Updated on 1 May, 2024 – Enhanced the article with detailed criteria for ranking insurance companies, providing readers with a comprehensive framework for evaluating insurers. Additionally, expanded the list of top insurance companies in Kenya based on these criteria to offer a more thorough and informative guide for readers.
Insurance companies offer various insurance services to individuals, groups, or companies to manage future risks efficiently through their products and pay up claims covered by the policies.
Currently, we have 58 licensed insurance companies in Kenya that offer various insurance products and a bustling insurance market; finding the right coverage can be a challenge.
The significance of insurance is paramount, especially in mitigating risks such as health emergencies and property damage. With an excess of insurance companies competing for attention, selecting the ideal one can feel overwhelming.
That’s why we’ve sifted through the options to bring you the best of the best.
When assessing and ranking insurance companies, several key criteria are considered to provide a comprehensive evaluation. These criteria help readers understand the basis on which companies are ranked and why certain companies are recognized as top performers in the industry. Here are the criteria used for ranking insurance companies:
These criteria collectively provide a well-rounded assessment of insurance companies, helping readers make informed decisions based on the company’s performance across various important aspects of the insurance business.
Now that we’ve covered the criteria for ranking insurance companies, let’s shift to the list of top insurance providers in Kenya that meet these standards.
Britam Insurance is a leading insurance provider in Kenya, known for its strong financial performance, diverse range of insurance products, and excellent customer service. From life insurance to health insurance, general insurance, and asset management services, Britam offers comprehensive coverage options and reliable support to its customers.
Jubilee Insurance stands out as one of Kenya’s premier insurance businesses, with a long history and a diverse range of products. Jubilee Insurance is well-known for its dependability and outstanding customer service, offering anything from health insurance to auto insurance and more. With multiple awards to its name, including recognition for innovation and client satisfaction, Jubilee Insurance continues to set the standard in the insurance sector.
APA Insurance has established itself as a major participant in the Kenyan insurance market, providing innovative insurance products and great customer service. Whether you’re looking for medical insurance, travel insurance, or property insurance, APA Insurance has a package for you. APA Insurance maintains its client trust by focusing on risk management and individual service.
CIC Insurance Group is proud of its dedication to client satisfaction and financial stability. CIC Insurance Group meets its clients’ changing needs by offering a diverse range of insurance products, including life insurance, general insurance, and asset management services. Transparency and integrity are key to CIC’s operations, making it a popular choice among Kenyans looking for dependable insurance coverage.
Heritage Insurance Company Kenya is known for its strong financial stability, comprehensive insurance solutions, and customer-focused approach. Whether you need coverage for your vehicle, property, marine assets, or medical expenses, Heritage Insurance has you covered. Their motor insurance ensures you’re protected on the road, while property insurance shields your valuable assets from unforeseen risks. If you’re involved in maritime activities, their marine insurance offers comprehensive protection.
ICEA Lion Group is a prominent insurance provider with a wide range of insurance solutions and a strong focus on customer satisfaction. The ICEA Lion Group offers comprehensive financial security for individuals and enterprises, ranging from general insurance and investment solutions to life insurance and pensions. With competitive premiums and innovative products, ICEA Lion Group is a trusted name in the insurance industry.
Invesco Assurance Co. Ltd. is a reputable insurance provider with a strong focus on financial stability and customer satisfaction. With a diverse range of insurance products and efficient claims processing, Invesco Assurance Co. Ltd. is a reliable choice for insurance coverage.
Kenya Orient Insurance is known for its customer-centric approach, competitive premiums, and comprehensive insurance solutions. With a strong reputation and innovative products, Kenya Orient Insurance is a preferred choice for many customers.
Kenya Reinsurance Corporation is a leading reinsurer in Kenya, known for its strong financial stability, industry expertise, and global presence. With a wide range of reinsurance products and services, Kenya Reinsurance Corporation plays a vital role in supporting the insurance industry.
Madison Insurance Company Kenya is a locally-owned commercial 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.
Mayfair Insurance Company Limited is known for its strong financial stability, diverse range of insurance products, and customer-centric approach. With efficient claims processing and reliable customer support, Mayfair Insurance Company Limited provides dependable coverage to its clients.
Metropolitan Cannon General Insurance is a leading insurance provider with a focus on customer satisfaction, competitive premiums, and comprehensive insurance solutions. With a strong reputation and efficient claims processing, Metropolitan Cannon General Insurance is a trusted name in the insurance industry.
Pioneer Assurance Company Limited is known for its strong financial stability, diverse range of insurance products, and commitment to customer satisfaction. With efficient claims processing and personalized service, Pioneer Assurance strives to provide comprehensive insurance solutions that offer peace of mind and financial security to individuals and families across Kenya.
Prudential Life Assurance Kenya is a reputable insurance provider known for its strong financial stability, comprehensive insurance solutions, and customer-focused approach. With a wide range of products and efficient claims processing, Prudential Life Assurance Kenya is a trusted choice for insurance needs.
Resolution Insurance Company Limited is known for its strong financial stability, diverse range of insurance products, and commitment to customer service. With innovative solutions and efficient claims processing, Resolution Insurance Company Limited provides reliable coverage and support to its clients.
Takaful Insurance of Africa is a leading provider of Sharia-compliant insurance solutions in Kenya. Known for its strong financial stability and customer-focused approach, Takaful Insurance of Africa offers a range of products tailored to the needs of its clients.
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.
UAP Insurance Company Limited is a reputable insurance provider with a focus on financial stability, customer satisfaction, and innovative solutions. With a wide range of insurance products and efficient claims processing, UAP Insurance Company Limited is a trusted choice for insurance needs.
CIC Life Assurance Limited is a leading life insurance provider in Kenya, known for its strong financial stability, comprehensive life insurance solutions, and customer-focused approach. With a wide range of products and efficient claims processing, CIC Life Assurance Limited is a trusted choice for life insurance needs.
Kenya Orient Life Assurance i s renowned for its creative approach to insurance, consistently launching new goods and services to satisfy its clients’ changing requirements. 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.
Allianz Insurance 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.
AAR Insurance 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.
Direct Line Insurance is Kenya’s significant public service vehicle insurance company since 1998. The company has also been classified as the country’s first niche underwriter to focus on motor vehicle insurance solely.
Kenindia Insurance is a well-established insurance provider in Kenya, offering a diverse range of insurance products and financial services. 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
Xplico Insurance 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.
Sanlam Insurance formerly Pan African 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 business solutions to individual and institutional clients.
They offer products such as financial planning, retirement planning, investments and wealth and other comprehensive and tailored business solutions for individuals and institutions.
Liberty Insurance is a subsidiary of Liberty holdings group, and 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.
Additional 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.
Yes, all the insurance companies listed are licensed and regulated by the Insurance Regulatory Authority (IRA) of Kenya, ensuring compliance with industry standards.
You can visit the respective websites of these insurance companies for detailed information about their products, services, and contact details.
Insurance can be purchased directly from the insurance companies’ branches, through their websites, or via authorized agents and brokers.
Factors to consider include the company’s reputation, financial stability, customer service, coverage options, premiums, claim settlement process, and reviews from other customers.
Many of these insurance companies have embraced digitalization and offer online services such as policy purchase, claims processing, and customer support for added convenience.
Yes, insurance companies in Kenya are regulated by the Insurance Regulatory Authority (IRA) to ensure compliance with regulations and to protect the interests of policyholders.
In Kenya, the most popular 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 considerable 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 disaster.
Insurance is essential because it helps you stabilize and manage risks in case they occur. IFFCO-TOKIO notes that we cannot survive on savings alone to achieve total financial freedom. Ensuring our assets with an insurance company is very important.
