GCR rates 21 insurers in the Kenyan insurance industry out of the 67 insurers and reinsurers licensed and regulated by the Insurance Regulatory Authority (“IRA”). The GCR rated sample constitutes 33% of licenced insurers and reinsurers in 2019. Analysed by licences, GCR rated 13 short term insurers out of 38 players and six long term insurers out of the 24 players. Out of the five reinsurers regulated by IRA, GCR rated the two largest risk carriers. Primary insurers in the GCR sample accounted for 48% of aggregated long- and short-term gross written premiums in 2019, using data from IRA.
GCR believes that the Government of South Africa continues to show a strong willingness to support SOEs in most instances. However, because of constrained resources, actual support is becoming less consistent and less reliable.
In February 2021 the Ghanaian president signed into law the new Insurance Bill, 2020 which includes the introduction of three additional compulsory covers: group life for employees, public liability, and professional indemnity. GCR expects Insurance penetration in Ghana to improve as a result.
GCR Ratings (“GCR”) has published the Country Risk Score for Gabon and Senegal. The Country Risk assessment, which is a key part of the operating environment score, interacts with GCR ratings in four ways. Firstly, the country risk scores create the foundation for the Anchor Credit Evaluator (the mapping table, see the Criteria for the GCR Ratings Framework and the interactive online map at