Sharp Daily
No Result
View All Result
Sunday, August 31, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Insurance Companies Continue To Showcase Resilience

Vincent Wangu by Vincent Wangu
June 12, 2023
in News
Reading Time: 2 mins read
Insurance

The Kenya Listed Insurance FY’2022 report, just released by Cytonn Investments, highlighted that the insurance industry continues to demonstrate resilience, with a 12.2% increase in gross premium to Kshs 309.8 billion in FY’2022, up from Kshs 276.1 billion in FY’2021. The report analyzed the five listed insurance companies: Jubilee Holdings, CIC Insurance Group, Liberty Kenya Holdings, Sanlam Kenya Plc, and Britam Holding Plc.

According to the report, the listed insurance companies’ average core earnings per share significantly rose, growing at a rate of 377.4% in FY 2022 as opposed to 89.2% in FY 2021.

Read more: Storm Over State Plan to Tax Insurance Payouts

“The sustained growth in earnings was attributable to increased premiums during the period following continued recovery by the sector from the impacts of the COVID-19 pandemic, coupled with higher yields from government papers,” said Cytonn.

RELATEDPOSTS

Cytonn Asset Managers delivers robust first half of 2024

September 15, 2024

Insurance, a vital tool for resilience among Kenyan SMEs

May 3, 2024

However, insurance penetration remains quite low, with a 2.2% insurance penetration rate for FY 2022. The rate is lower than the global average of 7.0% and 3.2% in Africa.

“The low penetration rate is attributable to the fact that insurance uptake is still seen as a luxury and is mostly taken when it is necessary or a regulatory requirement,” Cytonn added.

Read more: We Expect A Continued Depreciation Of The Shilling-Cytonn Report

Most insurance providers continue using the available digital channels to promote growth and broaden the country’s insurance coverage. The country’s strong mobile penetration gives distributors more room and chances to reach younger consumers and those not reached by more conventional distribution channels with insurance goods.

“We anticipate sustained moderate growth on the back of an improving economy and subsequent rise in insurance premiums, which will strengthen the sector’s ability to sustain profitability,” said Cytonn.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Emirates Airlines Announces A Partnership Plan With Kenya Airways

Next Post

Why Kenyan MPs Want The Allocation of Extra Cash to Parastatals Reviewed

Vincent Wangu

Vincent Wangu

Related Posts

News

Kick financial goals: Invest with CMMF this football season

August 22, 2025
commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025

LATEST STORIES

The Importance of Including Pension Plans in Corporate Benefits Packages

August 29, 2025

The informal labor market and classical unemployment in the Kenyan context

August 28, 2025

Kenya’s Eurobond yields ease after S&P rating upgrade

August 28, 2025

Kenya’s strategic debt pivot: Smoothing, Strengthening, Sustaining

August 27, 2025

Bank on your paycheck: Invest smart with CMMF

August 26, 2025

Finding Balance: My Journey with Internet Self-Care

August 22, 2025

Why Young Kenyans Cannot Afford to Ignore Private Pensions

August 22, 2025

Strategies for Nairobi to emerge as Africa’s financial hub

August 22, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024