Kenya has been ranked as the number one target market for South African insurers beating their home market which comes in second place. According to a report by audit firm PricewaterhouseCoopers (PWC), Kenya is among the first five African markets being targeted while other markets in the top five include Botswana , Mozambique and Nigeria respectively.
According to the report, Kenya’s high GDP growth rate and its population size are some of the main factors that the southern investors now want a piece of the Kenyan cake.
‘’Given that insurance markets in Africa are largely un(der)insured, for various historical and access reasons, it’s important for us to develop a more detailed understanding of the “new” customers that could be targeted for growth and the kind of changes required to get more people to buy insurance.’’ Reads the report in part.
However the report also sites Regulatory burden, access to distribution, availability of talent and Political (in) stability as some the main barriers to the Kenya Market.
