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Life insurance has grown in Kenya, but just 1 percent of the
nation's 46 million people are covered. Premiums doubled to 62
billion shillings in 2015 from 31 billion shillings in 2011,
Association of Kenya Insurers figures show.
Its potential has drawn international firms like Britain's
Prudential, which entered in 2014, but regional players
like Nairobi-based Britam, with a 30 percent share of Kenya's
life market, still dominate.
The Kenyan industry recorded a profit of 11.57 billion
shillings before tax in 2015, compared to 15.74 billion
shillings in 2014.
In Ghana, Osei-Bobie said the life insurance market had
grown from the 1.5 percent of the population to 2 percent in
three years but was "still relatively small", adding GUA Life
aimed to educate more people on the benefits.
Tom Gichuhi, Association of Kenya Insurers chief, said
Kenya, like other African nations, had a young population and
many were not paid enough to afford insurance.
But the biggest problem is that many who could afford a
policy have no knowledge about life insurance, he added.
"People will not buy what they don't know about," he said.
($1 = 101.3500 Kenyan shillings)
(Additional reporting by Kwasi Kpodo in Accra and Carolyn Cohn
in London; Editing by Edmund Blair and Alexander Smith)
http://www.reuters.com/article/africa-insurance-idUSL8N1CX53E