Navigating the insurance companies in Kenya can be daunting. With many companies each promising the best coverage, knowing which ones truly deliver is crucial. This article presents an insightful overview of Kenya’s top 10 insurance companies in Kenya. These firms have been meticulously evaluated based on their financial stability, customer service, and range of coverage options. Whether you’re seeking health, auto, or life insurance, this guide will help you make an informed decision. Read on to discover the insurance company that best suits your needs in Kenya.
Every Kenyan is at risk of being involved in an accident or falling sick at one point in their life. In such scenarios, having an insurance cover comes in hand to ensure that your bills are covered, or you get compensated for your loss. According to the Insurance Regulatory Authority, about 49 registered companies offer both life insurance and general insurance to Kenyans.
List of Insurance Companies in Kenya
1. Jubilee Insurance Company
Jubilee Insurance, a subsidiary of Jubilee Holdings Limited, was founded in the year 1937. The chairman of Jubilee Insurance Company is Nizar Juma. Jubilee Holdings Limited has been listed on NSE since 1973. The company offers various products like medical insurance (JCare), machinery breakdown, personal accident cover, motor vehicle insurance, travel insurance, domestic package policy, and many others.
With a strong financial background, with assets of over US$826.6 million, it is one of the main reasons why the company has attracted so many clients. In the years 2014-2015, Jubilee Insurance was positioned as the top insurance company in Kenya with 11.9 percent market shares. The company has a mobile app known as JubiCare where consumers can keep track of their policy and communicate with its customer service desk.
2. CIC Insurance Group
When the company was founded in 1968, it started as a co-operate insurance company. Later on, the company opened its doors to the general public. CUC Insurance Group does not only work as an insurance company but is also an asset management group. The company’s main products are general insurance, life insurance, and medical insurance.
CIC was listed in NSE in 2012. This action has attracted more customers since listing by NSE indicates that the company is liable and transparent. With over a 1.3 million clientele base, the CIC group is one of Kenya’s best insurance companies. Tom Gitogo is the CIC group CEO, with Japheth Magomere as the chairman. CIC won the award of the Best Motor Insurer in 2020.
3. Heritage
Heritage Insurance Company is a subsidiary of Liberty Kenya Holdings Plc. The main shareholders of Liberty Holdings Limited are Standard Bank, one of Africa’s largest banking groups. Nairobi Security Exchange also lists the company.
Heritage Insurance Company is dedicated to providing their clients with quality insurance services in general insurance and life insurance. Other products by the company include travel insurance, medical insurance, and engineering insurance. With a strong financial background, consumers are assured of their claims being met. The company deals more with short-term contracts. With the Heritage Insurance Company medical insurance, consumers can choose between a family cover and a personal cover.
4. AAR
Since 1984, AAR has been offering insurance in Kenya. The company started as a service provider for air and road ambulance services. It was formerly known as Africa Air Rescue. Products from AAR company were designed to meet travelers’ needs, workers in remote areas, and tourists.
AAR, later on, opened its doors to the general public by offering medical insurance covers and opening health facilities across the country. AAR medical facilities include Mater Hospital, the Aga Khan University Hospital, AAR HealthCare, Medanta Hospital, Gertrude’s Hospital, and others. AAR has other products like personal accident cover, school insurance, doctor’s indemnity cover, etc.
5. ICEA LION Insurance Company
ICEA LION Company was born after a merger between the Insurance Company of East Africa (ICEA) and Kenya Insurance Company’s Lion. ICEA LION has two main subdivisions; ICEA LION Life and ICEA LION General Insurance. Their policies apply to corporate products and personal life packages. Their products include mortgages, endowment policies, school insurance (Elimu Bora), and others.
ICEA LION Insurance Company focuses on general insurance. Its products include; domestic packages, contractor all risk, car insurance Kenya, personal accident cover, and several others. ICEA LION Group has a strong financial background with millions of assets across Africa. ICEA LION has won the following awards; Think Business Insurance Awards, Fund Manager of the Year Awards, and several others.
6. Britam Insurance Company
British-American Insurance Company, also known as Britam, was founded in 1920. The company is a division of the British-American Investment Company Limited. The company shares are traded freely since Britam is listed at the Nairobi Securities Exchange.
Services offered by Britam include; life insurance, general insurance, asset management, pension management, and several others. Britam has also diversified to come up with innovations like Afya Tele and a health microinsurance organization. This microfinance scheme is open to small groups of 10 members and SMEs.
7. Allianz Insurance Company
Allianz Insurance Company was founded in 1890. This company traces its roots back to Germany. Allianz started its operations in Kenya in 2016. Operating in over 70 countries, Kenya being one of them, Allianz has over 147,000 employees and a clientele base of about 85 million members. Their main products include; casualty insurance, medical insurance, property insurance, and asset management.
8. Kenya Reinsurance Corporation
Kenya Reinsurance Corporation, commonly known as Kenya Re, was founded in 1971. This company is one of the oldest reinsurers in Central and Eastern Africa. Kenya Reinsurers other insurance companies. The corporation serves more than 265 insurance companies in about 62 countries. Their main products are general insurance and life insurance. Kenya Re’s assets total to over Ksh. 50.4 billion, and the company is listed on NSE.
9. Liberty Life Assurance Kenya Limited
Liberty Life Assurance Kenya Limited, also commonly known as Liberty Life, was founded in 1964. Its managing director is Abel Munda, and the chairman is Peter Nderitu Gethi. With its assets totaling over Ksh. 24 billion, the company has managed to establish a wide clientele base of over 800,000 members. Most of the members are from Kenya Women Micro Finance Bank (KWFT). Their products include; education plans, investment plans, retirement savings, and life insurance. The company has been awarded in Risk Management, Product Innovation and Distribution, Best in Customer Satisfaction, and others.
10. Metropolitan Life Insurance Kenya
Metropolitan Life Insurance is a subsidiary of Momentum Metropolitan Holdings Limited, formerly known as MMI Holdings Limited. The company was founded in 2010. Its current chairman is Johnson Njeke, and its CEO is Hillie Meyer. The firm is involved in long-term and short-term insurance policies, savings, asset management, employee benefits, and investment plans. In 2019, MetLife, the mother company of Metropolitan Insurance, was awarded the Life Insurance Company of the Year.
Insurance Companies in Kenya Conclusion
In our day-to-day lives, we are met with unforeseeable risks. For this reason, you need to have an insurance cover of your choosing. With several insurance companies to choose from, you have the liberty to choose products that meet your needs like life insurance, education insurance, medical cover, general insurance, personal accident cover, and others. Follow Wivanda for more information on insurance companies in Kenya.
