With over 50 plus insurance companies in Kenya, settling on a choice can be challenging. Which one is the most beneficial? Which insurance policy favors you the most? How flexible are they? Which one offers the best services?
Either way, insurances are a must-have on your budget in this day and era. If you are in Kenya and wonder which insurance company to collaborate with, you are definitely at the right place.
Tag along as we identify the top-rated insurance companies in Kenya.
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Hold on, what is insurance?
Insurance is a form of risk management or a means of protection against possible eventuality. It involves an agreement where you decide to pay a premium to a particular insurance company, with the company promises to cater to the risk of unavoidable mishaps like loss of life, accidents, property loss, health, etc.
What are the 4 types of insurance?
The most common type of insurance include:
- Health/medical insurance: you pay an insurance company a small premium fee for your treatment that will cover your medical costs in cases of illness and sickness emergencies.
- Life insurance: This insurance policy ensures that one’s dependents are well covered after the one who is insured loses his/or her life.
- Education insurance: the policy covers your child’s education fees and expenses.
- Car/vehicle insurance: This is the most common of all. It covers many car expenses, which is very beneficial to car owners.
In events where earthquakes, theft, or accidents, the owner is free from damage expenses. Additionally, the company will cater for liabilities like third-party damages.
What are the 3 Main Categories of Insurance
General insurance: this is a non-life product that covers motor insurance, health insurance, home insurance, and education insurance
Life insurance: this covers the family of the insurer and the insurer in case of or even before death. More of life insurance will be discussed later therefore read on.
Corporate plans : this include savings, banking, investments, retirement and pension plans.
Why is having insurance important?
- Insurance offers protection from a financial crisis during uncertain losses and mental stress breakdowns.
- It reduces the uncertainty of financial solutions. Whether you were in a minor accident and your car broke or in the hospital, you are confident of the bills being covered by someone else apart from you.
- Ensures payment of losses, therefore, reducing the heavy burden of the uncompensated victims.
- It produces the value of risk.
- Insurance has largely encouraged savings resulting in gradual financial stability.
10 Top Rated Insurance Companies in Kenya
Here are the 10 Top Rated Insurance Companies in Kenya:
In Kenya, the most well known insurances are vehicle and medical insurances.
However, there are other insurance covers, including fire insurance, home insurance, investing and saving services, liability covers, etc.
CIC Group Insurance
CIC group insurance company has been there for the longest time. It falls among the company that has been serving Kenya for years now. They cover asset management, general insurance, life, health, pension services, etc.,
Jubilee Insurance Company
Jubilee insurance Company is owned by jubilee holding limited, a multinational insurance company. In 2019, The Company was named best in general insurance, offering services in motor insurance, health insurance, home insurance, and education insurance as AKI agents (association of Kenya insurance)
Britam Insurance Company
Britam insurance company has been listed as one of the leading service providers in Kenya.
The insurance company covers various asset management, health microinsurance services, among others. Britam also has a unique product named Afya tele for registered groups of 10 and above members.
Madison group has been operating in the Kenya for over decades. Their insurance scheme covers comprehensive life and health insurance. They have an alpha health plan which is divided into smaller plans, including individual, family, and budget plans.
AAR Insurance is available both in Kenya and Uganda. In the beginning, the company offered road and ambulance services as an Africa air rescue. AAR is currently ranked as one of Kenya’s best medical insurance service providers.
The insurance includes an extensive service in the cover from maternity and psychiatric consultation, and chronic conditions, to medicine prescriptions. Additionally, it offers personal and family medical covers, landlord insurance, school insurance cover, and travel and business enterprise medical plans.
UAP Old Mutual Insurance
UAP insurance cover is a financial service that offers a financial solution for investment, banking, and saving. The services include motor insurance, travel insurance, family health cover, retirement plans, and travel insurance.
ICEA Lion Life Assurance
ICEA is an insurance company with a major focus on financial service needs. Their products range from pension investments to other insurance services. ICEA operates mainly in East Africa: Uganda, Kenya, and Tanzania. Therefore it is a trusted service provider and among the most substantial insurance companies. ICEA lion assurance cover both the life product and the general corporate products
Liberty Insurance Company
Liberty Insurance has over 25 branches in operation countrywide. They provide cover with all-inclusive personal accident and motor policies to individuals. Other included services are travel, home and health insurance solutions.
Kenya Alliance Insurance
The Kenyan Alliance Insurance has evolved into one of the most financially sound composite insurance companies in Kenya, with an asset base in excess of ksh. 6.8 Billion and a paid up capital Ksh. 700 Million. As a composite insurance company, the organization deals in General Insurance, Life and Pensions and Healthcare business. It has regional representation in Mombasa, Nakuru, Kisumu, Karatina, Meru, Thika,Eldoret, Chester house, Machakos, Kitui, Westlands, Kitengela, Industrial Area and Kakamega.
Kenindia Assurance Company
Kenindia Assurance is a partnership between Indian insurance companies operating in Kenya. Products range from general insurance covering fire, marine vehicles, and personal accidents. Medical insurance covers corporate health plans. Other products under this insurance cover include bonds insurance, motor private, public liabilities, work injury benefits, and group life cover, among many others.