Last Updated on August 6, 2023
Insurance serves as a vital pillar of financial security, offering protection against unforeseen risks and uncertainties. In Kenya, the insurance industry has flourished, providing a diverse array of insurance products and services to cater to the needs of individuals and businesses alike.
In our ultimate guide to the “Best Insurance Companies in Kenya,” we’ll go through the realm of top-notch insurers that have earned their stripes in safeguarding what matters most to you!
Life is a rollercoaster of uncertainties, and having a safety net in place is like strapping on a trusty seatbelt for the ride. That’s where insurance steps in as your reliable co-pilot, ready to shield you from unexpected bumps along the way.
We get it – choosing the right insurance company can be as overwhelming as navigating a labyrinth. But fret not! We’ve handpicked the cream of the crop, the crème de la crème, the finest insurance companies in Kenya, to make your decision easier and your path to protection smoother.
From the towering skyscrapers of Nairobi to the lush landscapes of the Great Rift Valley, our curated list spans the length and breadth of Kenya, ensuring you find the perfect insurance partner no matter where you call home.
Now let us explore the 15 Best Insurance Companies in Kenya, your guardians of security and serenity in an ever-changing world. Highlighting their strengths, customer service excellence, and financial stability. Whether you seek comprehensive coverage for your property, health, vehicle, or business, this comprehensive guide will help you make an informed decision when selecting an insurance provider.
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15 Best Insurance Companies in Kenya
Here is a list of the best insurance companies in Kenya in no particular order:
1. Jubilee Insurance Company
Jubilee Insurance Company is one of the oldest and most trusted insurance providers in Kenya. With a wide array of insurance products such as life, health, motor, property, and marine insurance, Jubilee offers comprehensive coverage options to individuals and businesses alike.
With its presence in Burundi, Tanzania and Uganda, Jubilee has emerged as one of the best insurance companies not only in Kenya but also across the region.
Boasting a vast clientele of over 450,000 individuals and businesses, Jubilee has solidified its position as one of the top insurance firms operating in East Africa.
Their strong financial stability and excellent customer service have earned them a prominent position in the market.
2. CIC Insurance Group
CIC Insurance Group is a leading cooperative insurer in Kenya. It offers a diverse range of insurance solutions, including life, health, general, and microinsurance. With a robust network of branches across the country, CIC provides personalized services to its customers, catering to their specific needs and preferences.
For over five decades, CIC Group has been at the forefront of shouldering the risks of its clients, offering flexible insurance and financial services tailored to their unique requirements.
Through a robust system of 25 local branches, CIC Group delivers cutting-edge financial solutions to over 1 million satisfied customers, ensuring their needs are met with excellence and efficiency.
Britam is a prominent insurance and asset management company in Kenya. Alongside traditional insurance products, Britam offers innovative solutions such as education savings plans, pension schemes, and investment opportunities.
Their commitment to customer satisfaction, coupled with a strong financial foundation, has made them a preferred choice for many Kenyans.
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4. APA Insurance
APA Insurance is part of the Apollo Group, a leading financial services group in East Africa. APA Insurance was formed in 2003 through the merger of three well-established insurers: Apollo Insurance, Pan Africa Insurance, and American Insurance Company.
The merger brought together their collective expertise and experience, resulting in a robust insurance entity.
The company provides a wide range of insurance covers, including motor, health, travel, property, and liability insurance. APA’s strong presence in the market is attributed to its competitive pricing and excellent claims settlement process.
5. AAR Insurance Kenya
AAR although one of the best insurance companies in Kenya specializes in health insurance and is known for its comprehensive medical covers.
With a broad network of healthcare providers, AAR ensures that its policyholders have access to quality medical services.
The company also offers general insurance products such as motor, property, and personal accident insurance.
6. Old Mutual
Old Mutual is a leading integrated insurance company in Kenya, offering insurance, investment, and banking solutions.
Old Mutual is the product of a merger between UAP Holdings and Old Mutual Kenya in 2015. UAP Holdings had a rich history dating back to 1920 when it was established as a provident society for the community of railway and harbour workers.
It later transformed into an insurance company, providing a wide range of insurance and financial services. With a wide range of insurance products, including life, health, motor, and general insurance, UAP Old Mutual caters to the diverse needs of individuals and businesses.
Their strong financial stability and commitment to customer satisfaction make them a trusted choice.
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7. Resolution Insurance
Resolution Insurance is a dynamic insurance company that provides innovative insurance products and services.
They offer a variety of covers, including health, motor, travel, and personal accident insurance.
Resolution Insurance stands out for its user-friendly digital platforms, making it convenient for customers to purchase and manage their policies.
8. Madison Insurance
Madison Insurance is a well-established insurance company known for its reliability and customer-centric approach.
Madison Insurance was founded in 1988 as a subsidiary of the Madison Group. The company quickly gained recognition for its innovative insurance solutions and customer-oriented approach.
Over the years, Madison Insurance has expanded its product portfolio and established a solid reputation in the Kenyan insurance market.
They offer a wide range of insurance covers, including life, health, motor, property, and marine insurance. Madison’s commitment to prompt claims settlement and personalized customer service has contributed to its success.
9. Sanlam Kenya
Sanlam Kenya is one of the best insurance companies solving the needs of finance since the year 1918. It is a subsidiary of Sanlam Group, a leading diversified financial services group in Africa.
They offer comprehensive insurance solutions, including life, health, and general insurance.
Sanlam Kenya’s expertise in risk management and financial planning has earned them a solid reputation in the market.
10. Kenindia Assurance
Kenindia Assurance is one of the oldest insurance companies in Kenya, operating since 1978 as a joint venture between the Indian insurance company, Indian Farmers Fertilizer Co-operative (IFFCO), and a local company, Kenindia Investments Limited.
The company aimed to provide comprehensive insurance solutions tailored to the needs of Kenyans. Over the years, Kenindia Assurance has built a strong reputation for its reliability, professionalism, and commitment to customer satisfaction.
They provide a wide range of insurance products, including motor, property, marine, and liability insurance. Kenindia Assurance is known for its strong financial stability, personalized service and commitment to meeting the unique needs of their clients.
11. Heritage Insurance Company
Heritage Insurance Company has a history that dates back to 1908 when it was known as Mwalimu Insurance Company Limited.
Initially, the company catered primarily to the needs of teachers. In 2013, it underwent a rebranding and became Heritage Insurance Company. Since then, Heritage has expanded its product offerings and established itself as a leading general insurance provider in Kenya.
With a focus on property, motor, and liability insurance, Heritage offers tailored coverage options to individuals, businesses, and organizations. They are recognized for their efficient claims settlement process and excellent customer support.
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12. GA Insurance
GA Insurance has established itself as a trusted insurance partner for both individuals and businesses.
They offer a wide range of insurance products, including motor, health, property, and travel insurance. GA Insurance is known for its competitive premiums, quick claims processing, and a customer-centric approach.
13. ICEA Lion Group
The ICEA Lion Group is a leading composite insurer in Kenya, providing life, health, general, and investment solutions.
They have a diverse range of insurance products, including education plans, retirement solutions, and unit-linked investment products.
ICEA Lion’s financial strength, professionalism, and commitment to customer satisfaction set them apart in the industry.
14. First Assurance Company
First Assurance Company, one of the best insurance companies was founded in 1997 as a subsidiary of Barclays Bank of Kenya. It aimed to provide insurance solutions to both individuals and businesses, leveraging the backing of Barclays Bank.
Today, the company offers a wide range of insurance products, catering to diverse customer needs.
They provide a comprehensive range of insurance products, including motor, property, marine, and travel insurance. First Assurance’s strong financial backing, efficient claims settlement, and customer-centric approach make them a reliable choice.
15. Geminia Insurance Company
Geminia Insurance Company is a well-established insurer with a focus on delivering exceptional service to its customers.
They offer a range of insurance products, including motor, property, personal accident, and marine insurance. Geminia is known for its competitive pricing, prompt claims settlement, and personalized attention to clients’ needs.
Geminia Insurance focuses on understanding the unique risks faced by its customers and providing tailored insurance solutions to mitigate those risks effectively.
What is Insurance?
Insurance is a contractual arrangement between an individual or an entity (the policyholder) and an insurance company (the insurer). It involves the transfer of risk from the policyholder to the insurer in exchange for the payment of a premium. The purpose of insurance is to provide financial protection against potential losses or risks.
In an insurance policy, the policyholder agrees to pay regular premiums to the insurer, and in return, the insurer agrees to compensate the policyholder for covered losses or damages as outlined in the policy. An insurance policy specifies the terms and conditions of coverage.
What are the Types of Insurance Policies?
Insurance policies come in various types, each designed to cover specific risks and provide financial protection in different areas of life.
Here are some of the most common types of insurance policies:
- Life Insurance
Life insurance provides financial protection to beneficiaries in the event of the policyholder’s death. It helps ensure that dependents and loved ones are financially supported after the policyholder’s passing.
There are different types of life insurance, including term life insurance, whole life insurance, and universal life insurance.
- Health Insurance
Health insurance covers medical expenses, including hospitalization, doctor visits, medications, and surgeries. It helps individuals manage the cost of healthcare and provides access to quality medical services.
Health insurance policies can be obtained individually or through employers or government programs.
- Auto Insurance
Auto insurance provides coverage for damages and liability arising from accidents involving automobiles. It typically includes coverage for bodily injury, property damage, and medical expenses.
Auto insurance is mandatory in many countries, including Kenya, and can also provide coverage against theft, vandalism, and other perils.
- Homeowners Insurance
Homeowners insurance protects the physical structure of a home and its contents against damage or loss due to events such as fire, theft, vandalism, or natural disasters.
It also provides liability coverage in case someone gets injured on the property. Mortgage lenders often require homeowners insurance.
- Travel Insurance
Travel insurance offers coverage for unexpected events that may occur while traveling. It can include protection for trip cancellation or interruption, medical emergencies, lost baggage, and travel delays.
Travel insurance provides peace of mind when traveling domestically or internationally.
- Disability Insurance
Disability insurance provides income replacement in the event of a disability that prevents an individual from working. It helps maintain financial stability and cover living expenses when an individual is unable to earn an income due to an injury or illness.
- Business Insurance
Business insurance protects businesses against various risks, including property damage, liability claims, and interruption of business operations. It can include coverage for property, general liability, professional liability, workers’ compensation, and business interruption.
Choosing the right insurance company is crucial for ensuring adequate protection and peace of mind.
The 15 insurance companies mentioned above represent the best in Kenya, known for their reliability, customer service, financial stability, and diverse product offerings.
Whether it’s life insurance, health insurance, property insurance, or any other coverage required, these companies have consistently demonstrated their commitment to providing quality insurance solutions to meet the needs of Kenyan individuals and businesses