– Jubilee topped the list followed by Sanlam Kenya, Liberty Holdings, Britam Holdings and CIC Group captured the fifth position
– The country’s insurance coverage stands at 2.4% but this reflects a drop from 2.6% recorded in 2018 and 2017
– Gross written premiums stood at KSh 117.28 billion as at end of H1’2019 from KSh 112.39 billion in H1’2018
– Though technology has helped the sector gain traction, cases of fraud have resulted in loss for various players
A freshly released report has listed Jubilee Insurance as most attractive insurance firm in Kenya from both a potential return and financial health perspective.
The H1’2019 Insurance Report , released on Monday, November 18, by Investment Company Cytonn, ranked Jubilee Insurance with a weighted score of 4.2 which meant the insurer boasts of a better capacity to generate profits from its core business.
Shiv Arora (pictured), Cytonn’s Head of Private Equity said fraud and stiff competition were among big challenges facing the insurance players in Kenya. Photo: Cytonn.
Source: UGC
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Sanlam Kenya came in second with a score of 6.4 and it was followed by Liberty Holdings with a weighted score of 8.6.
Britam Holdings with a score 9.4, came in fourth while CIC Group which clinched the fifth position accrued a weighted score of 10.4.
READ ALSO: Seneta Malala atupiwa ndowano ya ODM, huenda ANC hawamtaki tena Jubilee topped the list followed by Sanlam Kenya, Liberty Holdings, Britam Holdings and CIC Group captured the fifth position. Photo: Cytonn. Source: UGC READ ALSO: HELB threatens to publish names, photos of loan defaulters in the leading newspapers Speaking during the launch of the report, Shiv Arora, Cytonn’s Head of Private Equity observed that though the sector remained attractive, it was battling a myriad of challenges among them fraud, stiff competition and limited coverage. “While the sector remains attractive with vast potential, we have witnessed the insurance sector grappling with low coverage increased cases of fraudulent claims and the required increase in capital following adoption of a risk-based capital adequacy framework,” said Arora. Arora revealed that insurance coverage in the county currently stood at 2.4% but this was a slight drop from 2.6% recorded during the same period under review in 2018 and 2017.Gross written premiums in the sector stood at KSh 117.28 billion as at end of H1’2019 […]
