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Insurance pay is slightly better than banking, new survey shows

NAIROBI, Kenya, May 19 – The banking sector in Kenya has been on a rationalization movement since the cutting down of interest rates in September 2016.

Rate capping, together with the technology disruption happening in the financial sector, has led to downsizing with over 1,000 employees laid off as at November 2016.

The insurance sector, however, has looked to innovation and diversification of products to grow their customer base although marginally to increase insurance penetration from 3% to 4% penetration rate.

The Brighter Monday DF Job report looks at the number of jobs created in various sectors in Kenya between March 2016 and March 2017, and the performance of salaries per sector/location.

We analyze the banking and insurance sector performance in Kenya. Within the period March 2016 to March 2017, job creation in the insurance sector decreased by 37.5%. Unlike the insurance sector, there was an increase in the creation of jobs in the banking sector by 8.33%.

In salaries, insurance jobs offer more competitive salaries as compared to bank jobs, especially at junior and intermediate level. The study analyzed data from the Brighter Monday website with key interest being the activities of job seekers on the website against jobs posted.

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