Life - Q1 2013
Until 2011, the general trend in Kenya had been for life density to increase gradually, from fairly low levels. The regulator has reported that, in H112, individual premiums, group premiums and pension contributions were, respectively, KES6,490mn, KES6,011mn and KES5,227mn. Life premiums in the first half of the year were, therefore, KES17,728mn. For the time being, we are looking for life premiums of KES38,663mn for the calendar year as a whole. This implies a further - and significant - increase in life density from about US$8.37 per capita to US$10.51 per capita. In part because of product innovation and in part because of the greater strength and security that is provided by the participation of South African insurers, life insurance premiums are surging. For now, our projections assume that life density rises to US$16 per capita over the forecast period.