Insurance Companies

INSURANCE COMPANIES

Operating in Kenya

Insurance company refers to a business that promises to pay for specified future losses incurred from certain risks facing an individual or organisation. The insurance company receives payment in advance before accepting to take the specified risk; this amount is referred to as the insurance premium.

Kenya Industry Overview

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As at 15th feb 2019

54 REGISTERED INSURANCE COMPANIES

AAR started its operations in 1984 with its primary business being medical evacuations of accident casualties both by road and by air. Membership increased along with numbers of customers, hence creating more opportunities to provide comprehensive health insurance. The company later registered AAR Insurance Company as an independent medical and non-medical insurance company.

Africa Merchant Assurance Company Limited began it's operations in Kenya in the year 2000 after being licensed to transact General Insurance business.

AIG Kenya Insurance Company Limited was previously known as Chartis Kenya(until Nov 2012) – and Alico earlier – it has operated locally since 1972. It is a majority-owned subsidiary of AIG Inc, while the minority shareholding is held by Commercial Bank of Africa. AIG Inc is one of the largest general insurance organisations in the world with operations in more than 90 countries around the world.

 

Allianz Insurance Company of Kenya Limited is member of Allianz Group; an international insurance and asset management company with operations in more than 70 countries around the world. Allianz Insurance Company of Kenya Limited was incorporated in the year 2014,

APA Insurance Limited was formed in the year 2003 after the merger of the general businesses of Apollo Insurance Company (founded in 1977) and Pan Africa Insurance (founded in 1946).

Apollo Insurance seperated its life insurance business in the year 2010 to form Apollo life Assurance Limited. They re-branded to APA Life Assurance Company Limited in the year 2013.

Barclays Life Assurance Kenya Limited was formed by Barclays Africa in the year 2015. The company acquired all policies under life insurance business from First Assurance Company Ltd in th month of March 2019.

Britam General Insurance Company (K) Limited is a subsidiary of Britam Group that deals with non-life insurance business in Kenya. Britam started its operations in Kenya as a branch of British-American Insurance Company Limited, Bahamas, in the year 1965. It was later incorporated as a local company in 1979. Britam Group is a public company trading at the Nairobi Securities Exchange (NSE). The company acquired a 99% stake in Real Insurance in 2013, Real Insurance had been operating in Kenya since 1910 and carried out General Insurance Business in Kenya, Tanzania, Malawi, and Mozambique.

Britam Life Assurance Company (K) Limited is a subsidiary of Britam Group that deals with non-life insurance business in Kenya. Britam started its operations in Kenya as a branch of British-American Insurance Company Limited, Bahamas, in the year 1965. It was later incorporated as a local company in 1979. Britam Group is a public company trading at the Nairobi Securities Exchange (NSE). The company acquired a 99% stake in Real Insurance in 2013, Real Insurance had been operating in Kenya since 1910 and carried out General Insurance Business in Kenya, Tanzania, Malawi, and Mozambique.

Capex Life Assurance Company Limited is a subsidiary of Capital Express Assurance, with headquarters in Lagos, Nigeria. Capital Express Assurance was founded in the year 2000.

CIC General Insurance Company Limited is a subsidiary of CIC Insurance group offering short term non-life business. The company started out as an insurance agency in 1968; a department within the Kenya National Federation of Cooperatives. It was registered as a composite insurance company in the year 1978 trading as cooperative insurance services. The company re-branded to Cooperative Insurance Company of Kenya Limited (CIC) in 1999. The company later changed it's name to CIC Insurance Group Limited  in the year 2010 before de-merging its life insurance, general insurance and asset management subsidiaries in the year 2011.

CIC Life Assurance Company Limited is a subsidiary of CIC Insurance group offering life insurance business. The company started out as an insurance agency in 1968; a department within the Kenya National Federation of Cooperatives. It was registered as a composite insurance company in the year 1978 trading as cooperative insurance services. The company re-branded to Cooperative Insurance Company of Kenya Limited (CIC) in 1999. The company later changed it's name to CIC Insurance Group Limited  in the year 2010 before de-merging its life insurance, general insurance and asset management subsidiaries in the year 2011.

Corporate Insurance Company Limited is a composite insurance company registered in Kenya. The company was incorporated on 9th June 1982.

Directline Assurance Company Limited began its operations in 1998. The company only provides access to motor vehicle insurance in the country where it has specialized in PSV insurance.

Fidelity Shield Insurance Company Limited started business in Mombasa in the year 1940 as a Branch of the South British Insurance  incorporated in New Zealand in 1872. The company moved its head office to Nairobi in 1960 and was incorporated as Shield of Kenya Insurance Company Limited in 1980. In 1989 the company merged its general insurance business with life insurance business of Fidelity Insurance Company limited  to form Fidelity Shield Insurance.

First Assurance Company Limited started its operations as Prudential Assurance Company Limited in 1930. The company was mainly a life insurance company but ceased doing life insurance in 1974. It changed ownership to 100% local shareholders and changed its name to First Assurance Company Limited in 1991. In 2015, Barclays Africa Group Ltd (BAGL) acquired 63.3% stake in First Assurance Company Ltd making it the Majority Shareholder .

GA Insurance Limited is a general insurance company that was incorporated in Kenya in the year 1979 as a subsidiary of General Accident UK. The company was acquired by I&M Bank Group in 2006. General Accident Insurance Company re-branded to GA Insurance Limited in the year 2009.

GA Life Assurance Limited was launched as subsidiary of GA in 2013. The company offers life insurance and retirement benefit solutions.

Geminia Insurance Company Limited is composite insurance company. The company was incorporated in 1981 and began operating in 9182 as a general insurance company. The company added life insurance business in 1992.

ICEA LION General Insurance Company Limited is a subsidiary of ICEA LION group offering short term insurance services. ICEA LION Group was founded in 2011 after the merger of Insurance Company of East Africa Limited (ICEA) and Lion of Kenya Insurance Company Limited (LOK).

ICEA LION Life Assurance Company Limited is a subsidiary of ICEA LION group offering life insurance services. ICEA LION Group was founded in 2011 after the merger of Insurance Company of East Africa Limited (ICEA) and Lion of Kenya Insurance Company Limited (LOK).

Intra Africa Assurance Company Limited is a general insurance company. The company was incorporated in 1977 and began operating in 1979.

Invesco Assurance Company Limited is a general insurance company that specializes in PSV insurance. It was incorporated on 12th September 1997. The company was placed under statutory management on 28th February 2008 but later emerged from statutory management on 18th Jan 2010.

Kenindia Assurance Company Limited is a composite insurance company. The company was formed on 6th December 1978 after a merger of Indian Insurance companies operating in Kenya.

Kenya Orient Insurance Limited is a general insurance company. The company was incorporated in 1982 by the Al Fateem Group of Dubai. It was acquired by Kenyans in 1988. The company later transferred ownership in 2004 to its current shareholders.

Kenya Orient Life Assurance Limited is a life insurance company incorporated in 2013. Kenya Orient Life Assurance is an affiliate company to Kenya Orient Insurance Limited, Family Bank Limited, Alpha Africa Asset Managers Limited, Daykio Plantations and Family Group Foundation.

KUSCCO Mutual Assurance Limited is a life insurance company. It is a subsidiary company of KUSCCO LTD formed in 2019. Kenya Union of Savings and Credit Cooperatives Society (KUSCCO) is the apex body for Kenyan Savings and Credit Cooperatives (SACCOs), with a membership of over 2,000 SACCOS.

Liberty Life Assurance Kenya Limited is a life insurance company. The company's history began in 1964 when the Kenya American Insurance Company was incorporated in Kenya. The organisation changed its name to America Life Insurance Company (Kenya) Ltd (ALIKO Kenya). The life insurance arm of ALICO Kenya was bought by CfC Bank and re-branded to CfC life assurance in 2004. CfC Bank merged with Stanbic Bank in 2008 forming CfC Stanbic holdings where CfC Life was merged with Heritage Insurance. Liberty Holdings became a strategic investor in CfC life and Heritage Insurance following its listing on the Nairobi Securities Exchange as CfC Insurance Holdings. CfC life changed to Liberty Life Assurance Kenya Limited in October 2014.

It is a subsidiary of Liberty Kenya Holdings which was established in 2011 and is listed on the Nairobi Stock Exchange. 

Madison Insurance Company Kenya Limited currently provides life insurance covers. The company previously provided both life and general insurance before splitting its general and life business. The company was registered in 1988 after the merger of Crusader Plc (1974) and Kenya Commercial Insurance Corporation.

Madison General Insurance Kenya Limited is a provider of short term insurance covers. The company was formed after the restructuring of Madison Insurance Company Limited. Madison Insurance Company Limited was registered in 1988 after the merger of Crusader Plc (1974) and Kenya Commercial Insurance Corporation.

Mayfair Insurance Company Limited is a provider of short term insurance covers. It was founded in 2005.

Metropolitan Cannon General Insurance Company Limited is a subsidiary of Metropolitan Cannon offering short term insurance. Metropolitan Cannon was formed after a merger between between Metropolitan Life Kenya and Cannon Assurance in the year 2015. Metropolitan life Kenya had been operating as a life insurance company since 2007. Cannon Assurance had been operating as a composite insurance and asset management company that was established in the year 1965.

Metropolitan Cannon Life Insurance Company Limited is a subsidiary of Metropolitan Cannon offering long term insurance. Metropolitan Cannon was formed after a merger between between Metropolitan Life Kenya and Cannon Assurance in the year 2015. Metropolitan life Kenya had been operating as a life insurance company since 2007. Cannon Assurance had been operating as a composite insurance and asset management company that was established in the year 1965.

Occidental Insurance Company Limited is provider of short term insurance. The company was incorporated in 1984 and began insurance business in 1987. 

Old Mutual Assurance Company Limited is a provider of long term insurance and investment solutions. The company is a subsidiary of Old Mutual group that was established in Cape Town, South Africa in 1845 as the first mutual insurance company in South Africa.

Pacis Insurance Company Limited is provider of short term insurance. The catholic church proposed the formation of Pacis Insurance Company Limited (Pacis) in 1997. The company was incorporated in October 2004 and licensed in August 2005.

MUA Insurance ( Kenya) Limited is a provider of short term insurance. The company's presence is linked to Phoenix of East Africa Assurance Company Limited. The company began as a branch of Phoenix Assurance Company UK in 1954 after operating as a an agency of the mother company in Kenya since 1912. Phoenix of East Africa Assurance Company Ltd. was formed in partnership with the local agent A. J. Miller & Sons Ltd in 1969. Phoenix of East Africa Assurance and the Sun Alliance Group U.K. merged in the United Kingdom and the Kenyan operation was renamed Sun Alliance Insurance Company Limited in 1990. The company's name was later reverted to Phoenix of East Africa Assurance Company Limited (PEAL) after local shareholding was majority Kenyan; with Alibhai family holding 81% of the shares. The Mauritius Union Assurance Cy. Ltd (MUA) bought 66% of the company shares from Alibhai family holding  in 2014. The company re-branded to MUA Insurance (Kenya) Limited in 2018.

Pioneer General Insurance Company Limited is a provider of short term insurance. The company was incorporated and licensed in 2015.

Pioneer Assurance Company Limited provides long term insurance. The company previously traded as Pioneer General Assurance Society Ltd and was founded as the first insurance company in Kenya offering insurance to locals in 1930. Pioneer Assurance Company Limited acquired the closed life funds of Occidental Insurance Company Limited and Fidelity Shield Insurance Company Limited on 1st January 2002.

Prudential Life Assurance Company Limited offers long term insurance. The company began operating in Kenya in 1930 and exited the Kenyan market in 1984. It is a subsidiary of  Prudential Insurance that was founded on 30 May 1948 in London. The company resumed its Kenya operations in 2014 after acquiring Shield Assurance.

Resolution Insurance Company Limited is a provider of short term insurance. The company was incorporated as Resolution Health in 2002 as the first medical insurance provider in Kenya. The company changed to Resolution Insurance in 2013 and started offering other classes of general insurance. 

Saham Assurance Company Kenya Limited is a composite insurance company. It began operations after the Saham Assurance Company; a Morocco company which was founded in 1995 in Morocco acquired a majority stake in Mercantile Insurance Company in 2014 resulting in its re-branding. Saham Assurance was later acquired by Sanlam from South Africa in 2018.

Sanlam General Insurance Company Limited is a provider of short term insurance. The company began in 1982 where it was registered as Gateway Insurance. Sanlam Insurance began purchasing shares of Gateway Insurance in 2015 where it intended to reenter the general insurance market which it had exited in 2011. The company re-branded to Sanlam General Insurance in 2017 after the re-branding of its holding company;Pan Africa Insurance Holdings Limited (PAIHL) to Sanlam Kenya Plc. Sanlam Kenya Plc is listed in the Nairobi Securities Exchange.

Sanlam Life Insurance Company Limited offers long term insurance. The company began its operations as Pan Africa Life Assurance; a subsidiary of Pan Africa Insurance Holdings Limited (PAIHL) founded  in 1946. Pan Africa Insurance Holdings Limited listed on the Nairobi Securities Exchange in 1963, making it the first insurance company to be listed in the exchange. The company re-branded to Sanlam Life Insurance Company Limited in 2017 following strategic investment by Sanlam Group; a financial company founded in 1918 in South Africa and listed in the Johannesburg Stock Exchange Limited and the Namibian Stock Exchange.

 

Takaful Insurance of Africa Limited is a registered composite insurance company. The company was founded in 2008 operates under Islamic Takaful practices.

Tausi Assurance Company Limited is a provider of short term insurance. The company was incorporated in 1992 and began its operations in 1993.

The Heritage Insurance Company Limited is a provider of short term insurance. The company was formed in 1976 after the merger of Norwich Union Fire Insurance Society and The Legal & General Insurance Company which began their Kenyan operations in 1924. The company is now a subsidiary of Liberty Kenya Holdings Plc which is listed on the Nairobi Stock Exchange.

The Jubilee Insurance Company of Kenya Limited is a composite insurance company. The company was established as the first incorporated Insurance Company based in Mombasa in August 1937. Jubilee Insurance Company is listed in the Nairobi Securities Exchange, Dar e Salaam Stock Exchange and the Uganda Securities Exchange.

The Kenyan Alliance Insurance Company Limited is a composite insurance company. The company was incorporated in 1979 to take over operations of Sun Alliance group. Sun Alliance group was formed after a merger of Sun Insurance Office and Alliance Assurance Company based in the UK that had agency representation in Kenya since 1915.

The Monarch Insurance Company Limited is a composite insurance company. The company began its operations in Kenya in 1979.

Trident Insurance Company Limited is a provider of short term insurance. The company was founded in 1982.

UAP Insurance Company Limited is a provider of short term insurance. UAP Insurance Company Limited was formed in 1994 after the merger of Union Insurance and Provincial Insurance following the merger of their respective parent companies - Union of France and Provincial of the UK. The company had been operating in Kenya since the 1920s trading as Provincial Insurance Company of East Africa. The company became part of AXA in 1996 after the Paris based firm acquired UAP in France. AXA divested in 2000 making UAP Group a fully owned company in Kenya. Old Mutual bought a controlling stake of 60.66% in UAP in June 2015. 

UAP Life Assurance Limited  is a provider of long term insurance covers. The company was started in 2006 following the restructuring of UAP group from a non-life insurance provider.

Xplico Insurance Company Limited is provider of short term insurance. The company was founded in 2010.

INSURANCE CONCEPTS

Short term insurance refers to insurance contracts that last less than 1 year. This a re mainly non-life products.

Long term insurance refers to insurance contracts that last usually more than 1 year. This comprise of life insurance contracts.

Composite Insurance refers to the provision of both short term and long term insurance covers.