Page 20 - The Insurance Times August 2025

holds, and the growing popularity sis on sustainability will support the for property and motor insurance due
of microinsurance products are ex- market to expand during 2025-29. to an increase in natural disasters.
pected to increase insurance industry Swarup Kumar Sahoo, Senior Insurance Swarup Kumar Sahoo, Senior Insurance
penetration.
Analyst at GlobalData, comments: " Analyst at GlobalData, comments:
Property insurance is the largest line of The low insurance uptake in Kenya "The ongoing digital transformation,
business and is expected to account for highlights a significant opportunity for including innovations like telematics
39.5% of the general insurance GWP insurers to innovate and reach and wearable technology, is revolution-
in 2025. The country faces significant underserved segments. The introduc- izing pricing models and increasing
climate risks, with an annual average tion of inclusive insurance plans and operational efficiency of the UAE’s
of 20 storms and typhoons impacting partnerships with fintech companies general insurance industry. Alongside
it. The introduction of parametric in- are some of the essential steps toward this, the introduction of mandatory
surance solutions is anticipated to pro- enhancing coverage and addressing health insurance for private sector
vide quicker payouts based on pre- the needs of diverse consumer employees and domestic workers, ef-
fective January 2025, is expected to
defined parameters, thereby enhanc- groups.”
significantly broaden the market, while
ing the resilience of local governments Personal accident and health is the the rising awareness of personal acci-
and communities to climate-related largest line of business and is expected dent coverage will further stimulate
disasters. This shift towards compre- to account for 38.1% of the general demand.”
hensive insurance solutions is essential, insurance GWP in 2025. The growth of
given the current catastrophe protec- PA&H insurance in Kenya is currently Personal Accident and Health (PA&H)
tion gap of 98% compared to the glo- facing challenges, with a high loss ra- insurance is the largest line of business
and is expected to account for 61.2%
bal average of 58%, according to the tio of 78.6% in 2024, and the introduc- of the general insurance GWP in the
World Risk Index. tion of the Social Health Insurance
UAE in 2025. The PA&H segment is
(SHA) is impacting private health insur-
projected to grow by 15.1% in 2025.
Kenya general insurance ance growth.
Increased demand from private sector
industry to reach $1.9 bil- employers and domestic workers,
UAE general insurance coupled with enhanced coverage re-
lion by 2029
market to surpass $20 bil- quirements, is expected to boost
The general insurance industry in health premiums and policy uptake.
Kenya is projected to grow at a com- lion by 2029 Additionally, the alarming rise in road
pound annual growth rate (CAGR) of The general insurance market in the fatalities, particularly among young
9.1%, increasing from KES238.8 billion United Arab Emirates (UAE) is pro- adults, underscores the urgent need
($1.6 billion) in 2025 to KES338.3 bil- jected to grow at a compound annual for personal accident coverage, fur-
lion ($1.9 billion) by 2029, in terms of growth rate (CAGR) of 10%, increasing ther propelling demand. Despite chal-
gross written premium (GWP), accord- from AED 46.2 billion ($12.6 billion) in lenges such as inflation and increased
ing to GlobalData, a leading data and 2024 to AED 74.4 billion ($20.2 billion) claims, the PA&H sector is projected
analytics company. by 2029, in terms of gross written pre- to register robust growth, rising at a
mium (GWP), according to GlobalData, CAGR of 9.7% during 2025-29.
Kenya General Insurance Report, the
a leading data and analytics company.
general insurance market in Kenya is
estimated to register an annual UAE General Insurance Report, the Join
growth rate of 9.9% in 2025. This country’s general insurance market is Online Certificate
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18 August 2025 The Insurance Times