India has grown to become Kenya Re’s second largest source of business contributing 32 percent of its gross premiums behind Kenya’s 38 percent in the year ended December, according to South African rating firm Global Credit Rating (GCR).
Kenya Re has traditionally depended on the Kenyan market –from which it gets a mandatory 20 percent premiums from primary underwriters— which made up half of the company’s business over the years.
The company has however diversified into small presences in multiple markets, growing its potential for premium diversification with India leading in market growth to rival the Kenyan business.
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