Kenya's independent association that champions excellence in insurance, the Association of Kenya insurer, ranked Xplico Insurance Company as the fastest growing general insurer in East Africa in its 2012 report.
According to the report, nine out of a total of 46 insurance companies in the country made losses while the sector recorded gross written premiums of KSHs.108.5 billion in 2012 compared to KSHs.91.6 billion in the previous year.
Conversely, the African Reinsurance Corporation Statistics division estimates that Africa's composite gross written premium in 2010 was US$66.39 billion (nonlife-US$21.76 billion and life-44.63 billion). The continent's insurance sector has over 600 insurance companies and close to 40 reinsurance companies operating in 52 markets.
Xplico's regional expansion plans include opening more branches in Kenya and the wider East African region to provide effective affordable and timely protection against financial losses, unpredictable risks and maintenance of health.