Women Leading the Charge in Kenya’s Sh278 Billion Insurance Sector
Kenya’s insurance industry celebrated its top performers at the Association of Kenya Insurers (AKI) 2024 Awards, with women taking center stage in driving the sector’s growth. The awards ceremony, held in Nairobi last week, recognized firms and individuals excelling in the competitive Sh278 billion industry.
Top Firms and Performers Recognized APA Insurance emerged as the Company of the Year – General Insurance, with other key players, including Jubilee Insurance, CIC Group, Old Mutual, and Britam, also receiving top honors. CIC Insurance was recognized as the most improved company, while Jubilee Insurance recorded the second-highest growth in policies sold.
Women Shaping the Insurance Industry The event coincided with International Women’s Day, highlighting the increasing dominance of women in insurance sales. AKI Chairman Nixon Shigoli noted that 66% of the 1,083 qualifying insurance agents in 2024 were women, underscoring their critical role in driving business growth.
APA Insurance agent Charlene Kimara was celebrated as the Medical Insurance Agent of the Year, while Justina Mbona Malusha continued her streak as a top performer. Margaret Mwaura also secured recognition, earning second runner-up in the New Business (Business Mix) Award category.
Industry Leaders Call for Growth and Innovation Speaking at the awards, IRA Commissioner Godfrey Kiptum emphasized the potential for job creation in the insurance sector. He highlighted that over 11,550 licensed insurance agents are currently operating in Kenya, playing a pivotal role in increasing insurance penetration in a country where coverage remains below 3%.
“Insurance presents a great employment opportunity for young people and a chance to expand coverage across Kenya,” he remarked.
APA Insurance, celebrating back-to-back wins as General Insurance Company of the Year, reaffirmed its commitment to innovation. Apollo Investments Ltd CEO Ashok Shah stated that the firm remains dedicated to customer-focused solutions and industry leadership.
Tech and Micro-Insurance Key to Market Expansion Despite growth in the industry—from Sh142 billion in 2018 to Sh278 billion today, according to the Kenya National Bureau of Statistics (KNBS)—penetration remains a major challenge. The insurance sector contributes 7.6% to Kenya’s GDP, but players are looking to technology and micro-insurance to expand reach, particularly targeting the informal sector.
AKI has called for greater accessibility and distribution, noting that Kenya has just 11,400 agents and 176 brokers, a figure deemed inadequate to serve the population’s insurance needs.
With women taking the lead and firms embracing innovation, the insurance industry is poised for further transformation in the coming years.
