There are already so many uncertainties in life to let you hang around without an insurance cover and while there are lots of Insurance companies to explore, you still need to review the best pick for an insurance company to work with.
The role of insurance companies is to give you a financial footing in your time of crisis or need from housing, health, accident, and many more covers. Thus, you need an insurance cover that would cover your gaps in both short-term and long term.
While insurance covers have become so necessary, you need to pick on the right insurer to meet your targets. This is because very few insurers offer general insurance packages and you are likely to lose out if you pick a motor insurance company when you don’t have a car.
Most importantly, when comparing insurance policies to pick on, don’t go for the cheaper one first. Look into the packages and evaluate how much you need from then; you can now evaluate them in terms of prices and where you would like to set the deductions.
If you are starting off with Insurance, start with the critical ones like health to cover for medical costs for yourself and your loved ones, life insurance which can provide financial security to your loved ones at death, and Education insurance for your kids’ education. With time explore other covers as you go.
In this article, we will highlight a list of insurance companies in Kenya that you can pick for your insurance journey.
Top 10 insurance companies in Kenya
These are some of the top insurance companies in Kenya, they include:
AAR Insurance Africa
AAR is one of the largest insurance companies in Kenya and a leader in health insurance. It also has a presence in three East African Countries, Kenya, Uganda and Tanzania.
The company first started off as an air and road ambulance service provider as Africa Air Rescue before joining the insurance space later. The insurance arm is also a licensed financial service provider providing flexible and simple insurance solutions to empower Africa’s people. The company has been operating independently for the last four years.
Some of the AAR products include:
- Personal accident cover
- Individual and family medical plans
- Business enterprise medical plan
- Professional indemnity cover
- Home owner’s insurance
- School insurance cover
- Landlord insurance cover
- Travel Insurance cover
- Marine Insurance
AAR also supports a number of e-services for your convenience. There is a self-help portal where you can access all the things you need without dialing into the call center. You can as well buy personal accident cover and travel insurance online with nay back and forth paperwork.
The AAR online portal also allows you to access all your policy documents, launch complaints online and calculate your premiums as well as send them a WhatsApp message.
AAR insurance as well as a safe and convenient way of managing your medical cover on your mobile, so instead of using your card, you can access your medical services a dial away through M-TIBA
How to access M-TIBA on your Phone
- Dial *253# using the number registered on M-TIBA
- Enter M-TIBA pin
- Press 1 to initiate a treatment
- Select a recent clinic or till number of facilities
- Select the patient to be treated
- Select payment method
- Select your AAR payment method
- Finally, press 1 to authorize the payment.
APA insurance
APA insurance is a merger born between Apollo insurance and Pan African General Insurance. The company offers an array of insurance cover from long-term to short-term insurance cover. Built on commitment, the company has grown to become one of the leading insurers in East Africa with a presence in Kenya and Uganda.
Apollo Investments Limited underwrites General Insurance risks such as Fire, Marine, Aviation, Personal Accident, Motor, Liability, Agriculture, Property, and Micro Insurance.
The insurance firm also covers Health Insurance for corporates, Individual & Family Health Insurance covers.
Under its medical insurance cover, it has three main products which include:
- Health Corporate- This cover for companies with more than 10 employees
- Femina- A type of APA exclusive cover that shelters women’s needs
- Jamii plus and Nafuu- These covers for families and individuals.
APA insurance has been also recognized as The Best Insurance Company in Claims Settlement through its asset management arm. Beyond insurance, the firm is also licensed by The Capital Markets Authority (CMA) and the Retirements Benefits Authority (RBA) to conduct fund management and investment advisory services.
The company also boast of individually packaged products that include:
- APA Elimu
- Pumzisha
- Imarika and HosiCare aim to protect generations as well as help people from all walks of life to meet common needs.
Britam Insurance
Britam is also known as British-American Insurance company is one of the leading financial services group with interests across the Eastern and Southern Africa region. The company operates in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Malawi, and Mozambique.
The insurance firm is also listed in Kenya at the Nairobi Securities Exchange. The insurer offers a wide array of services that include: Asset management, property management, and banking. The company has since spread its arms to the health insurance sector through an innovative product “Afya Tele” a health microfinance cover that targets SMEs and any registered groups of 10 or more members.
The company offers the following products:
- Home insurance
- Motor Insurance
- Marine cargo insurance
- Boresha Elimu cover
- Money market fund
- Individual retirement plans
- Wealth management fund
- Imarika investment plan and travel insurance
Under the property insurance arm, Britam offers end to end investment solutions for the Britam group and third-party investors. The arm insures property in the following sectors:
- Shopping malls
- Hospitality
- Housing
- Student accommodation
- Offices
The insurance firm also boasts of pension plans for both individuals and businesses which makes it ideal for businesses that are looking for retirement benefit plans for their employees.
Madison Insurance
Madison insurance is one of Kenya’s top insurance companies. The insurer has been operational in Kenya since the year 1998 and it prides in offering general, life and health insurance cover to its clients.
Driven by its mission to offer competitively priced products for the Kenyan market, the insurer is one of the cheapest insurance companies in Kenya with as low as ksh10,000 covers.
The health insurance package offers both individual and family plans from as low as ksh50,000.
If you are looking for a maternity cover for an individual with a package as low as Ksh100,000 then Madison insurance will get you covered. The company also has an asset base of about Ksh5 Billion.
Some of the products under Madison insurance include:
Health insurance and investment management boast of a portfolio of about ksh10 million.
Other products include its newly introduced school fees policy dubbed *Bimayakaro* which allows customers to access as little as Ksh10,000.
The bimayakaro is an education policy by Madison that allows you to ensure your dependant’s school fees. The plan is flexible for parents struggling with meeting their kids’ school fees because, you can set targets for the amount you want to achieve, set maturity periods including a preterm maturity option so you never miss your deadlines.
Direct line Insurance
Direct line insurance is Kenya’s largest vehicle insurer. Since 1998, the company has solely focused on motor vehicle insurance with public service vehicles as its major player.
Some of its products include:
-
Third-party only (TPO)
This is basic and mandatory coverage for all motorists both private and public. The policy covers third parties in case of bodily injury or damage to their property. With this cover, the insurer compensates you against legal liabilities insured as a result of the use of the vehicle. This policy applies to PSV matatus, PSV buses, Taxis, commercial motor, and private motor.
-
Comprehensive cover
The comprehensive cover is offered in two options for PSV matatu and PSV bus.
- PSV Matatu- Under the PSV Matatu, the cover offers both compensations on liabilities arising from a third party and accidental damage or loss o motor vehicle including standard accessories and spare parts.
- PSV Bus- Under the comprehensive PSV bus policy, the cover offers both compensation on liability arising from the third party and also accidental damage or loss of motor including standard accessories and spare parts.
The comprehensive covers also package extensions to cover political, violence and terrorism, and excess protector at an extra cost.
Jubilee insurance
Jubilee insurance is a subsidiary of Jubilee holdings limited serving as one of Kenya’s leading insurance companies that prides in offering medical insurance in Kenya since 1937.
The insurance firm has operations in Kenya, Uganda, Mauritius, Burundi, and Tanzania, and Pakistan as recognized as the largest composite insurer in the East African region with over 450,000 clients. The company is also listed at the Nairobi securities exchange, Dar-es-salaam stock exchange, and the Uganda securities exchange.
Some of its products include:
- Motor and non-motor insurance
- Health insurance
- Life assurance Pension
- General insurance.
Jubilee Motor insurance
Under the motor insurance cover, jubilee insurance covers third party fire and theft including third party injury and property damage.
The comprehensive cover underwrites third-party liability and property damage to their vehicle which includes damage due to fire or accidental damage.
Benefits of the jubilee motor package
The package comes with excellent claims settlement
Accident and disability benefit
Political violence and terrorism benefit
Free motor valuation and inspection and 24-hour towing service.
The general insurance package comprises of personal and business covers that comprise of travel insurance, home insurance, group personal accident, all risk insurance, marine hull, and cargo insurance, and many more.
Kenindia insurance
Kenindia insurance company came up as a result of a merger between India insurance companies operating in Kenya to form a vibrant joint venture.
Some of the products under the Kenindia Umbrella include:
General insurance which covers:
- Travel insurance
- Bonds insurance
- Motor commercial insurance
- Motor private
- Professional indemnity
- And public liability
- Fire insurance, marine insurance
- Burglary insurance, goods in transit, cash in transit carrier legal liability
- Work injury benefits
- Group personal accident, and personal accident.
Kenindia medical insurance cover comprises of:
- Individual/family plan
- Corporate health plan
- Health plan service
The Kenindia life insurance cover comprises of:
- Term assurance
- Individual pension plan
- Group life cover
- Staff retirement benefit and more
Some of its major life insurance products include the 15 years money back plan whereas n investor, you are guaranteed to receive a return of 15 percent of your sum after every three years. At the end of the policy period which is 15 years, you receive 100 percent of the sum assured including the accrued bonuses and financial additional bonuses check it out here
Kenya Alliance Insurance
The Kenya alliance insurance company is among the long-serving insurance companies in Kenya with branches across Kenya.
The company has evolved into one of the most financially sound composite insurance companies in the country with an asset base of about 6.8 billion shillings and a paid-up capital of about Sh700 million.
The company is dedicated to offering insurance products under:
- General insurance
- Life and pensions and health care business.
General insurance cover
The scopes of general insurance at the Kenya alliance insurance underwrites motor only which covers:
-
Comprehensive cover.
The cover underwrites accidental damage, theft of the vehicle, passenger liability which excludes driver, insured and family member if the insured person. It also covers third-party liability which includes both property and death or injury of persons out of vehicle.
-
Third-party fire and theft
These covers -theft of the vehicle, passenger liability excluding the driver, insured and family member of the insured person.
Third-party liability for both property and death or injury of a person out of the vehicle.
-
Third-party only
This option is a mandatory cover required for every driver. It covers third party liability both property damage and death or injury to third party persons.
CIC Group
CIC insurance is the leading Micro and cooperative insurance provider in Kenya with its subsidiaries involved in the fund, REITs, asset management, general, health, group and individual life, pension and annuities. The company has been listed at the Nairobi securities exchange since 2012 and its shares are currently traded at the bourse.
The group also has interests in Uganda, South Sudan, Tanzania, Rwanda and Malawi. The CIC general insurance company is the lead cooperative insurer in Kenya with a client base of over 1.3 million.
The company offers unique products for cooperative societies in the country. Some of its products include:
- General insurance
- Life assurance
- Health insurance
- Asset management and CIC pensions
CIC has packages from as low as Ksh300 which comprise of Jilinde personal accident policy which ensure that employees medical expenses are catered for in case of accidents. The company also boasts of a diaspora package tailored for Kenyans living in the diaspora.
Procedure to get your CIC policy
You can get the CIC insurance policy in three easy steps.
Once you open the CIC portal on your browser, you will see the option to get your policy.
- First, you will pick a cover you want
- Enter your name
- ID number
- Your phone
- Your email address
- For motor, select the type of motor private cover
- Type of your car
- Enter an approximate value for your car
- Year of manufacture
- Your year of birth
- Cover start date and your location.
First Assurance company
Formerly Prudential Assurance Company PLC, first assurance is a British multinational insurance company with operations in East Africa since 1930. The insurer is now part of the Absa Group LTD. The company offers a wide array of insurance products from business to personal insurance solutions.
The business products are uniquely tailored for SMEs, especially in the construction, industrial, agricultural and service sectors. The SMEs insurance package provides a solution to the insurance needs of the enterprises.
They include:
- Fire and perils
- Business interruptions
- Fidelity guarantee
- All risks
- Group personal accident staff and students
- Terrorism and sabotage insurance
- Employers liability policy and more
Personal accident
This policy aims to compensate the insured of his/her legal in respect of death permanent disability and temporary disability caused by violent, accidental, eternal and visible means while on duty.
Some of the benefits covered include:
- Death
- Permanent disability
- Temporary disability including the actual weekly salary of 104 weeks
- Medical expenses
- Last expenses
- Wheelchair
- Local evacuation expenses
- Dental expenses
- Artificial limbs
- Ambulance expenses
- Rehabilitation expenses
- Optical expenses and hearing aids.
Lastly, the role of insurance is mostly to protect you from uncertainties but more broadly, insurance acts as a social arm to reduce risks of life and property. While there are lots of insurance covers you can pick from, familiarize yourself with the covers before settling with one. For instance, if you take a medical insurance cover, in times of critical illnesses that require a lot of money, the insurance company will cater for the medical bills instead of letting you go the extra mile with bills.
Insurance facilities spread the risks from the insured to the insurer which means whenever a loss occurs, you are compensated out of funds of the insurer. Additionally, the life insurance policy of insurance provides an insurance channel in that when you save, the insurer enables systematic savings due to the payment of regular premiums.
