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past research projects


Agency Retention and Persistency Study

Insurance sales agents are a major distribution channel for insurance business. There were 9,163 registered agents as at 2nd March 2020.
This number is low compared to the number of banking and telecommunications agents, who are over 60,000 and 180,000 respectively. The low number of insurance agents cannot adequately serve the growing Kenyan population.
We therefore sought to establish the reasons behind the low retention of agents in the industry.

The findings are below:

Agents Retention Study - Detailed Report

Agents Retention Study - Presentation slides


Retirement Preparedness Study 2019

AKI commissioned a study on retirement preparedness to evaluate the level of retirement preparedness among Kenyans with the aim of helping the industry players to design retirement products and messages that can make the population more prepared for retirement.

The objective of the survey was to gain better insights into how Kenyans think of retirement, the study explored people’s awareness, knowledge, attitudes, readiness, information needs and sources of information on retirement.

The nationwide study was conducted in April and May 2019 and targeted adults from the age of 18 in both rural and urban areas.

Read the full report here:


Information Paper on Blockchain Technology in Insurance

Blockchain technology is part of the fourth industrial revolution that will bring exponential changes to the way we live, work and relate to one another mainly due to the adoption of cyber-physical systems and Internet of Things.
As implementation of smart technologies continues, connected machines will interact, visualize entire production chains, verify the authenticity and make decisions autonomously. This revolution is impacting all disciplines, industries, and economies.
The insurance industry must continue to embrace new technologies to remain competitive. This paper explores opportunities in blockchain in the insurance industry. ReadMore




Insurtechs have over the past few years emerged in the insurance landscape and have grown significantly. This is largely as a result of the proliferation of technology that seeks to ease business processes and at the same time improve customer experience. Insurtechs are at the forefront of the insurance industry revolution as they are significantly changing the business models and competitive landscape.

Definition: The term Insurtech is a combination of “insurance” and “technology”. Insurtechs are technology-led companies that are taking advantage of new technologies to develop innovative business models to meet the demands of the modern, digital savvy insurance consumer.  
To remain relevant and competitive amidst the disruption, insurers need to constantly align themselves with the technological advancements, by developing solutions that meet the evolving customer demands and address the changing business environment.
This paper gives a bird’s eye view of the role insurtechs are playing in the overall insurance value chain.

pdfy Information paper on insurtechs

pdfy Insurtechs


According to the findings of the 2016 FinAccess Household National Survey, death of a family member is the second main risk faced by households in Kenya after drought/famine. The immediate impact for most families is massive, both emotionally and financially especially around the cost of the funeral.

In almost all cases, the affected family relies on social support from family and friends. There is also reliance on other social welfare associations including chamas and the church. However, with the tough economic times and the changing social structures, raising money for funerals is becoming harder.

In light of the above, the Association of Kenya Insurers carried out a survey that put into perspective the case for funeral insurance as a solution to this problem while taking into account the already existing social funding structures for funerals.

The main objective of the study is to understand funeral practices amongst various communities in Kenya and help provide insights that will help create value proposition with regards to funeral insurance.

The findings from the study are below:

Ipsos -AKI Funeral Insurance Survey Executive Summary

Survey reveals Bancassurance potential for growth 
Bancassurance in Kenya is still in its nascent stages having started in 2004 when the first commercial bank was licensed by the Central Bank to sell insurance products. Today, 26 banks are offering bancassurance services. Bancassurance is an arrangement where banks sell insurance products alongside their other products.
AKI commissioned a baseline survey on the bancassurance market in the country during the last quarter of 2017. The objective of the survey was to understand the model adopted by players, the gaps that exist as well as its performance thus far. The study was completed early this year and was disseminated to members in March 2018.
Bancassurance channelled Ksh6 billion of life business gross premium in 2016 contributing to 8.12 per cent of written premium. Credit Life insurance contributed the largest chunk of the bancassurance life business at 85 per cent. During the same period, approximately Ksh10 billion premium was collected through bancassurance for non-life business, representing 8.23 percent of total non-life written premium. Motor insurance, both private and commercial, was the fastest moving product at 56 per cent. 
The distribution model has been adopted by a majority of the Kenyan players. This model enables a bank to sell insurance products from a wide variety of insurance companies.
The survey revealed that with simplification of insurance products, increased and practical training of the bancassurance sales agents, integration of technology and aggressive marketing; bancassurance is likely to grow as an insurance distribution channel and also increase penetration of insurance in the country. 
Read the full report here
Bancassurance in Kenya Market Assessment Study 2017 Final
Bancassurance Market Assessment Study 2017

The Association of Kenya Insurers has over the years undertaken various research initiatives of issues in the insurance market. A summary of some of the past projects is provided on this page. Should you require a more detailed report send us an email at 

Industry Overview Study
Insurance is a very critical segment of any modern economy. While the Kenyan insurance industry continues to grow in terms of gross premiums, insurance penetration remains low at 2.9%. The AKI 2016-2020 Strategic Plan aims to double this number to 6% penetration and at the same time increase gross premiums to Ksh500billion within the five year period.

Numerous studies undertaken by AKI and other organizations have highlighted a number of challenges that the insurance industry faces including technology adoption, awareness levels, cost of insurance, product suitability, competition and undercutting, distribution mechanisms among others. Efforts have been made from various quarters to address some of the highlighted challenges but the issues persist.

With this in mind, AKI has commissioned an industry overview study that generally aims to address the challenges. This will be attained through looking at the insurance sector past (how we got here), present (where currently are) and project the future (where we are going).
The study will in particular investigate customer experience and perception, current business model, regulatory environment, human capacity and potential market segments. The study will also benchmark with more successful markets in Africa and beyond.
Expected output from the study include identification of key strategies that will revolutionise the Kenyan insurance industry.

Industry Overview Study: Strategies to grow the insurance industry

Insurance Awareness Survey

AKI commissioned SBO research to undertake a survey on insurance awareness during their fourth quarter omnibus in 2016.
The objective of the survey was to determine the current level of awareness of insurance in the country. AKI intends to track the awareness levels to determine the impact of awareness initiatives being undertaken both by the AKI Secretariat and by member companies. 
The survey targeted individuals over 18 years old across the country. A total of 4,500 individuals were interviewed in the survey. 
Read the findings report here

Word of Mouth Information paper
Findings from the Awareness Survey undertaken in the fourth quarter of 2016 reveal that Word of Mouth is a highly effective communication channel that the insurance industry should leverage on to increase awareness levels in the country.
To this end, AKI developed an information paper on Word of Mouth as a marketing channel.
Information Paper in Word of Mouth Marketing.

To read more click here.

Agriculture Insurance Research
Agriculture is a very significant sector in the Kenyan Economy; it accounts for 30% of the gross domestic product (GDP) and over 60 per cent of total foreign exchange earnings. The sector provides 80 per cent of all employment opportunities in the country and also ensures reliable food supply.

The sector is characterized by risks some including natural factors which are hard to predict. In absence of loss protection system, the risks may annul positive effects of good agricultural policies and initiatives.

Agricultural Insurance is a risk management tool that provides farmers with financial protection against production losses. A well developed and functional agricultural insurance market can greatly contribute to the sector development.

The Association, in 2016 commissioned a study whose main objective was to undertake a situational analysis by holistically assessing the agriculture insurance landscape in Kenya, to identify gaps, select priority issues and suggest interventions / plan of actions that will lead to increased agriculture insurance penetration.

The findings provided useful and actionable insights with regards to demand, supply, distribution and the regulatory environment.

Download the Agriculture Insurance Research here

Information Paper on Youth and Insurance

Youth are seen as a significant consumer segment that can boost insurance penetration in the country given their population numbers. Insurers have an opportunity to create a foundation and build loyalty to provide insurance coverage throughout their lifetime.

It is with this in mind that in 2013, AKI carried out a survey to better understand youth perceptions of insurance and at the same time determine their insurance needs. The survey targeted people aged between 15- 35 in Nairobi, Mombasa, Kisumu, Eldoret, Nakuru, Nyeri and Meru.
The study findings provided insightful information for use in strategy development of youth centric products.
Download the full report here

Three years later in 2016, AKI reviewed the market to determine which insurance products targeting the youth have been introduced. AKI gathered further information to add more value to the initial findings that will help unlock this potential area.
Read the updated information paper here


Life Business SME Research
AKI realized that despite the benefits, life insurance uptake by the SMEs is at a very low level. AKI recognized there is need to come up with practical steps to cover the small and medium-scale enterprises by identifying the challenges preventing uptake of group life insurance among them and identifying how to work on them. In line with this realization, AKI commissioned a market survey in 2015 to identify the challenges that are inhibiting the uptake of group life and pension products by these businesses and come up with solutions that can increase uptake of this class of business.
The study in particular investigated current practices and benefits offered to employees with regards to death while in service, permanent or total disability, terminal illness and retirement; evaluated the sufficiency of the awareness and educational campaigns targeted at the SMEs; and investigated the sufficiency of the products and distribution channels.
Download the Life Business SME Research here

Information paper on Takaful Insurance
Takaful is a type of Islamic insurance, where members contribute money into a pooling system in order to guarantee each other against loss or damage.

The takaful market remains a huge growth potential in many regions. According to a report released at the 2015 Global Islamic Economic Summit in Dubai in October 2015, the volume of global takaful business is set to reach US$20 billion by 2017 and US$25.5 billion by 2020 from the current US$12 billion. There were a total of 224 global takaful operators as at 2012, with 101 new companies formed between 2006 and 2012, showing that takaful is indeed an emerging insurance segment. The total manpower supporting the primary takaful sector stood at 70,010 as at 2013.

In Africa, Takaful has largest presence in Sudan, Egypt, Tunisia, Algeria, Senegal and smaller presence in South Africa and Gambia. In Kenya's the first full-fledged takaful (Takaful Insurance of Africa) was launched in 2011 while Kenya Reinsurance and Continental Reinsurance are offering re-takaful.

Takaful is a cooperative system of insurance that allows risk sharing rather than risk transfer. It is an arrangement where all participants (policyholders) agree to guarantee each other and, instead of paying premiums, they make contributions to a mutual fund or pool. The pool of collected contributions is managed and administered on behalf of the participants by a takaful Operator who charges an agreed fee to cover costs. These costs include the costs of sales and marketing, underwriting, and claims management.

Read the full Takaful Insurance paper here

Information paper on Cybersecurity and Mitigation
Rapid technological developments have made it easier to use, create, manage and exchange information making today’s world is more interconnected than ever before. However, this increased connectivity brings unprecedented threats including increased risk of theft, fraud and abuse largely referred to as cyber crime.
Cyber security is the protection of information systems from theft or damage to the hardware, software and the information on them as well as from disruption of the services they provide (cybercrime).
Many companies have invested in technology to efficiently collect, process and store huge amounts of data. Big data is indeed the world’s new natural resource. This makes cyber crime the greatest threat to every profession, every industry and every company in the world.
Cyber-attacks are costing businesses $400 to $500 billion a year and similarly investment in Cyber security is also on the increase. Global spending on cybersecurity is estimated to be $77 billion (USD) in 2015 and this is projected to increase to $170 billion (USD) by 2020.
Read the full Cybersecurity and mitigation paper here

Medical Insurance Fraud Survey
Despite the growth in medical insurance business and the increasing premiums paid, there has been poor performance of this business class over the years. In 2010, medical insurance recorded a loss ratio of 81% with an average loss ratio of 78% over a four year period between 2006 and 2009. The possible reasons have been speculated to be the high cost of medical care and fraudulent claims.

AKI commissioned a study in 2013 to establish the extent of fraud in the Kenyan medical insurance. The insights from the study will enable development of strategies to minimize if not completely eliminate the vice and at the same time develop accurate pricing of medical insurance with a view to increase uptake of medical insurance.

Read the study findings here

Insurance Customer Satisfaction Survey
In 2012, AKI initiated an industry wide measure of service delivery through the insurance customer satisfaction survey. The survey aimed at providing highlights that will assist industry players develop and apply strategies that can improve their customer satisfaction and loyalty.
The study was carried out in three phases and in particular targeted both individuals and businesses. The average customer satisfaction index was 67%.
The study recommended that insurance providers should focus on main service drivers including claim processing, complaint handling and customer engagement. Other recommendations include need to adopt technology and consumer awareness and sensitization.
Read the full report here

Uninsured Marine Business Survey
Marine insurance has over the years recorded low premium and low uptake. In 2011 AKI commissioned a study to establish the reasons behind this low uptake and establish the extent of the uninsured marine business in Kenya. The research also intended to establish areas with potential for growth, why they have remained untapped and the best approach to capture them.

Findings from the study show that the performance of the marine insurance regulatory system relies on collaboration between different stakeholders and enforcement of existing laws and regulations.

Read the full report here

Understanding the Uninsured Market
The Association of Kenya Insurers (AKI) in 2008 carried out a targeted survey to understand the uninsured market unique needs and establish the best way in which this market could be covered by insurance.
The Association was concerned with low market penetration of insurance in Kenya and the poor public perception of insurance by the general public.
The survey aimed to establish the extent of the uninsured market in the country in terms of size, understand the main reasons for lack of insurance, understand their insurance needs and establish whether they are willing to buy insurance protection and how much they would pay for it. From the industry side, the study aimed to establish the challenges of providing or selling insurance to the uninsured population, and establish strategies that the insurance industry could adopt to capture the uninsured market.
The study found that, in as much as there was a willingness to purchase insurance products, there was a lack of awareness of insurance products, a general lack of trust in the insurance industry and that insurance was perceived as expensive and complex.
Read the full report here


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