The following are the top & best insurance companies in Kenya. Insurance companies offer various insurance services to individuals, groups or companies to manage future risks.
The role of these insurance companies in Kenya is to help their policyholders or clients manage risks efficiently through the products that they offer and pay up claims covered by the policies.
Currently in Kenya, According to the 2019 statistics by the Insurance Regulatory Authority, we have 54 licensed insurance companies who offer various insurance products as shown in the list below.
List of insurance companies in Kenya
1. Britam Insurance
Britam is part of the British American Insurance company Limited and also listed at the Nairobi Securities Exchange. The company serves as one of the leading insurance service providers in Kenya.
The insurer offers a wide range of services which include: asset management, property management, and banking. The company also offers innovative products which include the Afya Tele, a health microinsurance cover that targets SMEs and registered groups of 10 or more members.
This year the company won an award of excellence in Tall Buildings and Urban Habitat (CTBUH) awards 2019 and named best in life insurance in the 2019 Association of Kenya Insurance (AKI)Agents.
2. Jubilee Insurance
This is a solely owned subsidiary of Jubilee holding limited which is a multinational insurance company. It mostly specializes in Motor Insurance, Health Insurance Home Insurance, and Education Insurance.
This year the company was named best in general insurance in the 2019 Association of Kenya Insurance (AKI)Agents.
3. Allianz Insurance
Allianz Group is a worldwide leader in both insurance and asset management. The company currently offering its services across all continents in more than 70 countries.
The company is a licensed insurer in Kenya and provides insurance products to protect Individual, groups, families and local corporates
The insurer offers personal insurance services on motor insurance, Motorcycle Insurance, home insurance immigration bonds and medical insurance.
Read also: Travel Insurance in Kenya
It is one of the largest insurance companies in East Africa. It comprises of four companies which are: ICEA LION Group, ICEA LION General Insurance, ICEA LION life assurance, ICEA LION asset management, and ITSL Trust Company Limited.
In October 2019, the company becomes the first-ever company in Kenya to introduce cancer insurance in Kenya for its members aged between 18 to 59.
Read also: Health Insurance Companies in Kenya
5. AAR Insurance
AAR is Kenya’s market leader for health insurance. The company started in 1984 as an air and road ambulance service as Africa Air Rescue before joining the insurance space.
As an insurer through the AAR Unlimicare cover, individuals enjoy a comprehensive cover that that covers chronic and congenital conditions, maternity and psychiatric treatment consultations and treatments including prescribed medicines MRIs and many more are included in the cover.
5. UAP Old Mutual Insurance
The group is a financial service conglomerate, headquartered in Nairobi Kenya. The company has subsidiaries in the East African region and South Sudan and Congo.
The insurer Offers financial solutions for insurance investment, savings, and banking. They offer insurance services for motor insurance, travel insurance, education insurance, family health cover, money-saving, and retirement plans.
6. Direct Line Insurance
This is Kenya’s major public service vehicle insurance company serving since 1998.
The company has also been classified as the country’s first niche underwriter to solely focus on motor vehicle insurance.
7. CIC Group Insurance
The CIC group serves amongst the longest-serving insurance providers. The group specializes in customized flexible insurance and financial services for its customers.
It offers general insurance, life assurance, health insurance, asset management, and CIC pensions services and the CIC money market fund.
8. Kenya Orient Insurance
Kenya Orient Insurance company has existed in the market for over 30 years now in the insurance industry. The insurer offers all types of general insurance and currently has a unique package of products that are slowly becoming mainstream. The company specializes in mobile phone cover insurance and the orient home cover.
Other products include life insurance operating under the Kenya Orient Life Assurance that offers life insurance and retirement planning solutions for individuals, groups of people as well as corporates.
9. Liberty Insurance
It is a subsidiary of Liberty holdings group, It has over 25 branches in operation nationwide.
This insurance provider offers an all-inclusive personal accident and motor policies to individuals, businesses, and corporates.
The company also specializes in various insurance services including travel, home, and health insurance solutions.
10. Sanlam Insurance
Formerly Pan African Insurance. Sanlam insurance is a public limited company that specializes in offering diversified financial services.
The company has existed almost a century now with current amounting to up to $60 billion and an international footprint. Also, the company has interests in 32 African countries, India, Malaysia, the USA, the UK, and Australia.
Areas of expertise include insurance, financial planning, retirement, investment and wealth, with comprehensive and tailored financial solutions to individual and institutional clients.
They offer products such as financial planning, retirement planning, investments and wealth and other comprehensive and tailored financial solutions for individuals and institutions.
11. Madison Insurance
It is a locally-owned financial service provider founded in 1988 as a privately owned limited company. The insurer covers the life and health insurance.
Currently, the company boasts of an asset base of up to Ksh 5 Billion.
Other products under the Madison group are health insurance and investment management and currently manages a portfolio exceeding Kshs 10 million.
Some of the popular products offered by Madison insurance include its school fees policy called “Bimakaro” in which customers have access to funds as low as Kshs 10,000.
Read also: Medical Insurance Companies in Kenya
12. Xplico Insurance
Xplico provides solutions to individuals and businesses including SMEs and big cooperate in Kenya and East Africa in areas such as micro-health, sports, travel, aviation, marine, trade, and credit as well as structured finance.
The company is a specialist insurance company that reasonably underwrites existing risks and new risks that most insurers don’t underwrite.
13. Kenindia Insurance
The insurer exists as a partnership between Indian insurance companies operating in Kenya to form a vibrant merger. Their products comprise general insurance which covers fire, marine, private vehicles, and personal accidents.
Medical insurance covers individual and family, corporate health plan and health service plans.
Life insurance covers a 15-year money back, capital advantage, group life, and staff retirement benefits
Other Insurance Companies in Kenya
Other insurance comprises The Kenya Alliance Insurance, The Monarch Insurance, Trident Insurance, Prudential Life Assurance, Pioneer Insurance, Pacis Insurance, KUSCO Insurance, Resolution Health, and many others.
Insurance products vary in most cases and companies present them to clients following to their current needs or urgency of the service.
See the list of best car insurance companies
Insurance Companies in Kenya Concussion
In Kenya, the most common insurance products are vehicle insurance and medical insurance covers. Other products comprise life insurance, marine insurance, fire insurance, liability insurance, Motor insurance, Home insurance, and health insurance covers. These covers are majorly classified into Life and General insurance.
Life insurance offers financial compensation in case of death or disability. The cover can be classified in various types comprising of Term insurance, Whole life insurance, Endowment policy, money back policy among others.
In the case of term insurance which is the most basic, in this policy the insurance company pays your family a huge amount of money in the case of death and no amount is paid back when no life is lost.
General insurance offers compensation on any other loss besides death. It covers liabilities such as a car, house health or travel.
For instance, car insurance covers situations such as theft or when a car gets involved in an accident and the damages are unmanageable, the insurance company comes in to facilitate the repairs.
Additionally, insurance helps individuals and communities recover from natural disasters. The latest example of the insurance cover in Kenya occurred during ng the Solai dam tragedy where hundreds of lives were lost. The owner of the dam through his insurance company compensated the survivors of the tragedy.
Insurance is important because it helps you stabilize and manage risks in case they occur. Iffcotokio notes that we cannot survive on savings alone to achieve total financial freedom. Ensuring our assets with an insurance company is very important.