For the year ended December 2019, MUA’s East African operations experienced a remarkable improvement in profitability, moving from a loss of Rs 32.2M in 2018 to a net profit of Rs 2.8M for 2019. The driving force behind this turnaround was MUA Kenya – an experienced team with in-depth local market knowledge. The outstanding results were driven by a growth in net earned premiums of 35%.
With 37 players, the Kenyan insurance market is highly fragmented, with each of the largest insurers not even holding 10% market share. Moreover, severe undercutting and the prevalence of fraud has resulted in the gross written premiums stagnating since 2017 and the majority of insurers, 22 of the 37 companies, reporting insurance losses in 2018. In these challenging market conditions, MUA Kenya’s performance is a true testament to the local team’s success and solid understanding of the market.
