The insurance sector in Kenya is characterized by high competition and low penetrations. However, there is room for growth as international insurance companies are seeking to invest in Kenya after being successful in their expansions in Asia.
Low insurance penetrations
There is a poor attitude towards insurance as the market is predominantly for fire, motor and group-negotiated class covers. Many Kenyans do not buy insurance products because they consider them to be ‘unnecessary expenses’. In the sectors where insurance is compulsory, Kenyans opt for the cheapest alternatives without minding what those products cover. In the auto industry for instance, most matatus register for the third-party insurance covers. Comprehensive insurance covers in Kenya are reserved for the most affluent individuals. People that buy cars for the first time may avoid buying insurance covers because, in almost all cases, the cars have been bought with loans, and rather than paying for insurance premiums, loans are repaid instead.
Role of Insurance Regulatory Authority in the Kenyan insurance market
The Insurance Act is provided in Chapter 487 of the Kenyan Constitution. According to the Act, the role of the IRA is to:
- Ensure the effective administration, supervision, regulation and control of insurance and reinsurance business in Kenya
- Formulate and enforce standards for the conduct of insurance and reinsurance business in Kenya
- License all persons involved in or connected with insurance business, including insurance and reinsurance companies, insurance and reinsurance intermediaries, loss adjusters and assessors, risk surveyors and valuers
The Kenyan insurance market is controlled by the Insurance Regulatory Authority (IRA). The organization educates the public on who the insurance providers and what they should expect from each insurance product they hold. It is common to find insurance policy holders with little understanding of what they are protected over.
Although financial inclusion and education has improved, many Kenyans prefer to buy insurance products from insurance brokers. When one needs to file a claim, it is the responsibility of the broker to do the hard work of running up and down to complete paperwork.
To position Kenya’s insurance sector with leading economies, the IRA should encourage insurance companies and investors through risk-based supervision. Positive regulatory changes in the insurance industry may inspire companies to introduce insurance products since they will have had confidence in the country’s ability to implement international best practices for them and their potential clients.
In addition, confidence in the insurance sector can be increased by requiring all the insurance companies in Kenya to follow the guidelines stipulated by the IRA. A good move towards international best practices in the insurance industry is the mandatory requirement for life assurance companies to use the Gross Premium Valuation (GPV) and for an actuary to assess all liabilities that an insurance firm has.
Some advice to customers before buying insurance policies in Kenya
It is important to have enough knowledge before buying any policy. Some policyholders know that they are insured but they do not know who has insured them. I agree, I’m guilty for that. I recently bought an insurance cover for a car without knowing who my insurer would be. It was a short conversation on WhatsApp, followed by an M-pesa transaction and my cover was done. All I needed was to have a cover and comply with the law, but this does not have to be the case with you.
Terms to understand as an insurance customer
- Insurance products
- Buyers of insurance
- Insurance companies
- Reinsurance companies
- Insurance intermediaries
- Loss adjusters
- Insurance surveyors
- Motor assessors
- Risk managers
- Insurance investigators
You need to know the meaning of each of the above terms since some of the insurance brokers claim to be the insurers, yet they can’t cover your claims because they are not directly responsible. When dealing with a person claiming to be providing insurance covers, ask them which insurance company they represent.
List of the licensed insurance companies in Kenya
All insurance companies must receive licensing from the IRA. They include:
1.AAR Insurance Company Limited
Head Office: Real Tower, Upperhill, Nairobi, Kenya
Phone: +254 703 063000 ,+254 730 633000 +254 20 2895000
Email: info@aar.co.ke
2.Africa Merchant Assurance Company Limited
Head Office: NEXTGEN MALL, 4th flr, Mombasa Road, Nairobi, KENYA.
Phone: 020-2204000 (Pilot line)
Cell: 0738-312121 / 0726-312121
3.AIG Kenya Insurance Company Limited
Head Office: AIG Kenya Eden Square Complex Chiromo Road
Address: P.O. Box 49460 Nairobi 00100 Kenya
Email: aigkenya@aig.com
4.Allianz Insurance Company of Kenya Limited
Head Office: Allianz Plaza, 96 Riverside Drive
P.O. Box 66257-00800 Nairobi
customerservice@online.allianz.co.ke
Sales: +254 792 284 946
General Enquiries: +254 709 566 000
5.APA Insurance Limited
Apollo Centre, Ring road Parklands, Westlands
+254 (0) 20 364 1000
6.APA Life Assurance Company Limited
Apollo Centre, ring road Parklands, Westlands
Telephone number: +254 (0) 20 364 1000
Email address: info@apainsurance.org
7.Barclays Life Assurance Kenya Limited
3rd Floor, Acacia Building
Westlands Office Park, Off Waiyaki Way Westlands
P.O. Box 1140 – 00100, Nairobi, Kenya
Tel +254 (20) 4209000
8.Britam General Insurance Company (K) Limited
Britam General Insurance
Elgon Road, Upper Hill.
Nairobi.
Ph: (254)733500200,
Email: general@britam.com
9. Britam Life Assurance Company (K) Limited
Britam Head Office
Mara/Ragati Road Junction, Upperhill
Nairobi,Nairobi
Ph: (254)703094000,
0202833000
Email: info@britam.com
10.Metropolitan Cannon General Insurance Company Limited
Metropolitan Cannon General Insurance Ltd & Metropolitan Cannon Life Insurance Ltd
Gateway Business Park, Block D
Mombasa Road
P.O. Box 46783 – 00100 Nairobi
Tel: +254 20 3966000,
Safaricom: +254 723 342150
Airtel: +254 735 342150
Email: info@metcannon.co.ke
11.Capex Life Assurance Company Limited
Galana Plaza, Kilimani, Nairobi
Email Address: info@capexlifeassurance.co.ke
Tel:+254 20-2712384 / 0715-140 074
12.CIC General Insurance Company Limited
CIC Plaza, Mara Road, Upperhill Nairobi, Kenya
+254) 703 099 120 (020) 282 3000
13.CIC Life Assurance Company Limited
CIC Plaza, Mara Road, Upperhill Nairobi, Kenya
Tel: +254) 703 099 120 (020) 282 3000
14.Corporate Insurance Company Limited
International Life House 13th floor, Mama Ngina Street,
P. O. Box 34172, 00100 – Nairobi, Kenya
Tel: 2717617, 7658000, 0728 700093
Email: info@cickenya.com
website: corporate-insurance.co.ke
15.Directline Assurance Company Limited
Hazina Towers, 17th Floor, Monrovia Street
P.O. Box 40863 Nairobi, GPO 00100 Kenya
Tel: 020 3250000 / 0711 030000 / 0730 130000
E-mail: info(at)directline.co.ke
16.Fidelity Shield Insurance Company Limited
Equatorial Fidelity Centre, 5th Floor, Waridi Lane, Off Waiyaki Way, Westlands.
P.O.Box 47435, 00100 Nairobi, GPO Kenya.
Telephone (Main): +254 (0) 20 4225 000;(0)709 988 000
Telephone (Other): +254 (0)722 204 967; (0)774 783425;(0)733 620 001
E-mail:info@fidelityshield.com
17.First Assurance Company Limited
First Assurance House,
Clyde Gardens,
Gitanga Road, Lavington
Tel:+254722-444117 / +254733-605480 / +254-20-2900000
hoinfo@firstassurance.co.ke
customercare@firstassurance.co.ke
complaints@firstassurance.co.ke
18.GA Insurance Limited
GA Insurance Ltd. 4th Fl. GA Insurance House,
Ralph Bunche Road,
P.O.Box 42166 – 00100,Nairobi
Tel: 0709 626 000
www.gakenya.com
19.GA Life Assurance Limited
GA Insurance Ltd. 4th Fl. GA Insurance House,
Ralph Bunche Road,
P.O.Box 42166 – 00100,Nairobi
Tel: 0709 626 000
www.gakenya.com
20.Geminia Insurance Company Limited
Le’Mac, 5th Floor
Church Road, Off Waiyaki Way
P.O. Box 61316-00200 Nairobi
Tel: +254 20 278 2000
Fax: +254 20 278 2100
info@geminia.co.ke | life@geminia.co.ke
21.ICEA LION General Insurance Company Limited
ICEA LION Centre
Riverside Park, Chiromo Road, Westlands
P.O. Box 46143 – 00100 or 30190 – 00100 Nairobi
Tel: +254 (0) 20 2750000
Mobile: +254 719 071000 / 730 151000
Email: info@icealion.com
22.ICEA LION Life Assurance Company Limited
ICEA LION Centre
Riverside Park, Chiromo Road, Westlands
P.O. Box 46143 – 00100 or 30190 – 00100 Nairobi
Tel: +254 (0) 20 2750000
Mobile: +254 719 071000 / 730 151000
Email: info@icealion.com
23.Intra Africa Assurance Company Limited
3rd Floor, Williamson House,
4th Ngong Avenue,
P.O. Box 43241-00100,
Nairobi.
Tel: 020-2712607/11
020-2723288
Mobile:0722205050?Or?0733619338
Fax: 020-2712612
Email: info@intraafrica.co.ke
24.Invesco Assurance Company Limited
Bishop Magua Center, 3rd Floor
Opp. Uchumi Hyper, Off Ngong Road
P.O Box 52964-00200 NAIROBI, Kenya
Office line: 0715 316830
Call Center: 0701 230043 or 0730 180200-210
Email address:invesco@invescoassurance.co.ke
25.Kenindia Assurance Company Limited
Address: Kenindia House, Loita Street, Nairobi.
Phone: +254 (020) 3316099 / 2214439
Mobile: 0722-205923/4, 0733-333002/3
Fax: +254 (020) 2218380
P.O. Box: 44372 – 00100 G.P.O. Nairobi
Email: kenindia@kenindia.com
26.Kenya Orient Insurance Limited
2nd Floor Capitol Hill Tower, Cathedral Road, Nairobi Kenya
P.O. Box 34530, Nairobi
Tel: +2540202962000, Mobile: +2540706833649
Email: info@orientlife.co.ke
www.korient.co.ke
27.Kenya Orient Life Assurance Limited
2nd Floor Capitol Hill Tower, Cathedral Road, Nairobi Kenya
P.O. Box 34530, Nairobi
Tel: +2540202962000, Mobile: +2540706833649
Email: info@orientlife.co.ke
www.korient.co.ke
28.KUSCCO Mutual Assurance Limited
Kilimanjaro Avenue, Off Mara Road
KUSCCO Centre, Upper Hill
28403 – 00200, Nairobi
Upper Hill, Nairobi
Phone: (020) 2730191, 2722927
Fax: (020) 2721274
0722 206 331, 0734 699 974
http://www.kuscco.com
29.Liberty Life Assurance Kenya Limited
Liberty House, Processional Way
P. O. Box 30364 – 00100 Nairobi, Kenya
Contact Centre +254 711 076 222
Phone: (+254) 20 286 6000 / 0711 028 000
Fax: (+254) 20 271 8365
Email: csc@libertylife.co.ke
www.liberty.co.ke
30.Madison Insurance Company Kenya Limited
Madison House
Upper Hill Close,
P.O. Box 47382 – 00100, Nairobi
Tel: 0709 922 000,
SMS 20286
Email: madison@madison.co.ke
31.Madison General Insurance Kenya Limited
Head Office: Madison House,Upper Hill Close,
Tel: 0709 922 000,
Email: madison@madison.co.ke
32.Mayfair Insurance Company Limited
Head Office: 8th floor Mayfair Centre, Ralph Bunche road
Phone: +254 724 256925 / 733 256925 / +254 20 2999000
Email: info@mayfair.co.ke
33.Metropolitan Cannon Life Assurance Limited
Head Office: Gateway Business Park, Block D, Mombasa Road
Tel: +254 20 3966000, +254 723 342150, +254 735 342150
Email: info@metcannon.co.ke
34.Occidental Insurance Company Limited
Head Office: Crescent Business Centre 7th & 5th Floor,Parklands Road – Parklands
Tel: 0709 896 000
Email: enquiries@occidental-ins.com
35.Old Mutual Assurance Company Limited
UAP Old Mutual Tower, Upper Hill Road,
P.O. Box 43013 – 00100, Nairobi, Kenya.
Tel: +254 20 2850 000 Mobile: +254 711 065 000
Call Centre: +254 711065100 / +254 711010100
E-mail: uapinsurance@uap-group.com
36.Pacis Insurance Company Limited
Head Office: Centenary House, 2nd Floor,Off Ring Road, Westlands
Tel: +254 720-113122, 733-777717, 0730-677000
Email: info@paciskenya.com
37.MUA Insurance ( Kenya) Limited
Head Office: The Mirage,Tower 1 – 7th Floor, Chiromo Road,
Phone: +254 732 178 000
Email: infoke@mua.co.ke
38.Pioneer General Insurance Company Limited
Pioneer House 7th Floor,
Moi Avenue
Tel:020 7220000
P.O BOX 20333-00200
Nairobi
www.pioneerassurance.co.ke
39.Pioneer Assurance Company Limited
Pioneer House 7th Floor,
Moi Avenue
Tel:020 7220000
P.O BOX 20333-00200
Nairobi
www.pioneerassurance.co.ke
40.Prudential Life Assurance Company Limited
Prudential House,
Wabera Street, Opp. City Hall
1st Floor, Wing A
Nairobi
Tel: 020 2712591
www.prudentiallife.co.ke
41.Resolution Insurance Company Limited
Head Office: Parkfield Place, Muthangari Drive, Off Waiyaki
Phone: +254 709 990 000, +254 730 199 000
Email: info@resolution.co.ke
42. Saham Assurance Company Kenya Limited
43.Sanlam General Insurance Company Limited
3rd Floor, Pan Africa Life House
Kenyatta Avenue, Nairobi
P.O. Box 7848-00100,Nairobi, Kenya
Tel: +254 20 222 0559
Fax: +254 20 224 2463
www.sanlam.com
44.Sanlam Life Insurance Company Limited
3rd Floor, Pan Africa Life House
Kenyatta Avenue, Nairobi
P.O. Box 7848-00100,Nairobi, Kenya
Tel: +254 20 222 0559
Fax: +254 20 224 2463
www.sanlam.com
45.Takaful Insurance of Africa Limited
Head Office: CIC Plaza, Mara Road, Upper Hill
Phone: +254 (20) 2725134
Email: info@takafulafrica.co.ke
46.Tausi Assurance Company Limited
Head Office: Tausi Road, Off Muthithi Road,Westlands,
Tel: 020 2312681/85/93/0709914000 / 0735145020 / 0729145888
Email: clients@tausiassurance.com
47.The Heritage Insurance Company Limited
Head Office: CFC House, Mamlaka Road,
Tel: 020 278 3000 / 0711 039 000 / 0734 101 000
Email: info@heritage.co.ke
48.The Jubilee Insurance Company of Kenya Limited
Head Office: Jubilee Insurance House, Wabera Street
Phone: +254 (0) 20 328 1000
Email: info@jubileekenya.com
49.The Kenyan Alliance Insurance Company Limited
Head Office: Chester House, Koinange Street
Phone: 020-2215632 / 254 20 2284000 +254 709 334 000
Email : info@kenyanalliance.co.ke
50.The Monarch Insurance Company Limited
Head Office: Third Floor, Fourth Floor, Prudential Assurance Building,
Phone: 020 310032
Email :info@monarchinsurance.co.ke
51.Trident Insurance Company Limited
Head Office: Capital Hill Towers P.O. Box 55651, Nairobi 00200
Phone: 020-2721710
Email: marketing.dept@trident.co.ke
52.UAP Insurance Company Limited
Head Office: UAP Old Mutual Tower, Upper Hill Road
Phone: +254 20 2850 000 / +254 711 065 000
E-mail: uapinsurance@uap-group.com
53.UAP Life Assurance Limited
P.O. Box 43013 – 00100, Nairobi, Kenya
Tel: +254 20 2850 000
Mobile: +254 711 065 000
Call Centre: +254 711065100 / +254 711010100
Call Centre landline: +254 20 2850100 / +254 20 2829100
Fax: +254 20 27 19 030
E-mail: life@uap-group.com
54.Xplico Insurance Company Limited
Head Office: Parkplace, 2nd Parklands Avenue
Phone: 0700 111 999
Email: care@xplicoinsurance.co.ke
There you have it. This list may not be updated at the time you view. Always check with IRA before you make a decision. The article does not contain any professional advice.