777,482 427,604 188,749

Deposits 15,518,366 15,049,310 28,694,275 30,081,118 27,504,847

TOTAL 95,836,181 114,589,974 123,621,370 113,452,503 177,520,999


Government securities remain the most commonly adopted medium of investment by insurance companies, followed by investments in ordinary shares and Deposits in banks in that order. Overall, investments grew by 56.4% between 2009 and 2010.

Years

2006 2007 2008 2009 2010

Total assets trendA

mou

nt in

‘000

Ksh

s. 250,000,000200,000,000150,000,000100,000,00050,000,000

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Figure 24: Distribution of investments

Table 29: general insurance business investment channels between 2006 and 2010.

INVESTMENT CHANNELS Years

2006 2007 2008 2009 2010Government securities 9,103,790 9,529,781 10,364,293 11,551,112 15,124,248Local authorities 0 0 0 0 0Other securities 124,870 108,556 97,087 366,519 1,009,492Debentures 24,352 15,252 12,204 162,618 48,549Preference shares 650 21,295 97 0 573Ordinary shares 12,367,008 12,998,834 11,711,636 9,935,773 16,220,159Investment in subsidiary 602,141 1,162,936 310,152 1,070,767 569,150Secured loans 1,362,149 2,329,492 1,686,242 1,802,629 2,265,577Unsecured loans 103,966 50,707 1,144,235 323,394 82,899Bank deposits 6,368,237 8,333,967 9,592,621 12,177,024 13,657,796Land & buildings 3,391,452 3,922,437 4,195,886 4,626,327 5,277,077Investment Property 6,474,909 7,636,836 9,158,599 11,826,474 13,171,573TOTAL 39,923,524 46,110,093 48,273,052 53,842,637 67,427,093



Ordinary shares (Kshs.16.22 billion), Government securities (Kshs.15.12 billion) and Bank deposits(Kshs.13.66 billion) are the most attractive investment channels for general insurers.

Table 30: Long Term insurance business investment channels between 2006 and 2010.

INVESTMENT CHANNEL Years

2006 2007 2008 2009 2010Government securities 21,871,715 28,459,134 29,594,463 21,707,550 43,927,007Local authorities 0 0 0 0 0Other securities 59,945 1,061,401 57,618 274,548 4,062,845Debentures 234,159 21,353 19,086 10,753 0Preference shares 62,017 62,310 0 0 0Ordinary shares 13,483,324 16,676,362 18,351,445 17,360,716 28,631,376Investment in subsidiary 168,880 246,830 8,302 903,480 0Secured loans 3,198,921 3,465,992 3,417,156 4,430,820 4,848,577Unsecured loans 589,279 781,890 633,247 104,210 105,850Bank deposits 9,150,129 6,715,343 19,101,654 17,904,094 13,847,051Land & buildings 3,172,861 1,674,358 2,030,674 5,598,818 3,770,237Investment Property 3,921,427 9,314,908 2,134,677 4,327,837 10,900,963TOTAL 55,912,657 68,479,881 75,348,322 72,622,826 110,093,906

Government securities (Kshs.43.93 billion), Ordinary Shares (Kshs.28.63 billion) and Bank deposits(Kshs.13.85 billion) are the most attractive investment channels for long term insurers.


STATISTICAL APPENDICES

SUMMARY OF ANNUAL ACCOUNTS


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APPENDIX 2: COMMISSIONS AND MANAGEMENT EXPENSES FOR THE YEAR ENDED 31.12.2010

NO. COMPANYCommissions Management Expenses

Long Term General Total Long Term General Total1 Chartis (k) 0 371,711 371,711 0 467,110 467,110 2 AMACO 0 163,029 163,029 0 484,190 484,190 3 APA 0 515,497 515,497 0 814,771 814,771

4 Blue Shield

5 British American 717,325 231,930 949,255 779,353 180,344 959,697 6 Cannon 8,679 116,825 125,504 39,171 187,362 226,533 7 CFC Life 202,834 70,884 273,718 571,782 277,565 849,347 8 Concord - 55,340 55,340 - 141,464 141,464 9 Cooperative 52,144 241,449 293,593 507,600 520,365 1,027,965

10 Corporate 33,790 31,409 65,199 23,422 109,766 133,188 11 Directline 0 165,617 165,617 0 387,907 387,907 12 ***East Africa Re 58,654 372,615 431,269 16,706 114,602 131,308 13 Fidelity Shield 0 106,272 106,272 0 181,038 181,038 14 First Assurance 5,289 243,547 248,836 5,141 236,464 241,605

15 Gateway 44,675 44,675 199,310 199,310 16 Geminia 1,923 103,082 105,005 7,281 138,594 145,875

17 GA 0 156,608 156,608 255,631 255,631 18 Heritage 10,495 281,781 292,276 54,558 589,823 644,381 19 ICEA 221,249 256,786 478,035 358,484 350,005 708,489 20 Intra Africa 0 42,594 42,594 - 141,940 141,940 21 Invesco 0 48,231 48,231 0 213,819 213,819 22 Jubilee 299,322 493,809 793,131 350,584 509,223 859,807 23 Kenindia 70,758 510,201 580,959 107,144 508,997 616,141

24 Kenya Orient 0 76,329 76,329 228,326 228,326 25 Kenya Re 128,304 1,119,348 1,247,652 79,210 1,445,551 1,524,761 26 Kenyan Alliance 3,287 52,779 56,066 8,454 187,209 195,663 27 Lion of kenya 0 184,901 184,901 0 210,869 210,869 28 Madison 88,021 102,819 190,840 235,202 195,937 431,139

29 Mayfair 0 102,214 102,214 88,506 88,506 30 Mercantile 7,703 34,426 42,129 29,386 107,359 136,745 31 Occidental 0 70,429 70,429 0 169,902 169,902 32 Pacis 0 42,209 42,209 0 136,949 136,949 33 Phoenix 0 43,944 43,944 0 192,873 192,873 34 Real 0 171,804 171,804 0 271,059 271,059 35 Tausi 0 95,905 95,905 0 104,261 104,261 36 The Monarch 3,987 15,555 19,542 11,907 98,891 110,798 37 Trident 0 54,115 54,115 0 98,315 98,315 38 UAP Insurance 0 500,552 500,552 0 911,136 911,136 39 Apollo 10,769 - 10,769 43,325 - 43,325

40 KNAC (2001) - - 66,875 - 66,875 41 Metropolitan Life 7,941 - 7,941 97,364 - 97,364 42 Old Mutual 40,828 - 40,828 922,078 - 922,078 43 Pan Africa Life 824,390 - 824,390 537,403 - 537,403 44 Pioneer 118,222 - 118,222 136,753 - 136,753

45 Shield Assurance

46 Capex Life 81 - 81 61,828 - 61,828 47 UAP Life 54,458 - 54,458 250,035 - 250,035

TOTAL 2,970,453 7,291,221 10,261,674 5,301,046 11,457,433 16,758,479



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(K

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al S

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ital

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000

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000

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000

300,

000

300,

000

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000

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al V

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of

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re C

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plus

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vest

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t in

subs

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ry0

014

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with

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1

Fig

ures

in T

hous

ands

Ksh

s.


APP

END

IX 4

: SU

MM

ARY

OF

BA

LAN

CE

SHEE

TS O

F IN

SUR

ERS

AN

D R

EIN

SUR

ERS

(GEN

ERA

L IN

SUR

AN

CE

BU

SIN

ESS)

AS

AT 3

1.12

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0

NO

.IT

EM D

IREC

TLIN

E E

AST

AFR

ICA

RE

FID

ELIT

Y

SHIE

LD

FIR

ST

ASS

UR

AN

CE

GAT

EWAY

G

EMIN

IA

GA

H

ERIT

AG

E IC

EA

INTR

A

AFR

ICA

1

Nom

inal

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re C

apita

l 30

0,00

050

0,00

0 3

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00

300

,000

3

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300

,000

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00,0

00

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400

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omin

al V

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are

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sued

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id-U

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eral

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erve

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13

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ed A

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t. Se

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cal G

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ted

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vest

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t in

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idia

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25Se

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d lo

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(incl

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g lo

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f pol

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42 1

00,1

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9

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nsec

ured

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s0

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27D

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& o

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ns)

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ount

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ash

295,

892

10,9

37 3

4,73

2 2

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4 6

6,90

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10

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ther

cur

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380

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tang

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ets

7,34

40

- 9

79

- 9

6,07

2 4

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-

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TOTA

L A

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025,

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13,

494,

455

906,

419

Figu

res

in T

hous

ands

Ksh

s.


APP

END

IX 4

: SU

MM

ARY

OF

BA

LAN

CE

SHEE

TS O

F IN

SUR

ERS

AN

D R

EIN

SUR

ERS

(GEN

ERA

L IN

SUR

AN

CE

BU

SIN

ESS)

AS

AT 3

1.12

.201

0

NO

.IT

EM IN

VES

-C

O

JU

BIL

EE

KEN

IN-

DIA

K

ENYA

O

RIE

NT

KEN

YA R

E K

ENYA

N

ALL

IAN

CE

LIO

N O

F K

ENYA

M

AD

ISO

N

MAY

FAIR

M

ER-

CA

NTI

LE

1N

omin

al S

hare

Cap

ital

300

,000

5

00,0

00

500

,000

3

50,0

00

1,5

00,0

00

300

,000

3

00,0

00

300

,000

4

50,0

00

300

,000

2N

omin

al V

alue

of

Uni

ssue

d Sh

are

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ital

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26,

560

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600

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3Is

sued

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re C

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& L

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17Ke

nya

Gov

t. Se

curit

ies

- 8

10,1

05

894

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5

7,00

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15

88,

826

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cal G

ovt.

Auth

ority

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uriti

es -

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19O

ther

Sec

uriti

es -

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65

- -

32,

290

-

20D

eben

ture

s (Q

uote

d &

Unq

uote

d) -

- -

- -

- -

- -

-

21Pr

efer

ence

sha

res

(Quo

ted

& U

nquo

ted)

- 5

73

- -

- -

- -

- -

22In

vest

men

t in

subs

idia

ry -

- -

- -

- -

- -

-

23Q

uote

d or

dina

ry s

hare

s 4

,408

1

,383

,368

2

80,8

87

1,3

56

2,5

67,5

09

87,

895

283

,363

2

7,47

4 9

5,55

3 1

2,00

3

24 U

nquo

ted

ordi

nary

sha

res

- 9

80,7

99

174

,160

3

,307

6

6,28

7 -

111

,027

5

9,03

9 -

25Se

cure

d lo

ans

(incl

udin

g lo

an o

f pol

icie

s) 1

65,0

18

- 2

,330

5

8,81

6 3

62,6

16

- 1

10,5

24

- -

-

26U

nsec

ured

loan

s -

- -

- -

- -

- -

-

27D

epos

its (w

ith b

anks

& o

ther

inst

itutio

ns)

184

,339

3

74,2

81

169

,747

1

23,5

72

1,4

44,0

39

621

,368

1

,099

,434

1

6,22

5 2

36,2

80

281

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28O

ther

Inve

stm

ents

14,

000

434

,111

-

34,

125

952

,730

-

50,

147

- 1

,899

-

29O

utst

andi

ng p

rem

ium

s -

565

,717

4

17,3

91

211

,615

5

08,0

45

63,

179

235

,807

2

91,3

72

48,

657

18,

755

30Am

ount

s du

e fro

m R

e-in

sure

rs 4

6,54

0 6

78,1

53

759

,591

3

2,69

9 1

91,5

82

62,

215

379

,740

4

3,93

9 8

8,20

4

31C

ash

56,

070

52,

201

219

,259

3

4,07

7 2

48,3

02

10,

437

47,

343

2,1

21

56,

595

20,

465

32O

ther

cur

rent

ass

ets

15,

931

1,7

70,0

51

44,

241

1,6

34

2,0

15,5

01

152

,088

1

,519

,771

2

05,9

29

310

,200

1

5,18

6

33In

tang

ible

ass

ets

31,

113

- -

- 1

9,28

6 -

- -

TOTA

L A

SSET

S60

2,45

97,

347,

065

3,93

4,27

272

3,81

114

,072

,736

2,62

6,90

85,

880,

806

1,20

5,55

91,

029,

697

666,

127

Figu

res

in T

hous

ands

Ksh

s.


APP

END

IX 4

: SU

MM

ARY

OF

BALA

NC

E SH

EETS

OF

INSU

RER

S A

ND

REI

NSU

RER

S (G

ENER

AL

INSU

RA

NC

E BU

SIN

ESS)

AS

AT 3

1.12

.201

0

NO

.IT

EM O

CC

IDEN

TAL

PAC

IS

PH

OEN

IX

PIO

NEE

R

REA

L T

AUSI

T

HE

MO

NA

RCH

T

RID

ENT

UA

P IN

-SU

RA

NC

E T

OTA

L 1

Nom

inal

Sha

re C

apita

l 3

15,0

00

300

,000

3

00,0

00

- 3

00,0

00

400

,000

3

16,4

76

300

,000

6

00,0

00

14,

201,

670

2No

min

al V

alue

of

Uniss

ued

Shar

e Ca

pita

l -

- -

- -

69,

576

- -

291

,736

3Is

sued

Sha

re C

apita

l 3

15,0

00

300

,000

3

00,0

00

- 3

00,0

00

330

,424

3

16,4

76

300

,000

6

00,0

00

13,

909,

934

4Pa

id-U

p Ca

pita

l 3

15,0

00

300

,000

3

00,0

00

- 3

00,0

00

330

,424

3

16,4

76

300

,000

6

00,0

00

13,

578,

958

5G

ener

al R

eser

ve 5

3,21

6 5

6,75

2 -

- -

84,

910

- -

1,5

56,3

42

6In

vest

men

t Flu

ctua

tion

Rese

rve

- 3

,012

5

62,4

31

- -

33,

042

- -

1,3

09,3

70

2,8

91,8

55

7Un

appr

td S

urpl

us/R

etai

ned

Earn

ings

8,3

57

479

,545

-

182

,869

-

(64,

881)

310

,274

6

96,1

16

18,

502,

130

8 A

ll oth

er R

eser

ves

25,

200

4,0

43

- -

17,

170

38,

104

- 3

5,68

9 2

04,0

00

3,6

22,4

94

9To

tal P

aid-

Up

Cap

ital

& R

eser

ves

401

,773

3

63,8

07

1,3

41,9

76

- 5

00,0

39

486

,480

2

51,5

95

645

,963

2

,809

,486

4

0,15

1,77

9 10

Unde

rwrit

ing

Prov

ision

s 6

87,2

41

323

,563

5

89,4

23

- 8

37,3

85

851

,220

2

74,8

14

1,2

76,2

19

2,8

18,7

96

51,

285,

779

11Lo

ng te

rm lia

biliti

es 8

9,04

6 -

- -

206

6

3,20

8 1

1,31

3 8

5,72

2 -

1,9

69,2

23

12Cu

rrent

liabl

ities

34,

683

49,

720

145

,851

-

359

,136

5

2,43

4 2

5,54

0 1

88,9

59

1,5

50,9

93

9,3

35,3

23

13 T

OTA

L PA

ID-U

P C

API

TAL,

RE-

SERV

ES &

LIA

BIL

ITIE

S 1

,212

,743

7

37,0

90

2,0

77,2

50

- 1

,696

,766

1

,453

,342

5

63,2

62

2,1

96,8

63

7,1

79,2

75

102

,742

,104

14La

nd &

bui

ldin

gs 3

40,0

00

158

,150

-

- -

114

,464

2

65,0

00

83,

300

- 5

,277

,077

15In

vest

men

t Pro

perty

- -

- -

- -

- 4

77,1

39

1,9

10,0

00

13,

171,

573

16O

ther

Fixe

d As

sets

10,

089

12,

511

2,9

76

- 3

5,42

4 1

3,19

6 9

,526

1

4,75

2 9

1,58

4 1

,694

,658

17Ke

nya

Gov

t. Se

curit

ies

329

,191

2

16,2

77

125

,500

-

104

,130

1

45,5

85

25,

344

186

,779

4

43,0

70

15,

124,

248

18Lo

cal G

ovt.

Auth

ority

Sec

uritie

s -

- -

- -

- -

-

19O

ther

Sec

uritie

s 3

4,10

0 -

- -

31,

856

57,

782

- 2

0,00

0 -

1,0

09,4

92

20De

bent

ures

(Quo

ted

& Un

quot

ed)

- -

- -

- -

- -

48,

549

21Pr

efer

ence

sha

res

(Quo

ted

& Un

quot

ed)

- -

- -

- -

- -

573

22In

vest

men

t in

subs

idia

ry -

- 1

22,7

59

- 2

12,5

99

- -

- 5

69,1

50

23Q

uote

d or

dina

ry s

hare

s 3

6,05

1 4

3,17

0 1

,078

,178

-

64,

264

94,

916

1,5

03

16,

798

2,3

80,5

70

13,

778,

868

24 U

nquo

ted

ordi

nary

sha

res

126

,825

-

- -

- -

59

7,0

88

- 2

,441

,291

25Se

cure

d lo

ans

(inclu

ding

loan

of p

olici

es)

- -

- -

- 4

7,97

0 -

567

,844

4

6,41

4 2

,265

,577

26Un

secu

red

loan

s -

- -

- -

- -

- 8

2,89

9

27De

posit

s (w

ith b

anks

& o

ther

inst

itutio

ns)

16,

634

82,

212

78,

112

- 6

3,23

4 5

22,1

29

14,

047

252

,387

1

59,2

76

13,

657,

796

28O

ther

Inve

stm

ents

- -

- -

26,

031

- 3

1,33

4 4

2,13

4 2

,145

,211

29O

utst

andi

ng p

rem

ium

s 4

1,48

3 1

03,3

99

45,

934

- 1

91,6

39

22,

202

153

,165

3

68,0

15

7,4

94,0

83

30Am

ount

s du

e fro

m R

e-in

sure

rs -

63,

746

129

,168

-

832

,512

2

95,4

90

31,

305

649

,894

7

,578

,806

31Ca

sh 8

9,71

5 1

0,42

8 6

93

- 2

4,87

9 5

1,94

4 9

,388

4

7,78

7 1

16,9

06

2,3

92,2

12

32O

ther

cur

rent

ass

ets

179

,826

2

8,12

5 4

93,9

30

- 2

2,14

2 7

2,47

3 2

07,0

61

337

,298

9

71,4

12

13,

500,

633

33In

tang

ible

ass

ets

8,8

29

19,

072

- -

88,

056

15,

191

1,2

21

- 5

09,4

08

TOTA

L A

SSET

S1,

212,

743

737,

090

2,07

7,25

0 -

1,69

6,76

61,

453,

342

563,

262

2,19

6,86

37,

179,

275

102,

742,

104

Figu

res

in T

hous

ands

Ksh

s.


AP

PE

ND

IX 5

: S

OLV

EN

CY

MA

RG

INS

OF

IN

SU

RE

RS

AN

D R

EIN

SU

RE

RS

AS

AT

31

.12

.20

10

No.

CO

MPA

NY

LO

NG

TE

RM

IN

SU

RA

NC

E B

US

INE

SS

GE

NE

RA

L I

NS

UR

AN

CE

BU

SIN

ES

S

AD

MIT

TE

D

AS

SE

TS

AD

MIT

TE

D

LIA

BIL

I-T

IES

AV

AIL

-A

BL

E

MA

RG

INR

EQ

UIR

ED

M

AR

GIN

SO

L-

VE

NC

Y

MA

RG

IN

RA

TIO

AD

MIT

TE

D

AS

SE

TS

AD

MIT

TE

D

LIA

BIL

I-T

IES

AV

AIL

-A

BL

E

MA

RG

INR

EQ

UIR

ED

M

AR

GIN

SO

L-

VE

NC

Y

MA

RG

IN

RA

TIO

1C

hart

is (

K)

2,1

29,3

31

1,6

86,8

63

442,4

68

163,6

76

270.3

2A

MA

CO

1,5

52,4

58

1,1

56,0

39

396,4

19

152,3

51

260.2

3A

PA

6,3

08,2

29

5,0

37,0

30

1,2

71,1

99

461,8

19

275.3

4A

pollo

1,5

60,0

42

1,1

44,5

89

415,4

53

57,2

29

725.9

5B

lue s

hie

ld0

0

6B

ritish A

merican

13,3

48,4

14

12,3

94,1

61

954,2

53

619,7

08

154.0

2,4

28,2

30

1,6

25,3

83

802,8

47

173,3

21

463.2

7C

annon

1,2

06,5

02

539,2

99

667,2

03

26,9

65

2474.3

1,7

78,2

97

1,3

17,3

70

460,9

27

73,6

47

625.9

8C

FC

Life

13,0

54,6

37

11,1

62,9

48

1,8

91,6

89

558,1

47

338.9

377,7

89

330,8

98

46,8

91

120,0

55

39.1

9C

oncord

496,5

33

549,4

21

-52,8

88

75,3

90

-70.2

10

Coopera

tive

2,2

14,2

55

1,5

49,9

75

664,2

80

77,4

99

857.2

3,5

64,6

22

2,4

08,2

17

1,1

56,4

05

215,0

56

537.7

11

Corp

ora

te

378,9

08

224,4

87

154,4

21

11,2

24

1375.8

723,9

64

383,0

43

340,9

21

44,9

66

758.2

12

Directlin

e2,0

00,9

22

1,8

90,7

90

110,1

32

174,1

43

63.2

13

East A

fric

a R

e 4

48,0

66

155,5

89

292,4

77

10,0

00

2924.8

2,4

26,6

81

1,6

13,8

47

812,8

34

116,9

86

694.8

14

Fid

elity

Shie

ld1,2

96,8

43

903,6

69

393,1

74

88,6

15

443.7

15

First A

ssura

nce

293,8

03

137,8

65

155,9

38

10,0

00

1559.4

2,7

09,4

61

2,2

98,9

96

410,4

65

163,4

90

251.1

16

Gate

way

1,1

52,2

20

941,0

33

211,1

87

81,1

50

260.2

17

Gem

inia

305,0

57

155,0

58

149,9

99

10,0

00

1500.0

1,4

67,0

57

974,5

25

492,5

32

62,2

62

791.1

18

Genera

l A

ccid

ent

3,6

13,8

30

2,7

82,0

62

831,7

68

115,0

85

722.7

19

Herita

ge

1,8

50,3

79

1,6

38,2

05

212,1

74

81,9

10

259.0

3,0

76,6

26

2,7

81,7

96

294,8

30

247,4

70

119.1

20

ICE

A 2

2,8

00,3

14

20,8

56,5

46

1,9

43,7

68

1,0

42,8

27

186.4

3,1

17,5

26

2,3

65,6

80

751,8

46

185,4

51

405.4

21

Intr

a A

fric

a

665,1

59

537,9

25

127,2

34

63,7

22

199.7

22

Invesco

389,1

97

592,2

16

-203,0

19

10,0

00

-2030.2

23

Jubilee

15,5

49,6

03

14,5

43,0

13

1,0

06,5

90

727,1

51

138.4

6,6

17,4

05

4,9

22,1

43

1,6

95,2

62

497,8

25

340.5

24

Kenin

dia

9,8

72,7

71

8,6

73,0

62

1,1

99,7

09

433,6

53

276.7

3,4

72,6

15

2,5

35,4

44

937,1

71

270,4

32

346.5

25

Kenya O

rient

493,6

53

394,1

87

99,4

66

79,7

49

124.7

26

KN

AC

(2001)

754,5

52

463,5

47

291,0

05

23,1

77

1255.6

27

Kenyan A

llia

nce

351,7

62

311,2

65

40,4

97

15,5

63

260.2

2,0

02,8

46

1,5

86,7

85

416,0

61

42,0

55

989.3

28

Kenya R

e 3

,078,9

83

2,1

51,4

79

927,5

04

107,5

74

862.2

11,4

03,4

98

4,5

15,9

48

6,8

87,5

50

453,7

95

1517.8

29

Lio

n o

f K

enya

5,5

92,0

93

3,9

56,5

66

1,6

35,5

27

136,8

95

1194.7

30

Madis

on

2,9

74,6

89

2,8

28,8

98

145,7

91

141,4

45

103.1

835,1

17

736,1

15

99,0

02

84,0

37

117.8

31

Mayfa

ir903,1

07

666,5

65

236,5

42

48,8

57

484.2

32

Merc

antile

522,8

51

451,4

66

71,3

85

22,5

73

316.2

604,1

91

228,1

90

376,0

01

23,2

74

1615.6

33

Metr

oplo

itan L

ife

366,6

36

242,1

38

124,4

98

12,1

07

1028.3

34

Old

Mutu

al

9,3

92,3

03

8,0

69,5

11

1,3

22,7

92

403,4

76

327.9

35

Occid

enta

l1,0

84,8

85

810,9

70

273,9

15

102,9

81

266.0

36

Pacis

593,5

49

348,5

21

245,0

28

40,5

03

605.0

37

Pan A

fric

a L

ife

9,0

53,5

55

8,4

62,4

15

591,1

40

423,1

21

139.7

38

Pio

neer

806,7

24

615,6

84

191,0

40

30,7

84

620.6

39

Phoenix

1,2

42,0

65

735,2

74

506,7

91

42,2

36

1199.9

40

Real

1,1

80,7

23

990,9

17

189,8

06

134,0

18

141.6

41

Shie

ld A

ssura

nce

-

-

42

Tausi

1,3

18,2

10

966,8

64

351,3

46

45,7

22

768.4

43

The M

onarc

h 3

57,6

25

167,0

42

190,5

83

10,0

00

1905.8

388,5

66

311,6

67

76,8

99

19,2

44

399.6

44

Capex L

ife

261,3

25

102,6

37

158,6

88

10,0

00

1586.9

45

Trident

1,9

85,3

23

1,5

50,9

00

434,4

23

53,1

58

817.2

46

UA

P Insura

nce

4,9

29,1

55

4,3

69,7

90

559,3

65

378,9

02

147.6

47

UA

P L

ife

2,5

63,2

72

2,5

39,0

95

24,1

77

126,9

55

19.0

To

ta

l

11

3,3

67

,02

8

99

,57

9,9

74

1

3,7

87,0

54

4,9

93

,08

9

27

6.1

85

,92

1,9

76

61

,80

3,6

49

24

,11

8,3

27

5

,24

2,3

37

4

60

.1F

igure

s in T

housands K

shs.


Appendix 6: SUMMARY OF GROSS DIRECT PREMIUM INCOMES UNDER LONG TERM INSURANCE BUSINESS FOR THE YEAR ENDING 31.12.2010

No. Name of InsurerBond In-vestment

Industrial Life

Ordinary Life

SuperannuationTotalGroup Life Pensions

1 Apollo - - 40,538 320,247 - 360,785 2 British American - - 3,316,531 608,665 854,542 4,779,738 3 Cannon - - 76,007 5,354 - 81,361 4 CFC Life - - 1,375,049 137,136 1,282,508 2,794,693 5 Cooperative - - 188,593 1,406,501 44,556 1,639,650 6 Corporate - - 118,029 289 - 118,318 7 First Assurance - - - 78,863 - 78,863 8 Geminia - - 13,611 4,224 - 17,835 9 Heritage - - - 172,150 292,302 464,452

10 ICEA - - 728,524 558,518 2,240,642 3,527,684 11 Jubilee - - 693,793 455,955 2,372,120 3,521,868 12 Kenindia - - 377,709 1,109,428 - 1,487,137 13 Kenyan Alliance - - 2,516 36,933 50,869 90,318 14 KNAC (2001) - - 3,607 - - 3,607 15 Madison - - 475,015 76,557 530,889 1,082,461 16 Mercantile - - 37,746 6,680 60,318 104,744 17 Metropolitan Life - - 56,910 42,372 - 99,282 18 Old Mutual - - 1,198,476 177,776 - 1,376,252 19 Pan Africa Life - - 1,697,407 2,133,286 199,935 4,030,628 20 Pioneer - - 311,557 253,837 - 565,394 21 Shield Assurance

22 The Monarch - - 87 44,448 - 44,535 23 Capex Life - - 14,846 2,190 - 17,036 24 UAP Life - - 227,740 251,935 383,804 863,479

Total - - 10,954,291 7,883,344 8,312,485 27,150,120 Figures in thousands Kshs.


Appendix 7: SUMMARY OF INWARD REINSURANCE PREMIUMS UNDER LONG TERM INSURANCE BUSINESS FOR THE YEAR ENDING 31.12.2010

No. Name of InsurerBond In-vestment

Industrial Life

Ordinary Life

SuperannuationTotalGroup Life Pensions

1 Apollo - - - - - 2 British American - - - - - - 3 Cannon - - - - - - 4 CFC Life - - - - - - 5 Cooperative - - - - - - 6 Corporate - - - - - - 7 First Assurance - - - - - 8 Geminia - - - - - - 9 Heritage - - - - - -

10 ICEA - - - - - - 11 Jublee - - - - - - 12 Kenindia - - - - - 13 Kenyan Alliance - - - - - - 14 KNAC (2001) - - - - 15 Madison - - - - - - 16 Mercantile - - - - - - 17 Metropoliatan Life - - - - - 18 Old Mutual - - - - - 19 Pan Africa Life - - - - - - 20 Pioneer - - - - - - 21 Shield Assurance

22 The Monarch - - - - - - 23 Capex Life - - - - 24 UAP Life - - - - - -

Total - - - - - - Figures in Thousands Kshs.


APPENDIX 8: SUMMARY OF OUTWARD REINSURANCE PREMIUMS UNDER LONG TERM INSURANCE BUSI-NESS FOR THE YEAR ENDING 31.12.2010

No. Name of Insurer Bond InvestmentIndustrial

LifeOrdinary

LifeSuperannuation

TotalGroup Life Pensions1 Apollo - - 302 82,011 - 82,313 2 British American - - 58,003 203,788 - 261,791 3 Cannon - - 1,208 2,277 - 3,485 4 CFC Life - - 22,450 54,619 - 77,069 5 Cooperative - - - 80,869 - 80,869 6 Corporate - - 631 - - 631 7 First Assurance - - - 71,976 - 71,976 8 Geminia - - 1,697 3,752 - 5,449 9 Heritage - - - 50,352 - 50,352

10 ICEA - - 50,555 156,282 - 206,837 11 Jubilee - - 11,788 264,426 - 276,214 12 Kenindia - - 621 48,142 - 48,763 13 Kenyan Alliance - - - 26,882 - 26,882 14 KNAC (2001) - - - - - - 15 Madison - - - 15,858 - 15,858 16 Mercantile - - 4,681 3,863 - 8,544 17 Metropoliatan Life - - 49 7,067 - 7,116 18 Old Mutual - - 33,349 46,442 - 79,791 19 Pan Africa Life - - 14,074 273,670 - 287,744 20 Pioneer - - 352 94,949 - 95,301 21 Shield Assurance

22 The Monarch - - 9 23,012 - 23,021 23 Capex Life - - - - - 24 UAP Life - - - 98,926 - 98,926

Total - - 199,769 1,609,163 - 1,808,932 Figures in Thousands Kshs.


AP

PE

ND

IX 9

: S

UM

MA

RY

OF

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NG

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ess

1A

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285,7

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23,4

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2,9

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Kenyan A

lliance

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116,9

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00

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lliance

249,0

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(2001)

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on

1,7

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29,4

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00

315,6

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antile

254,6

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63,1

35

28,3

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17,6

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17

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opolia

tan L

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17,6

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12,1

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18

Old

Mutu

al

557,1

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83,2

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186,0

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29,3

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30,9

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00

7,6

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30,2

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25,5

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21

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ld A

ssura

nce

22

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onarc

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21,4

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23,7

52

00

5,3

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2,2

25

00

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98

14,5

60

00

131,4

08

23

Capex L

ife

02,1

90

00

00

00

00

00

02,1

90

24

UA

P L

ife

1,0

90,9

87

536,8

13

377,0

45

027,1

92

93,4

50

00

0-3

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201,6

59

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1,6

70,7

39

To

tal

50,5

81,5

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14,6

13,8

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7,9

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2,7

29,4

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112,6

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1,0

11,7

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4,8

63,2

68

0600,6

27

698,7

71

1,6

66,6

53

70,5

71

874,9

75

60,5

50,5

41

Fig

ure

s in T

housands K

shs.


AP

PE

ND

IX 1

0:

SU

MM

AR

Y O

F L

ON

G T

ER

M IN

SU

RA

NC

E B

US

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No

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usin

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Resp

ect

of

wh

ich

Pre

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as b

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Du

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Year

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usin

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52

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2,5

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ritish A

merican

9,7

13

9,7

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59,8

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64,3

78

64,3

78

62,1

51,5

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3,5

31,4

33

3C

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654

624

163,2

12

018,2

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5,2

25

5,2

25

1,2

70,3

28

76,0

07

4C

FC

Life

8,7

95

8,7

95

5,0

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00

47,3

14

47,3

14

18,3

18

0

5C

oopera

tive

4,5

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4,4

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797

012,0

25

12,6

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11,3

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1,5

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188,5

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1,9

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71,6

71

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7,5

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7,5

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118,0

29

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irst A

ssura

nce

8G

em

inia

388

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00

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02

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11

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0

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5,7

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83,4

93

0276,6

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20,0

48

20,0

48

10,6

19,6

51

674,5

45

11

Jubilee

6,2

65

6,2

65

2,8

59,8

08

00

20,3

28

20,3

28

8,4

28,6

51

910,6

16

12

Kenin

dia

3,0

27

3,0

27

633,5

35

00

12,8

98

12,8

98

3,8

93,2

02

215,1

14

13

Kenyan A

llia

nce

73

73

6,4

71

01,6

98

402

402

42,8

24

8,8

37

14

KN

AC

(2001)

00

00

0587

587

12,2

18

0

15

Madis

on

6,7

32

6,7

32

1,3

29,7

22

0152,0

93

31,6

46

31,6

46

2,3

90,2

65

535,7

13

16

Merc

antile

607

607

50,9

72

06,7

80

4,9

17

4,5

74

1,6

99,4

78

30,9

65

17

Metr

opoliata

n L

ife

240

240

36,1

90

07,0

44

2,1

35

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Figu

res

in T

hous

ands

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AP

PE

ND

IX 1

3: S

UM

MA

RY

OF

INW

AR

D R

EIN

SU

RA

NC

E P

RE

MIU

M IN

CO

ME

S O

F IN

SU

RE

RS

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DE

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EN

ER

AL

INS

UR

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CE

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S F

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TH

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ING

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s in

Thousa

nds

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s.


APP

END

IX 1

4: S

UM

MA

RY

OF

GR

OSS

PR

EMIU

M IN

CO

MES

OF

INSU

RER

S U

ND

ER G

ENER

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RA

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AP

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PE

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AP

PE

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IX 2

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APPENDIX 33: SUMMARY OF LONG TERM INSURANCE BUSINESS REVENUE ACCOUNTS OF REINSURERS FOR THE YEAR ENDING 31.12.2010No.

CompanyFund at the Beginning

of the YearNet Premium

Net Investment Income

Claims by Death

Claims by Maturity

Other ClaimsSurrenders

Bonuses paid in Cash

Annuities PaidNet

CommissionsExpense of

ManagementOther

ExpensesTransfer to

P&L AccountFund at the End

of the Year

Ordinary Life Business1

East Africa Re-1,136

10,0111,132

3,8211,696

63357

1,1272,673

2Kenya Re

667,93747,317

21,70618,325

00

00

010,249

6,010318

0702,058

Total666,801

57,32822,838

22,1460

00

00

11,9456,643

3751,127

704,731

Supperannuation Business1

East Africa Re118,748

189,98821,149

111,5900

00

00

43,43611,831

1,06921,057

140,9022

Kenya Re2,094,648

545,001250,014

211,0670

00

00

118,05569,222

3,6600

2,487,659Total

2,213,396734,989

271,163322,657

00

00

0161,491

81,0534,729

21,0572,628,561


Appendix 34:SUMMARY OF INWARD REINSURANCE PREMIUM INCOMES OF REINSURERS UNDER LONG TERM INSURANCE BUSINESS FOR THE YEAR ENDING 31.12.2010

Appendix 35: SUMMARY OF OUTWARD REINSURANCE PREMIUM INCOMES OF REINSURERS UNDER LONG TERM INSURANCE BUSINESS FOR THE YEAR ENDING 31.12.2010

No.Company

Ordinary LfeSuperannuation

TotalNo.

CompanyOrdinary

LfeSuperannuation

Total

1East Africa Re

12,211 228,119

240,330 1

East Africa Re

2,200

38,131 40,331

2Kenya Re

55,452 638,706

694,158 2

Kenya Re

8,135 93,705

101,840

Total 67,663

866,825 934,488

Total

10,335 131,836

142,171

Figures in Thousands Kshs.Figures in Thousands Kshs.


AP

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-4692,632

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2 K

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31,567428,751

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-670,606

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13233,219

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14,945126,047

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111,7541,721,442

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145,137774

1,253,34311,115

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TOTA

L1

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283.327.0

0.054.9

237.1206.1

0.072.7

17.5-9.7

-1,015.452.0

11.158.8

2 K

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61.632.7

19.763.0

16.259.3

-146.0-87.1

87.965.1

-2,033.90.0

40.646.8

TOTA

L 61.6

31.819.7

61.321.9

60.3-146.0

-30.783.1

64.2-2,064.0

61.630.9

49.3


APPENDIX 43: POLICY HOLDERS’ COMPENSATION FUND LEVY FOR THE YEARS 2007 TO 2010

No. Name of InsurerYears

Growth (%)

2007 2008 2009 2010 2009-20101 Amaco 2,749 5,194 6,938 8,683 25.2

2 APA 11,812 14,698 11,119 22,890 105.9

3 Apollo 49 62 57 63 10.5

4 Blue Shield 12,155 12,516 7,741 6,783 -12.4

5 British American 7,584 12,434 16,823 20,858 24.0

6 Cannon 2,928 3,017 4,000 4,783 19.6

7 Capex (Trinity) 84 119 103 72 -30.1

8 Chartis (K) 8,757 10,118 9,757 12,830 31.5

9 CFC Life 5,778 7,036 8,050 7,576 -5.9

10 Concord 2,752 3,194 3,369 2,208 -34.5

11 Co-operative 5,308 6,853 8,720 15,316 75.6

12 Corporate 1,915 1,991 2,148 2,310 7.5

13 Directline Ass 1,656 3,482 5,942 8,008 34.8

14 Fidelity Shield 3,365 3,660 3,960 4,300 8.6

15 First Assurance 5,056 6,582 8,044 10,257 27.5

16 Gateway 2,057 2,508 2,993 6,965 132.7

17 Geminia 2,283 2,531 2,996 2,456 -18.0

18 General Accident 3,300 4,326 5,469 5,855 7.1

19 Heritage AII 7,447 8,498 9,576 12,314 28.6

20 I.C.E.A 7,194 8,495 10,324 12,545 21.5

21 Intra Africa 2,023 3,462 2,466 2,803 13.7

22 Invesco Under Statutory Management 2,775

23 Jubilee 13,205 16,746 20,865 27,359 31.1

24 Kenindia 14,982 13,971 14,208 16,899 18.9

25 Kenya Orient 1,416 2,186 2,245 3,833 70.7

26 Kenya Alliance 1,725 989 2,126 2,465 15.9

27 Lion of Kenya 5,843 8,662 8,377 9,459 12.9

28 Madison 3,521 3,166 3,759 5,368 42.8

29 Mayfair 1,230 2,154 2,679 3,378 26.1

30 Mercantile 1,982 2,034 2,290 2,616 14.2

31 Metropolitan Life 299 347 325 285 -12.3

32 Occidental 3,624 4,274 5,024 5,613 11.7

33 Old Mutual 815 134 42 109 159.5

34 Pacis 813 1,259 1,541 2,148 39.4

35 Pan Africa Life 2,746 4,001 4,912 5,775 17.6

36 Phoenix 2,343 2,950 2,175 1,924 -11.5

37 Pioneer 268 862 1,317 1,725 31.0

38 Real 3,540 4,114 5,668 6,728 18.7

39 Shield Assurance 0 0 - 582 #DIV/0!

40 Standard 2,595 1,472 Under Statutory Management 41 Tausi 2,474 2,399 2,522 2,747 8.9

42 The Monarch 683 570 808 1,308 61.9

43 Trident 1,785 2,177 2,557 3,021 18.1

44 UAP Life 0 0 - 213 #DIV/0!

45 UAP Provincial 9,744 12,229 15,227 18,589 22.1

46 United Under Statutory Management

47 Xplico 15

TOTAL 75,633 86,696 98,667 124,934 26.6



APPE

NDIX

44:

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Insurance Regulatory AuthorityZep-Re Place, UpperhillLongonot RoadP.O. Box 43505-00100Nairobi

Tel: +254-20-4996000 +254-20-4997000Telefax: +254-20-2710126Cell: +254-727 563110E-mail:[email protected]: www.ira.go.ke

InSuRAnCe ReGulAtoRY AutHoRItY insurance industry report.pdf · competitive insurance market...

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