Insurance in Kenya is still being seen as a waste not just in Kenya but in Africa as a whole. If there is anything Africans know how to do, it is to take their lives and situation in their own hands. Just like in most African countries, Kenya has a very low insurance penetration with about 46 insurance companies and 4,576 registered insurance agents, only about 3 percent of the population has insurance cover in Kenya. Other countries like South Africa and Malaysia have up to 9 and 41 percent of their population under one form of life insurance or the other respectively. One could say that development and economic growth are the bedrocks of insurance growth and perhaps over the coming years, the number of insured citizens in Kenya could increase if the economy keeps pointing north. However, if you would like to seek insurance in Kenya, below is the list of top 10 insurance companies in Kenya you may want to consider. Top 10 life insurance companies.
Top 10 Insurance Companies in Kenya (arranged in no particular order).
10.Pan Africa Insurance Holdings
Pan Africa Insurance Company, established in Mombasa in 1947, was the first insurance company in Kenya to be listed on the NSE. It was created as a subsidiary of Pan Africa Insurance Holdings to tap into the largely under-developed life assurance market in Kenya. Pan Africa General Insurance limited and Apollo Insurance Company Limited merged in 2003 to form APA Insurance Company Limited. After the merger in 2004, Pan Africa Insurance Holdings Limited was restructured to form two wholly owned subsidiaries of the major company. These subsidiaries are Pan Africa Life Assurance Limited dealing with life business and PA Securities which owns a 40 percent stake in APA Insurance and other investments including a 100 percent stake in Mae Properties and a 25 percent stake in Runda Water. Among the pioneer services of Pan Africa Insurance Company is the introduction of Individual and Group Life products without the HIV/AIDS exclusion and was the first Company to offer life insurance without the necessity of a medical test, which underpins Pan Africa Life’s anti-discriminatory policy. It is one of the first Insurance companies in Kenya which deserves a top 10 spot on our list
9.APA Insurance Services
APA Insurance was formed in 2003 following the merger of Apollo and Pan-Africa General divisions to form the largest insurer in East and Central Africa. APA provides professional liability packages and general liability policies in addition to but not strictly limited to rental equipment and/or photo equipment. Some of the other packages available are compensation of workers, auto commercial and employment practices liability services.
8.Jubilee Insurance Company Limited
Jubilee Insurance Company Limited is a leading East African insurance company which has its headquarters in Nairobi. The Jubilee Insurance Company Limited was incorporated in 1937 as a composite insurer and provider of mortgage finance, based in Mombasa. In the years that followed, Jubilee spread its sphere of influence throughout East Africa and opened branches in Dar-es-Salaam, Kampala, Bombay, Karachi, Mauritius and Zanzibar. It has a strong financial ground and more than 70 years or experience. This company is the first amalgamated insurer in East Africa and Kenya and number one in medical insurance. It has plans to extend into other 12 countries in Africa in the coming three years. At the moment it has 8 branches spanning in the state. It was listed on Nairobi Stock exchange in 1984 and cross-listed in 2005.
7. Heritage Insurance Company
Heritage Insurance Company provides short-term insurance services for claim payments. The company traces its origins back to 1908 and 1924 when the Norwich Union Fire Insurance Society and The Legal & General Insurance Company, respectively commenced their Kenyan operations in 1924.
Group health insurance
These two Companies merged their interests in 1976 to form The Heritage Insurance Company Limited and in the 1980’s, the shareholding of Norwich Union and Legal & General was purchased by local shareholders hence The Heritage became a fully locally owned Company. In the mid-1990’s, Heritage joined forces with African International Insurance Company and obtained its new name, Heritage African International insurance company. Heritage Insurance Company is rated AA- by Global Rating Company (GRC), for among other reasons, our high claims paying ability. This is one of the highest international ratings awarded to a Kenyan insurer.
6.British American Insurance Company
British American Insurance Company is an expanded financial services entity in Kenya that offers quite a vast number of asset and insurance services to small entrepreneurs, individuals, government entities and large corporations. Because of this numerous services it offers, the secured a spot as one of the top 10 insurance companies in Kenya which have ample producst and services for all and sundry. British American Insurance Company has been providing extended heritage financial services since 1920. By 1961, British American Insurance Company Limited was operating in over 200 countries in the Caribbean and Latin America, along with business interest in the Far East, Africa, the Indian Ocean and Europe. In May 1998, British American Insurance Company Limited became a member of the powerful CL Financial Group, which boasts an asset base of over US$ 2 billion dollars. In the middle of 2012, The Judicial Managers of British American Insurance Company (BAICO) together with the Governments of the Eastern Caribbean Currency Union (ECCU) are pleased to announce that an agreement has been signed to sell the traditional life insurance business of BAICO to Sagicor Life, Inc.
5. UAP Provincial Insurance Company
UAP Provincial Insurance Company, a life insurance firm is located in Nairobi and it’s over 80 years of operation has made it one of the leading companies in Kenya. The current company was formed in 1994 after the merger of Union Insurance and Provincial Insurance following the merger of their parent companies, UAP of France and Provincial of the UK. It has branches and outlets in Uganda, South Sudan in addition to a big network of branches all over Kenya. In addition to life insurance, they also offer other services like commercial insurance, tailored insurance, healthcare, marine, pension and personal insurance.
4.Kenindia Assurance Company
Kenindia Assurance Company Limited was formed when Indian Insurance Companies operating in Kenya decided to merge and form a vibrant joint venture with moral and financial support from leading local business elites. The idea became reality on 6th December 1978. Since then, Kenindia has grown from strength to strength to become a leading household name in Kenya. By 1996, a span of 18 years, the Company had crossed the KShs. 2 billion gross premium income mark to become the largest non-life Insurer in Kenya. This profile is in itself a statement of the remarkable stage the company has reached in its evolution since that merger in 1978 and by 2007, a span of 29 years, the company had crossed the KShs 3 billion gross premium income mark to become the largest non-life insurer in Kenya. This profile is in itself a statement of the remarkable stage the company has reached in its evolution since that merger in 1978.
3.Insurance Company of East Africa (ICEA) Lion Group
The (ICEA) Lion Group was formed as a result of a merger between Insurance Company of East Africa Limited (ICEA) and Lion of Kenya Insurance Company Limited (LOK). It has branches spread all over Kenya; Nairobi, Kisumu, Nyeri, Mombasa, Nakuru and Eldoret. The two companies are well-known in the Insurance and financial services market as leaders in Kenya and the wider Eastern Africa region. The merger has resulted in the creation of one of the largest insurance groups in the region, with well-established insurance operations in Kenya, Uganda and Tanzania as well as leading subsidiaries in fund management and corporate trusteeship. The list of top 10 insurance companies in Kenya can’t be complete without mentioning ICEA Lion Group. They come in 3rd place but with a significant amount of patronage from members of the insured public.
2. Blue Shield Insurance Company
Blue Shield has been rated among the top 10 insurance companies in Kenya and this is based on the services the company offers which include general insurance, agricultural insurance and life insurance.
1. Co-operative Insurance Company
Making the list as number 1 in the top 10 insurance companies in Kenya is CIC Insurance Company, formerly known as Co-operative Insurance Services Ltd. It started off as an insurance agency in 1968 as a department within the Kenya National Federation of Co-operatives (“KNFC”). It was later licensed as a composite insurance company in 1978 to write all classes of business trading in the name of Co-operative Insurance Services Limited (“CIS”). Its target market was the cooperative movement and due to strong support from the co-operatives, it grew steadily. The name change in 1999 was part of a market re-positioning strategy, changing the then small insurance company into a respected and well-known firm in Kenya. It offers general and life insurance products.