Bancassurance Premiums Hit Sh35Bn as Sector Eyes Growth Through Innovation

What role will partnerships, product customization, and Artificial Intelligence (AI) play in deepening insurance penetration? These are among the key emerging issues that will be explored at the upcoming 3rd Annual Bancassurance Association of Kenya Conference, scheduled for July 9–12, 2025, in Mombasa.

APA Insurance and APA Life have both reaffirmed their commitment to strengthening strategic industry partnerships by sponsoring the upcoming 3rd Annual Bancassurance Association of Kenya Conference.

This commitment reflects APA’s broader strategic vision to drive inclusive growth in the financial services ecosystem by leveraging technology, collaboration, and customer-centric solutions.

These issues will ride on last year’s theme dubbed “Rethinking Insurance Distribution: Embracing Disruptive Technologies While Strengthening Customer Trust.”

Tech solutions are increasingly being relied upon to deliver more personalized services and detect fraud—innovations that are making the industry more efficient and sustainable.

A 2024 bancassurance study by the Association of Kenya Insurers (AKI) showed that gross written premiums in the bancassurance space grew to KES 35 billion in 2023 from KES 19.5 billion in 2019—a 79.4% growth. Over the same period, the market share of bancassurance as a distribution channel increased from 8.4% to 10%.

While premiums surged, so did claims, rising to KES 14 billion from KES 6.5 billion in the same period. Interestingly, only nine of the 24 licensed bancassurance agencies accounted for 83.5% of the gross written premium, each generating over KES 1 billion. The leading agency alone generated KES 6.34 billion.

Motor insurance remains the most popular non-life product, commanding 58.6% of total premiums collected, while credit life and mortgage insurance dominate the life segment at 62.9%.
As APA and other industry players convene in Mombasa, the conversation will revolve around how innovation, collaboration, and trust can unlock the next chapter of bancassurance growth in Kenya and beyond.