U.K’s insurer, Old Mutual expects to sell more life insurance in Kenya as Industry Grows

Old Mutual Plc (OML), the U.K.’s third-largest insurer by market value, expects to sell more life-insurance products and begin offering general coverage in Kenya, where premium income may double by 2017.

The company, based in London, will use the 31 branches and 100 service outlets it acquired last month when it bought Faulu Kenya Ltd., a microlender, to increase sales of life-insurance policies, said Peter Muthoka, chairman of Old Mutual Asset Managers (Kenya) Ltd. “We are talking about banc assurance, that is what is going to help in selling our products,” said Muthoka, 70, a former chairman of Kenya Commercial Bank Ltd. “The growth in the economy coupled with financial awareness is expected to increase uptake of insurance products.”

Total premiums in Kenya’s insurance industry are forecasted to grow to USD 2.6 billion by 2017 from USD 1.3 billion last year, according to Business Monitor International, or BMI, the London-based research group. The economy, East Africa’s largest, is forecasted to grow by 5.8pct this year from 4.6pct in 2012, according to the government.

Life premiums per capita are expected to grow 75pct to USD 17.4 in the next five years, BMI said in a report last month. Non-life premiums are forecasted to expand 70pct to USD 34.9, bringing total income for that portion of the industry to USD 1.7 billion by 2017, it said.

Some of the products being considered include cover for the oil, gas and marine industries, Muthoka said. Kenya is expected to become an oil exporter in 2016, following Tullow Oil Plc (TLW)’s discovery of crude last year.The company also plans to begin operations in Uganda and Tanzania, to tap into the economic expansion in the two nations.“I believe that Kenya and the wider East African region hold great potential to enable us to further deepen life insurance penetration, which is still at its emerging stages,” Muthoka said.

Old Mutual already has operations in South Africa, where it was founded 168 years ago,Namibia, Zimbabwe, Swaziland, Malawi, Botswana and recently Nigeria and Ghana. (Bloomberg)


  • Rodgerpielp

    levitra sale philippines
    levitra coupon
    cheap levitra online uk
    levitra coupon
    levitra online order

    Rodgerpielp Sunday, 22 October 2017 03:35 Comment Link
  • HarlanClode

    how to order levitra online
    generic levitra
    buy levitra online in australia
    generic levitra
    levitra sale online

    HarlanClode Friday, 20 October 2017 21:53 Comment Link
  • RonaldLex

    cialis mail order in canada
    cialis generic
    can you buy cialis in hong kong
    cialis generic
    cialis online cheap

    RonaldLex Monday, 16 October 2017 13:47 Comment Link
  • Davidram

    cialis china buy
    canadian cialis
    buy cialis 5mg
    cialis generico in farmacia
    cheap cialis online pharmacy

    Davidram Monday, 16 October 2017 00:27 Comment Link
  • Marionmum

    viagra 25 mg rezeptfrei bestellen
    buy generic viagra
    quanto costa viagra da 100 mg
    viagra cost
    pfizer viagra 100mg erfahrungen

    Marionmum Saturday, 14 October 2017 02:53 Comment Link
  • Justinmycle

    sildenafil for sale
    viagra prices
    where i can buy viagra in india
    viagra cost
    viagra fake online

    Justinmycle Wednesday, 11 October 2017 14:31 Comment Link
  • ManuelSer

    would happen if girl took viagra pill
    viagra for sale uk
    can you get viagra at 18
    viagra generic
    when will viagra be generic in us

    ManuelSer Tuesday, 10 October 2017 21:53 Comment Link
  • AnthonyBroob

    viagra pillendienst
    Viagra Pills
    can you buy viagra italy
    Viagra Online
    viagra piller pris

    AnthonyBroob Thursday, 05 October 2017 10:24 Comment Link
  • Lloydemina

    cheapest prices for viagra
    buy viagra online yahoo
    best source for online viagra
    cheap viagra for sale
    buying viagra overseas

    Lloydemina Wednesday, 04 October 2017 07:47 Comment Link
  • AugustSox

    viagra real price
    viagra for men for sale
    where is the safest place to buy viagra online
    viagra for sale
    old do you have buy viagra

    AugustSox Tuesday, 03 October 2017 17:37 Comment Link

Leave a comment

Make sure you enter the (*) required information where indicated.Basic HTML code is allowed.

Latest News

Ethiopia to Host the 4th International Coffee Conference

Ethiopia to Host the 4th International Coffee Conference

Ethiopia is set to host the 4th International Coffee Conference from March 6 – 8, 2016 in Addis Ababa at the United Nations Conference Center. Previous conferences were held  in England in 2001, Brazil in 2005 and Guatemala in 2010. Read more


UAE-backed Egyptian forces arrive in Eritrea... https://t.co/dLEQRWD78l

ሰበር ዜና ብሄራዊ ባንክ ከነገ ጀምሮ የብር ምንዛሪ ተመንን በ15% እንዲገሽብ ውሳኔ አስተላለፈ፡፡ በተጨማሪም የገንዘብ ማስቀመጫ ወለድን ከ5% ወደ 7% ከፍ እንዲል ውሳኔ... https://t.co/fab8ZVRMVa
Follow EBR News on Twitter

Most Popular

  • 1
  • 2
Prev Next

The White-Box of Ethiopian Agriculture

The agricultural sector remains our Achilles heel, nonetheless, we remain convinced that agricultural-based development remains the only source of hope ...

Read more

For Whoever Has, to Him Shall be Given …

As the Ethiopian government seeks to transform the economy into one that’s rooted in manufacturing, the simplicity for local investors to access finance...

Read more


  • 1
  • 2
  • 3
Prev Next

Shooting in the Dark: The Anomalies of Headhunting

The war for ‘heads’ – also known as talent – has been raging for many years and the manner headhunters ‘poach’ people is getting tougher ...

Read more

Understanding Chinese Investment in Ethiopia A Critical Evaluation of the World Bank’s “Chinese FDI in Ethiopia” Survey

The World Bank country office in Ethiopia, apparently in response to the request by the government of Ethiopia, has conducted a survey of...

Read more

Mitigating Growing Income Inequality: What Needs to Be Done

Rising income and wealth inequality in many countries around the world has been a long-term trend for three decades or more. But the atte...

Read more

View Point

  • 1
  • 2
  • 3
Prev Next

Delivering Life Insurance: The Untapped Market in Ethiopia

Modern insurance transaction in Ethiopia was started by an Egyptian Bank in 1905. According to Ethiopian Chamber of Commerce there were 19, 33 and 40 insuran...

Read more

Cut Throat: The Vicious Cycle of Price Based Competition in Ethiopian Insurance Industry

For most, it was imprecise how Ethiopian insurers would manage their prices devoid of actuaries. As most insurers know, premium has a more significant impact...

Read more

Headache When a Key Personnel leaves a Company in the Financial Sector

The financial sector in Ethiopia has undergone considerable changes in recent decades. The dramatic rise of new market players into the sector has vividly al...

Read more