Insurance isn’t all about safeguarding against risks. It is about choosing an insurance company that has “got your back” through thick and thin. As you may be aware, there are tens if not hundreds of licensed insurance service providers in Kenya – and while that’s a good thing, it makes it pretty difficult to choose just the perfect one for your needs
In this article, we classify insurance companies by their market share. Why market share? Because a large market share represents financial stability and also general acceptability from the masses. In addition, we analyze each top insurance company’s competencies along with their years of experience. Whether shopping for health insurance, care insurance, education cover etc. (whatever the cover), we hope this comprehensive list will help you make an informed choice.
Largest Insurance Companies in Kenya [By Market Share]
APA Insurance is a brainchild of Apollo Investments Limited, which is known to provide a wide range of insurance services to choose from.
The insurance service providers we’ve analyzed here are not just the largest in Kenya, as per the IRA (Insurance Regulatory Authority) ranking. They are also some of the best insurance companies in the country.
1. APA Insurance – 9.05% Market Share
The firm was founded in 2003 after a merger between Pan Africa Insurance and Apollo Insurance. It has since grown to become one of Kenya’s most sought-after insurance companies.
APA provides diverse insurance policies across Kenya and East Africa to meet different market interests. With a remarkable 9.05% market share, APA dominates personal accident covers, medical covers, as well as private motor insurance business. Other APA insurance products include travel insurance, education cover, and livestock insurance among other packages.
2. Old Mutual – 8.72% Market Share
Old Mutual Limited is one of Kenya’s premium insurance firms that provides diverse services to cover various insurance needs. Old Mutual has been offering financial services in Kenya and East Africa for over a century making it one of the most trusted players in this sector.
Old Mutual is big on medical and theft insurance. Other specialties covered by Old Mutual include General insurance, Investments, and Life insurance.
3. CIC Insurance – 8.37% Market Share
CIC insurance enjoys an 8.37% market share making it technically the third largest insurance company in Kenya. The firm has been in operation for over five decades (founded in 1968), and has a solid presence in Kenya, Uganda, South Sudan and Malawi.
CIC aims to create flexible insurance services by offering innovatively customized products. The firm dominates medical, theft, and commercial motor insurance.
4. Britam General Insurance – 8.20% Market Share
Britam is one of the largest insurance companies in Kenya by brand, asset base, and also product offering. The company is big on engineering insurance, whereby it commanded 11% market share as of 2023
It is also a major player in liability insurance, marine insurance, as well as workmen’s compensation insurance.
5. GA Insurance – 8.13% Market Share
GA Insurance started operations in the country in 1979. It has since set up branches in Uganda and Tanzania and plans to set foot in the insurance sector in the rest of Africa. The firm deals with different classes of medical and general insurance.
In Kenya, this insurance dominates aviation insurance as well as marine insurance.
6. Jubilee Insurance – 6.17% Market Share
Jubilee Insurance was founded in 1937 and has since grown to become one of East Africa’s largest insurance companies. The firm being listed on the Uganda, Dar es Salaam, and Nairobi securities exchanges is proof enough of their financial strength.
While Jubilee Insurance is big on medical insurance, it also majors in covers like general insurance, life insurance, and pension products.
7. AAR Insurance – 5% Market Share
By being a major player in medical insurance, AAR Insurance has cemented itself as Kenya’s go-to healthcare insurance firm. It also incorporates other services like personal accident cover, travel insurance, and home insurance.
The company has over 40 years of experience in providing insurance services.
8. ICEA Lion – 4.56% Market Share
ICEA Lion is yet another popular Kenyan insurance firm that provides pension services, insurance, and unit trusts. Its operations in East Africa date back to 1895 when it launched as an insurance agent. Yup, you read that right – ICEA Lion has been around for over a century making it perhaps the oldest insurance company in the region.
With a 4.56% market share, ICEA Lion dominates Kenya’s personal and aviation cover
9. Madison Insurance – 4.33% Market Share
Madison Insurance was formed in 1988 and has since grown to rank among the best insurance companies in Kenya. Although Madison Insurance offers diverse services in life assurance and general insurance, it’s big on commercial motor vehicle insurance where it controlled a 15.5% market share as of 2023.
10. Heritage Insurance – 3.91% Market Share
With a solid footprint in over 27 African countries, Heritage Insurance ranks among the best insurance companies in Africa. It has been in operation for over 50 years and has continued to offer outstanding but digitally oriented financial insurance services. This has made it gain trust from both individual and business entities. Fire domestic, and Personal accident is their forte. Other (of their) services include medical, life assurance, and general insurance.
11. MayFair Insurance – 3.76% Market Share
MayFair Insurance claims to offer innovative yet reliable insurance solutions. MayFair Insurance was licensed to offer insurance services in 2005 and has subsequently drastically grown to open branches in Tanzania, Rwanda, and Zambia. Aviation, engineering, and fire domestic insurance categories are their mainstay.
12. Geminia – 3.26% Market Share
Geminia Insurance was founded in 1981 and has branches in major towns in Kenya. By centralizing their services to the local clientele, Geminia is big on marine insurance and motor insurance. Other products offered by this provider include home insurance, crop insurance, and SME insurance, all of which are geared to protect different client interests.
13. First Assurance – 2.96% Market Share
First Assurance started operations in Kenya in 1991 and has risen to be one of the region’s trusted insurance services provider. In 2015, the Barclays Africa Group the then Absa, acquired First Assurance Company Limited by buying 63.3% of its shares.
Though big on personal accident cover, it offers a range of other services like medical, home, travel, and motor insurance.
14. Jubilee Allianz – 2.46% Market Share
Jubilee Allianz was founded in 2021 after its parent company; Allianz Group, acquired Jubilee General Insurance Limited. Jubilee Allianz focuses on protecting businesses this is probably why liability and workman’s compensation insurance products are their forte.
15. Directline Assurance – 2.54% Market Share
Directline Assurance controls over 60% of Kenya’s motor vehicle commercial PSV sector. With a 2.54% market share, it’s the go-to motor vehicle insurance company for both private and PSV vehicle owners. Directline started in 1998, has 19 branches countrywide, and prides itself on being Kenya’s first insurance company to specialize in offering motor vehicle insurance.
Conclusion
Through the years, insurance has been and is still the best tool you can use to arm yourself against unforeseen financial occurrences. But what criteria would you use to settle on a certain insurance company? No matter whether you are interested in medical, motor, marine, aviation, or education insurance, the above 15 are the best insurance companies in Kenya as per the 2023 IRA List.
With a Diploma in Banking and Finance, Lenah boasts a good understanding of the Kenyan business landscape. She’s a seasoned freelance copywriter who enjoys reading the Bible during her free time.