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Kenya Insurance Companies: List of All IRA Licensed Companies - Kenyans247 / General - Kenyans247

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Kenya Insurance Companies: List of All IRA Licensed Companies by Kenyans247(m): Sat Aug 2019 06:31pm
If there is anything Kenyans love to do, is to take their own lives into their own hands.

Just like in many Africa countries, Kenya has a very low penetration insurance cover.

One could say that development and economic growth are the bedrock of insurance growth and perhaps over the coming years, the number of insured citizens in Kenya could increase if the economy equally improves.

Nonetheless, if you would like to get insured, this article lists all licensed insurance companies in Kenya according to the Insurance Regulatory Authority (IRA).

What is the Insurance Regulatory Authority (IRA)?

IRA is the authority mandated with regulating, supervising and developing the insurance industry in Kenya.


IRA insurance goals include;

1. Promote consumer education and protection

2. promote an inclusive, competitive and stable insurance industry.

3. Offer quality customer service.

The national development agenda for IRA

1. Role of Insurance in national development

Insurance industry contributes to national development through providing broader insurance products and services, fostering entrepreneurial attitudes, encouraging investment, innovation, market dynamism and competition, offer social protection alongside the state, releasing pressure on public sector finance; enhancing financial intermediation , creating liquidity and mobilizing savings.

As major institutional investors, insurers pool resources and channel them towards investment opportunities thereby facilitating firms to access capital which contributes to national development.

2. Policy framework

As one of the key pillars of the financial services sector, the insurance industry is indeed central to the realization of financial services objectives as set out in the Vision 2030, a long-term development blueprint for the Country.

With the aim of deepening financial services and enhancing access to and inclusion, the Vision 2030 recognizes that as the economy expands and disposable incomes rise, there will be growth in insurable assets thereby generating demand for insurance services.

To achieve this, the Vision 2030 emphasizes the need to improve efficiency and outreach of insurance service providers, which can be achieved through consolidation, public education campaign, and investment in new technology that will enable the sector to widen its reach and coverage at minimal costs.

In turn, this will result in an increased contribution of the insurance industry to the Gross Domestic Product (GDP).

3. Consumer protection

With the promulgation of the Constitution 2010 and enactment of the Consumer Protection Act 2012 among other laws, focus on the consumer has and will continue to considerably gain momentum.

The implications of these changes is shifts in the nature of rights and responsibilities of a regulator viz a viz consumers of insurance services as regards access to information as well as standards of service delivery.

A central information problem that insurance consumers face is judging product quality due to the complexity of the contract, the contingent nature of many of the services provided (e.g. claims handling and payments) and the fact that services may be provided over time (e.g. investments).

As a result, product quality is difficult to ascertain prior to purchase hence the need for regulatory oversight given the implication of a consumer-driven market and intermediation.

Here is the list of licensed insurance companies in Kenya:

Reinsurance companies (Authorised Classes of Insurance Business)

1.) Continental Reinsurance Limited (Kenya) (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14, 31, 32, 34, 35)

2.) East Africa Reinsurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14, 31, 34, 35)

3.) Kenya Reinsurance Corporation Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14, 31, 34, 35 4)

4.) Ghana Reinsurance Company (Kenya) Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14)

5.) WAICA Reinsurance (Kenya) Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14)

Insurance companies (Authorised Classes of Insurance Business)

1.) AAR Insurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14 2)

2.) Africa Merchant Assurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 14 3)

3.) AIG Kenya Insurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 13, 14)

4.) Allianz Insurance Company of Kenya Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14)

5.) APA Insurance Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14)

6.) APA Life Assurance Company Limited (31, 32, 33a, 33b, 34, 35, 37a, 37b)

7.) Barclays Life Assurance Kenya Limited (31, 34, 35)

8.) Britam General Insurance Company (K) Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14 9.) Britam Life Assurance Company (K) Limited 31, 32, 33a, 33b, 34, 35, 36, 37a, 37b)

10.) Metropolitan Cannon General Insurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13)

11.) Capex Life Assurance Company Limited (31,32,33a,33b,34,35)

12.) CIC General Insurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14)

13.) CIC Life Assurance Company Limited (31,32,33a,33b,34,35,37a,37b)

14.) Corporate Insurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 14, 31, 34)

15.) Directline Assurance Company Limited (07, 0

16.) Fidelity Shield Insurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 14)

17.) First Assurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 14, 34, 35)

18.) GA Insurance Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 14)

19.) GA Life Assurance Limited (31,32,33a,33b,34,35)

20.) Geminia Insurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 14, 31, 34, 35, 36, 37b)

21.) ICEA LION General Insurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11,12,13,14)

22.) ICEA LION Life Assurance Company Limited (31,32,33a,33b,34,35,37a,37b)

23.) Intra Africa Assurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 14)

24.) Invesco Assurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 14)

25.) Kenindia Assurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 14, 31,32,33(a) 33(b), 34, 35 ,37(b)

26.) Kenya Orient Insurance Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14)

27.) Kenya Orient Life Assurance Limited (31,32,33a,33b,34,35)

28.) KUSCCO Mutual Assurance Limited (31,32,33a,33b,34,35,37a,37b)

29.) Liberty Life Assurance Kenya Limited (31,32,33a,33b,34,35,37a,37b)

30.) Madison Insurance Company Kenya Limited (31,32,33(a) 33(b), 34, 35 , 37(a), 37(b)

31.) Madison General Insurance Kenya Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14)

32.) Mayfair Insurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 14)

33.) Metropolitan Cannon Life Assurance Limited (31,34,35,37a,37b)

34. Occidental Insurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 14)

35.) Old Mutual Assurance Company Limited (31,33a,33b,34,35,37a,37b)

36.) Pacis Insurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14)

37.) MUA Insurance ( Kenya) Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 14)

38.) Pioneer General Insurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 14)

39.) Pioneer Assurance Company Limited (31,32,33a,33b,34,35,37a,37b)

40.) Prudential Life Assurance Company Limited (31,32,33a,33b,34,35,37a,37b)

41.) Resolution Insurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14)

42.) Saham Assurance Company Kenya Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 14, 31, 32,33(a),33(b),34, 35)

43.) Sanlam General Insurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 14)

44.) Sanlam Life Insurance Company Limited (31,32,33a,33b,34,35,37a,37b)

45.) Takaful Insurance of Africa Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13,14, 31, 34, 35 46.) Tausi Assurance Company Limited 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 14)

47.) The Heritage Insurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 14)


A screenshot of Heritage insurance company's website
48.) The Jubilee Insurance Company of Kenya Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 14, 31, 32, 33a, 33b, 34, 35)

49.) The Kenyan Alliance Insurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 14, 31, 32, 33(a), 33(b), 34, 35, 37(a)

50.) The Monarch Insurance Company Limited (02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14, 31, 34, 35)

51.) Trident Insurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 14)

52.) UAP Insurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14)

53.) UAP Life Assurance Limited (31,32,33a,33b,34,35,37a,37b)

54.) Xplico Insurance Company Limited (01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14)

KEY:

General Insurance Business

01 Aviation

02 Engineering

03 Fire Domestic

04 Fire Industrial

05 Liability

06 Marine

07 Motor Private

08 Motor Commercial

09 Personal Accident

10 Theft

11 Workmen’s compensation

12 Medical

13 Micro insurance

14 Miscellaneous

Long Term Insurance Business

31 Life Assurance

32 Annuities

33 Pensions a.) Personal Pension b.) Deposit Administration

34 Group Life

35 Group Credit

36. Permanent Health

37 Investment a. Unit Link and Linked Investments b. Non-Linked investments

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