Women take lead in race for Sh278b insurance business

Several firms were feted at the Association of Kenya Insurance (AKI) 2024 Awards held last week at a Nairobi hotel.

APA Insurance won the Company of the Year – General Insurance category. Jubilee Insurance, CIC Group Old Mutual and Britam were also feted.

CIC was ranked the most improved company in the period while Jubilee recorded the second-highest growth in policies sold. 

Additionally, agents also had their day as they got awarded for their performance in the sector. APA Insurance agents were among those who scooped top awards in the 23rd edition of the AKI Awards with Charlene Kimara recognised as the medical insurance agent of the year.

As the event coincided with International Women’s Day celebrations, AKI Chairman Nixon Shigoli highlighted the significant presence of women in insurance sales.

“Out of 1,083 qualifying insurance sales agents in the 2024 competition, an impressive 66 per cent are women, with men making up 34 per cent,” he stated.

Industry statistics underscore the critical role of agents, with life insurance agents contributing about 80 per cent of individual life business, while general insurance agents drive 50 per cent of general insurance business.

Speaking at the event, IRA Commissioner Godfrey Kiptum emphasized the insurance sector’s potential for job creation and industry expansion.

“In 2024, there were over 11,550 licensed insurance agents. This profession holds immense potential for young people, offering a pathway to employment and an opportunity to increase insurance penetration across Kenya,” he remarked.

For Justina Mbona Malusha, a consistent top performer, APA said her achievements highlight her versatility and excellence in the industry. 

Additionally, Margaret Mwaura earned second runners-up in the business mix award (new business) category, showcasing her contribution to APA’s growth and client-focused approach.

A statement from the insurer noted that this success underscores its relentless pursuit of excellence and dedication to providing innovative insurance solutions that meet the evolving needs of its clients. 

“Winning the coveted Company of the Year – General Insurance award is a reflection of APA’s market leadership, customer-centric approach, and continuous improvement in service delivery,” reads the statement. 

Group chief executive of Apollo Investments Ltd Ashok Shah said these awards are a testament to the hard work and dedication of the entire team and valued agents. 

“At APA Insurance, we are committed to delivering top-tier insurance solutions while continuously evolving to meet our customers’ changing needs. This recognition strengthens our resolve to remain at the forefront of the industry and continue our journey of innovation and excellence,” he said. 

The AKI Awards 2024 sought to recognise the exemplary performance of players in the insurance sector. The 2024 awards ran under the theme: Growth in a Dynamic Environment. 

APA Insurance also won the Company of the Year – General Insurance Award in 2023 while Britam General Insurance Company came second and Old Mutual third. 

Britam won Life Insurance Company of the Year in the 2024 AKI Awards for the 18th time in a row since 2007. The firm also came second in the Most Innovative Company Award category. 

Jubilee Insurance was the first runner-up in the highest growth in the policies sold category and the second runner-up in the innovation category. 

The firm also emerged as the first runner-up in the most improved new business category. “This victory isn’t just ours, it belongs to you, our valued clients,” read a statement from the firm. 

CIC Insurance was the winner in the highest growth in the number of Life Policies (CIC Life Assurance Ltd) and also a winner in the most improved Company 2024 (CIC Life Assurance Ltd) category.

It was also the first runners-up in the Company of the Year (Group Life Best Practice Award) category won by CIC Life Assurance Ltd. Old Mutual was the second runner-up in the Top General Insurance Company 2024 category. 

Insurance is a Sh278 billion business in the country according to the Kenya National Bureau of Statistics (KNBS). In 2018, this figure stood at Sh142 billion.

While this signifies growth, the biggest headache, however, for players in the sector is penetration which is below three per cent according to 2023 figures by KNBS.

Majority of firms are now banking on technology and micro-insurance products to penetrate the market targeting largely the informal market.

According to the KNBS, financial and insurance services contribute 7.6 per cent to the country’s gross domestic product (GDP). “Insurance sub-sector grew by 15.8 per cent in 2022 compared to 26.9 per cent growth in 2021. Net premiums increased from sh115.1 billion in 2021 to sh128.8 billion in 2022,” says KNBS 2023 Economic Survey Report.

AKI noted in December 2024 that product accessibility is one of the critical areas players should look at.

“Insurance in Kenya relies mostly on agent distribution. Records from the Insurance Regulatory Authority (IRA) reveal Kenya has 11,400 agents and 176 brokers serving the industry. This number is inadequate to distribute insurance to the population that needs the services,” says AKI.