Insurance in Kenya is still seen as a waste not only in Kenya but in Africa as a whole. If there is one thing Africans know how to do, it is to take charge of their lives and situations. As in most African countries, Kenya has a very low insurance penetration with about 46 insurance companies and 4,576 registered insurance agents, which equates to only about 3 percent of the population covered by insurance in Kenya. Other countries such as South Africa and Malaysia, up to 9 and 41 percent of the population are insured in one life insurance policy or the other. It could be said that development and economic growth are the bedrock of insurance growth and it is possible that the number of insured citizens in Kenya could increase in the coming years as the economy moves further north. However if you want to search insurance in Kenya below is the list of top 10 insurance companies in Kenya you might want to think about it.
Top 10 insurance companies in Kenya (arranged in no particular order).
10. Pan Africa Insurance Holdings
Pan Africa Insurance Company, founded in Mombasa in 1947, was the first insurance company in Kenya to be listed on the NSE. It was formed as a subsidiary of Pan Africa Insurance Holdings to target the largely underdeveloped life insurance market in Kenya. Pan Africa General Insurance Limited and Apollo Insurance Company Limited merged to form APA Insurance Company Limited in 2003. Following the merger in 2004, Pan Africa Insurance Holdings Limited was reorganized into two wholly owned subsidiaries of the large corporation. These subsidiaries are Pan Africa Life Assurance Limited, which deals with the life insurance business and PA Securities. You have a 40 percent stake in APA Insurance and other holdings, including 100 percent in Mae Properties and 25 percent in Runda Water. Among the pioneering achievements of the Pan Africa Insurance Company is the introduction ofIndividual and Group Life products without the HIV/AIDS exclusion and was the first company to offer life insurance without the need for a medical test, underpinning Pan Africa Life’s anti-discrimination policy. It is one of the premier insurance companies in Kenya that deserves a top 10 spot on our list
9. APA Insurance Services
APA Insurance became the largest insurer in East and Central Africa in 2003 after the merger of the Apollo and Pan-Africa General divisions. APA offers professional liability packages and general liability policies in addition to, but not limited to, rental equipment and/or photographic equipment. Some of the other packages available are Workers Compensation, Motor Trade and Employment Practices Liability.
8th Anniversary Insurance Company Limited
Jubilee Insurance Company Limited is a leading East African insurance companywhich is headquartered in Nairobi. Jubilee Insurance Company Limited was incorporated in 1937 as a compound insurer and mortgage finance provider based in Mombasa. In the years that followed, Jubilee expanded its sphere of influence throughout East Africa, opening offices in Dar es Salaam, Kampala, Bombay, Karachi, Mauritius and Zanzibar. It has a strong financial base and more than 70 years or experience. This company is the first combined insurer in East Africa and Kenya and the number one in health insurance. It is planned to open up a further 12 countries in Africa over the next three years. It currently has 8 stores across the state. It was listed on the Nairobi Stock Exchange in 1984 and publicly traded in 2005.
7. Heritage Insurance Company
Heritage Insurance Company provides short-term insurance services for claims payments. The company dates back to 1908 and 1924 when the Norwich Union Fire Insurance Society and The Legal & General Insurance Company started their Kenyan operations in 1924.
These two companies took their stakes in 1976 Heritage Insurance Company Limited was formed and in the 1980s the stake of Norwich Union and Legal & General was bought by local shareholders. In the mid 1990’s Heritage merged with African International Insurance Company and was renamed Heritage African International Insurance Company. Heritage Insurance Company is rated AA- by Global Rating Company (GRC)among other things due to our high solvency. This is one of the highest international ratings for a Kenyan insurer.
6.British American Insurance Company
The British American Insurance Company is an advanced financial services company in Kenya, offering a variety of wealth and insurance services to small business owners, individuals, government agencies and large corporations. Due to the wide range of services offered, the company secured a spot in the top 10 insurance companies in Kenya that have rich products and services for everyone and every type. The British American Insurance Company has been providing comprehensive financial services since 1920. By 1961, British American Insurance Company Limited had operations in over 200 countries in the Caribbean and Latin America, along with business interests 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 has assets in excess of US$2 billion. In mid-2012, the judicial administrators of the British American Insurance Company (BAICO), along with the Eastern Caribbean Currency Union (ECCU) governments, announced that they had signed an agreement to sell BAICO’s traditional life insurance business to Sagicor Life, Inc.
5. UAP Provincial Insurance Company
UAP Provincial Insurance Company, a life insurance company, is based in Nairobi and has been one of Kenya’s leading companies for over 80 years. Today’s company was formed in 1994 following the merger of Union Insurance and Provincial Insurance following the merger of their parent companies UAP in France and Provincial in the UK. It has offices and outlets in Uganda, South Sudan, as well as a large network of offices throughout Kenya. In addition to life insurance, they also offer other services such as: B. commercial insurance, tailor-made insurance, health insurance, marine, pension and personal insurance.
4. Kenya Assurance Company
Kenindia Assurance Company Limited was incorporated as an Indian insurance company in Kenyadecided to create a living joint venture with moral and financial support from leading local business elites. The idea became a reality on December 6, 1978. Since then, Kenya has grown from strength to strength and has become a leading well known name in Kenya. By 1996, a span of 18 years, the company had exceeded the KShs. Mark 2 billion gross premiums written to become the largest general insurer in Kenya. This profile is indicative of the company’s remarkable stage of development since the merger in 1978. By 2007, 29 years later, the company had surpassed KShs 3 billion in gross premiums written to become the largest non life insurer in Kenya.
3. Insurance Company of East Africa (ICEA) Lion Group
The (ICEA) Lion Group was formed as a result of a merger of the Insurance Company of East Africa Limited (ICEA) and the Lion of Kenya Insurance Company Limited (LOK). It has branches throughout Kenya; Nairobi, Kisumu, Nyeri, Mombasa, Nakuru and Eldoret. The two companies are recognized as leaders in the insurance and financial services markets in Kenya and the wider East Africa region. The merger has created one of the largest insurance groups in the region, with well-established insurance businesses in Kenya, Uganda and Tanzania and leading subsidiaries in fund management and trust business. The list of top 10 insurance companies in Kenya cannot be complete without mentioning ICEA Lion Group. You take 3rd place,
2. Blue Shield Insurance Company
Blue Shield has been ranked among the top 10 insurance companies in Kenya and this is based on the services the company offers including general insurance, agricultural insurance and life insurance.
1. Cooperative Insurance Company
Making the list as number 1 in the top 10 insurance companies in Kenya is CIC Insurance Company, formerly Co-operative Insurance Services Ltd. was known. It was established in 1968 as an insurance agency within a division of the Kenya National Federation of Co-operative (“KNFC”). It was later licensed as a federated insurance company in 1978 to write all classes of business on behalf of Co-operative Insurance Services Limited (“CIS”). Their target market was the cooperative movement, which was growing steadily thanks to strong support from the cooperatives. The name change in 1999 was part of a market repositioning strategy that transformed what was then a small insurance company into a respected and well-known company in Kenya.