Top 10 Car Insurance Companies In Kenya 2017/2018Posted on 2018-01-05
Car insurance in Kenya is the biggest segment of the general insurance market accounting for over KSh 45 billion premiums representing close to 28% of the entire insurance market in Kenya in 2016. With over 7,000 new cars imported in Kenya every month, it is no wonder motor insurance is an enormous business.
Getting the best motor insurance quote in Kenya is therefore a prerequisite for all car owners, getting the best deal price wise and not jeopardising the service quality, after all insurance only becomes real at the point of a claim. Several companies in Kenya have moved away from the price wars on car insurance quotes and opted for higher pricing providing a better customer service and claims experience. The motor insurance business however continues to make losses in the insurance industry due to fraud cases and high accident rates. In developed countries in USA and Europe, there is information sharing between insurance companies, law enforcement, banks and service providers which makes it easier to curb incidences of fraud thereby helping to increase the profitability of the industry. This high level of sophiscation has allowed most consumers to compare and buy their car insurances online using online aggregation webistes like money.co.uk
Below are the top car insurance companies in Kenya for the year 2017/2018 ranked in order of the size of the premiums for both commercial and private car insurance business line according to the Association of Kenya Insurers (AKI) year ending report.
CIC: KSh 4,545 Millions
Cooperative Insurance Company (CIC) is an East African insurance powerhouse boasting of presence all across the region. Listed on the Nairobi Stock Exchange, it offers all forms of general, life, medical insurance and investments. CIC commercial motor insurance is the leading motor insurance in the market, designed and underwritten for trucks, lorries, pickups and other commercial vehicles. CIC also has the CIC Lady Auto product, specifically designed for the lady drivers with great benefits at discounted rates like courtesy car, personal accident for the nuclear family and a last expense cover.
CIC is well known for its financial security and has one of the most reputable customer services.
APA : KSh 3,353 Millions
APA is one of the biggest general, life, medical and investments company known widely under the Apollo brand. Apollo is known across the region as an assets investment management company. APA has recently adopted a disciplined pricing for the motor insurance business line arising from the heavy losses the business has continued to suffer. As a result most private car insurance premiums are charged at premium rates above most providers in the market going as high as 7% of value of the car for specific car models.
UAP : KSh 2,554 Millions
UAP Old Mutual is a leading brand in Kenya after the merger with the international brand Old Mutual. UAP Old Mutual has presence in vast majority of East African countries including South Sudan Republic. It has one of the largest insurance portfolios spreading from medical insurance, general insurance and life insurance. Old Mutual also has a big business line in investments through the Old Mutual brand. UAP developed a direct business called EasyDirect selling motor insurance to retail customers in Kenya.
BRITAM : KSh 2,452 Millions
BRITAM is perhaps one of the biggest insurance companies in East Africa and Southern and Central Africa. It has presence in Burundi, Malawi, and Mozambique among others. In Kenya, it has been the biggest life insurance company for the last 5 years before being toppled by Jubilee insurance. BRITAM entered in the general business later than most but has managed to build an impressive portfolio. BRITAM offers private car insurance for individuals and also offers PSV motor insurance for most lines like chauffeur driven and hire purchase and has the biggest commercial motor insurance portfolio.
ICEA : KSh 2,269 Millions
ICEA Lion is the one of the leading life assurance and investments company all across East Africa. It is one of the most reputable brands in the insurance market in Kenya known more for asset management, investments and life insurance in the East African region. It however has a strong portfolio in general and specialist businesses like aviation insurance. It has amassed a portfolio of over KSh 2.2 billions in the general insurance portfolio. ICEA is another car insurance company in Kenya that doesn’t compete on under pricing in the motor insurance businesses especially for the private businesses.
JUBILEE: KSh 2,093 Millions
Jubilee insurance is the leading insurance company in Kenya and East Africa having celebrated 80 years of existence in 2017. It is the largest general, medical and life insurance company in Kenya, consistently beating the field on premiums collected. It is also the largest medical insurance company in Kenya underwriting close to KSh 10 billion worth of business.
Jubilee offers one of the most flexible motor insurance packages pricing the premiums depending on the value of the car and the age of the car. For new cars less than 5 years since Year Of Manufacture (YOM), motor insurance premium rates of as low as 3% of the value of the motor vehicle. Jubilee insurance has its own in-house assessment centres, requiring customers to take their vehicles for pre-inspection before the insurance can be issued.
Jubilee also has a leading motor insurance product designed for ladies the Lady Jubilee Auto product offering additional free benefits for lady customers at discounted rates, including shopping vouchers, free cancer screening, free courtesy car, etc.
KENYAORIENT: KSh 2,063 Millions
Kenya Orient is a tier 2 insurance company in Kenya offering medical, general and life insurance based in Upperhill, Nairobi. It is one of the most innovative companies in Kenya famed for launching the most innovative mobile insurance product for the mass market. It offers a mix of motor insurance for private vehicles and has one of the most popular products for PSV chauffeur driven car and the commercial own goods carriage and general cartage e.g. lorries, trucks, trailers etc.
MADISON : KSh 1,756 Millions
Madison Insurance is better known as a life insurance company in Kenya offering products education savings plans, life insurance plans, funeral cover insurance. It has quickly transitioned into the medical insurance business with partnership with KCB for the Simba Afya plans. General business portfolio has grown tremendously with the inclusion of several large business portfolios to grow the book.
AMACO : KSh 1,653 Millions
Africa Merchant Assurance Company is one of the oldest general insurance companies in Kenya and a traditional powerhouse. It was at one point one of the biggest general insurance companies for motor PSV insurance for the Matatu market underwriting billions of insurance premiums. It remains a leader in the rift valley region targeting the tea industry through innovative products. The AMACO motor commercial remains of the most popular products in the market.
AIG : KSh 1,266 Millions
AIG is perhaps the most renowned foreign insurance company with its parent company AIG based in the United States . Having scaled back its operations in Uganda, Kenya remains its only market in East Africa.
AIG is one of the strictest car insurance companies in Kenya especially around low value cars and so called ‘danger’ groups cars e.g. BMW, Mitshubishi. It charges a higher car insurance premiums rates in Kenya but guarantees the best service in the market. With its on site assessment and repair shop at its Chiromo lane head office, customers can get same day service for most minor repair services. For this reason it is popular with the higher end market like NGOs, embassies and United Nations. The AIG travel insurance quotes in Kenya is one of the most popular in the market with some of the best benefits of cover to Kenyans travelling beyond the nations borders.
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