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The number of motorcycles on Kenyan roads has exploded over the last 5 years becoming an affordable and popular mode of transport. The majority of motorcycles are PSV motorcycles, commercial and lastly private motorcycles. However, compared to many other mid income countries, the proliferation of motor cycles still remains very low as Kenyans continue to embrace affordable second hand motor vehicles from Japan. The motorcycle insurance market in Kenya consequently very small, owes to the high loss nature from road accidents and robbery or theft.
A limited number of insurance companies offer motorcycle insurance in Kenya. Due to the size and value of the motorcycle industry in Kenya, alongside the high risk and loss nature of the business, most insurance companies don’t offer motor cycle insurance. A few insurers offer insurance for private and commercial motor cycles and less than 5 insurance companies offer insurance cover for the PSV boda boda market, the most risky segment of the motorcycle market.