The term insurance may not be as complicated as it may sound. It can simply be defined as the payment of little money or fees for the purpose of protection against unpredicted expenses which are known as claims or losses.
After paying the fee your insurer will pay compensation for any losses you will incur as long as it lies within the terms and conditions you had agreed upon in the letter of contract you signed with that particular insurance company. The compensation is fully paid so it is making it beneficial to the insured.
Expenses occur when we least expect them, so it is all on the subject of risks and making sure that you reassign it to the insurer. There are several kinds of insurance products in the market today for example property insurance, fire insurance, liability insurance, famous travel insurance, medical insurance, auto insurance, mutual funds, home insurance, health, brokers, banking loans insurance and many others.
The top 10 insurance companies as ranked in Kenya
There are very many insurance companies in Kenya today since everyone is looking for a means of earning a living. This resulted to the insurance industry pointing out the top 10 insurance companies and making them known to everyone. They include:
Jubilee Insurance Company Limited
This is a leading insurance company in East Africa and it has its headquarters in Nairobi located at Jubilee Insurance House on Wabera Street P.O Box 30376–00100 GPO Nairobi, Kenya; which is the capital city or Kenya. It has a strong financial ground and more than 70 years or experience.
This company is the fist amalgamated insurer in east Africa and Kenya and number one in medical insurance. It has plans to extend into other 12 countries in Africa in the coming three years. At the moment it has 8 branches spanning in the state. It was listed on Nairobi Stock exchange in 1984 and cross listed in 2005. It delivers modern results, marketing circulation and service clarifications across its high-quality individual lines, globally and life industries.
Jubilee operates with Lloyd’s which is at the moment enjoying A ratings. They put their customers at the heart of their business model. The relationship between the company and their customers is based on the single truth their clients tell them and they assume that the information is very crucial to them.
Kenindia Assurance Company
In the year 1978, there was a big landmark for the insurance industry in the area. Insurance companies for India that were operating in Kenya decided to come together and form a vibrant joint scheme which had ethical and financial maintenance from local trade elite that were leading at that time. This whole idea became certainty on December 6th 1978 when Kenindia Assurance Company Limited began.
The insurance companies operating in Kenya which joined to make Kenindia companies are as follows: oriental insurance company ltd, life insurance Corporation of India, New India Insurance company ltd and United India insurance company ltd.
After 1979 the following became main shareholders: Life insurance Corporation of India with 10.21%, New India insurance company with 9.9%, General insurance corporation of India 9.19%,and National insurance company ltd9.19% shares.
Ever since, Kenindia has developed from strength to strength in becoming a guiding household name in Kenya. By 1996, a period of eighteen years, this insurance Company had traversed the KShs. 2 billion gross first-rate income mark to be converted into the largest Insurer in Kenya that deals with non life matters. This summary is in itself a report of the amazing phase the company has arrived at in its advancement ever since that union in 1978.
British American Insurance Company
British American insurance company ltd is an expanded financial services grouping in Kenya offering vast range of asset and insurance services to people, government entities, small entrepreneurs and corporations.
This group has been providing extended heritage financial services from 1920. Other small organizations in the group have also successfully provided investment produce and services making them market heads in their relevant jurisdiction.
The Kenyan business British-American Insurance Company (K) Ltd, was recognized in 1965 and up to now it has not less than 46 years of experience in the country’s market providing property or casualty, group life, pension, individual life and health care insurance to its customers.
The company has experienced a major growth over the past few years. The total gross payment as at 31st December, 2010 was Ksh 4.3 billion while the total resources were amounting to Ksh 25.4 billion. Income from investment was more than Ksh 4.7 billion by December 25th 2010.
Pan Africa Insurance Holdings
Pan Africa insurance Company was established in the coastal town of Mombasa, Kenya by relatives of Asian basis. The first chairman was known as Mr. Ambalal Patel, who was chosen in 1954 as the Minister of the Government of Kenya Colony. The Company began their life business inscriptions in 1947.
Pan Africa insurance company was recorded on the Nairobi Stock Exchange, and it was the first Insurance Company to be lined up. Up to this minute only two insurance companies are lined up. The name Pan Africa Insurance Company Limited was acquired in 1963 mainly to be a sign of the expanded ownership.
The Company created sub branches in Nairobi, Kampala and Dar-es-salaam.
Pan Africa Insurance Holdings Limited was reformed in 2004 after the union to come up with two entirely owned subordinates
Pan Africa Holdings has possessions in surplus of three billion Kenya shillings as at end of year 2003. Pan Africa Life closed the year 2003 with a payment income of ksh 812 million and it is still aiming higher.
Heritage Insurance Company
Heritage provides short term insurance services of claim payments. It was recently deemed as the award winner for the outstanding insurance underwriter in settlement of claims as proposed by associates of the association of insurance brokers of Kenya. The GRC (Global Rating Company) has also rated it AA due to their high ability of paying.
Heritage came about when Norwich Union Fire insurance together with Legal and General insurance societies started their workings in Kenya, merged their ideas and interests to form Heritage insurance company limited. Later, the shareholding was bought by local shareholders making its ownership fully Kenyan hence locally owned.
In the middle 1990s, heritage joined forces with African International Insurance Company and obtained its new name as Heritage African International insurance company (heritage A.I.I insurance company).
APA Insurance Services
APA which stands for American Photographic Artist insurance provides insurance products that are made specifically for those photographers who are professionals. It has a strong long term relationship with carriers who are internationally top. This has helped members of APA insurance to easily access specialty sessions for photographing.
The company provides professional liability (Errors and Omissions) business owners packages and general liability policies with availability of coverages that are not compulsory together with but not strictly limited to rental equipment and/or photo equipment.
Some of other offers of APA business insurance are: Umbrella, compensation of workers, auto commercial and employment practices liability services. APA insurance services also make it possible for APA insurance members only reduced Auto individual and Homeowners insurance that is written throughout travelers insurance.
Insurance company of East Africa (ICEA)
Insurance Company of East Africa (ICEA) is a member of the First Chartered Securities Group. This is a leading savings and trading group which has interests in varied sectors found locally in Kenya. These sectors include insurance, banking, manufacturing shipping, property and agriculture.
Insurance company of East Africa is strong based insurance company in Kenya and with its presence in the entire East African area. It has the chance to market and sell both general and life insurance services and products for a business partner who is considerably reliable and also stable. It is completely independent and a place where you get exactly what you worked for the entire period you will be working with them. It has branches spread all over Kenya; Nairobi, Kisumu, Nyeri, Mombasa, Nakuru and Eldoret.
For one to qualify for a position in this company, he/she must be in possession of the following proficiencies and attributes: have a university degree or a higher Diploma, COP in insurance or anything that is equivalent to the professional certification, entrepreneurial desire to run an own business, successful working experience in marketing, teaching, sales, be ambitious, hardworking, highly networked, good presentation and communication skills.
Blue shield Insurance Company
Blue shield insurance company ltd has been rated amongst the top 10 insurance companies due to its high degree of provision of insurance products. Some of its products include:
General Insurance as a product of blue shield consists of insurance of property against theft, fire, robbery, burglary etc, individual insurance such as health and accident Insurance, and liability insurance which covers legal accountabilities.
Under agriculture insurance there is livestock policy which deals with a broad variety of animals under the every risk of death. This compensation can also be made bigger to cater for transit and theft risk of animals.
Insurance for poultry covers the mortality of insured poultry because of convenient illness, accidents, sickness and the strategy can be enlarged to include robbery of insured birds. Crop insurance covers produces like maize, beans, wheat, rice and barley against physical loss or failure of/ to a growing crop. Cover in respect to recurrent crop can also be resulted.
Despite the fact that people invest they should find a way to manage their wealth and riches effectively to be able to achieve maximum output out of it. Accidents occur without any notice, anytime, anywhere and very few victims in case any are always ready to deal with the end results.
The surviving victims have to sell properties to deal to pay for the sudden escalating medical expenses, while the bereaved ones are left to adjust to the situation. Blue shield insurance provides such people with a lot of benefits.
UAP Provincial Insurance Company
UAP provincial insurance company operates like a life insurance company in Kenya being amongst the top most insurance companies. This company has its headquarters located in Nairobi, Kenya.
It offers several products such as life insurance, tailored insurance, commercial insurance and personal insurance. It also covers healthcare, marine and pension if insured. It has a vision of soon being Africa’s innovative financial services company and a mission of enhancing the quality of life by conveying peace of mind and financial freedom throughout an exceptionally motivated group that delivers what consumers want.
It is one of the leading companies in Kenya and has been in operation in Kenya for not less than 70 years. It has established more branches in Uganda and Southern Sudan and a big network of branches all over Kenya hence able to give prompt services to its customers countrywide.
Co-operative Insurance Company
Co-operative insurance company of Kenya (CIC insurance) was found in 1978 formerly known as co-operative insurance services ltd (CIS insurance). The changing of the name from CIS to CIC in 1999 was part of the market repositioning strategy of fully changing the then tiny insurance company to a respected and well known insurer in Kenya. It offers general and life insurance products.
The vision of CIC insurance company is be listed amongst the top 6 highly performing insurance companies in the country and to be leading in the provision of insurance services to the co-operative section.
CIC has a mission of providing competitive, high quality and relevant insurance services and products that will enhance the stability and security of financial status of their customers.
Good and bad side of the Top 10 Insurance Companies in Kenya
Signing a contract with an insurer which is also known as annuity is good. Why? Because you are guaranteed rates of return on your money, there is tax deferred growth and compounding in the annuity agreement.
Annuity has got its bad side which is you will have to give payments for the guarantees, they can be overused in a bank and it might take longer than you expect. To aver such problem always use the strongest insurance company around you.
Is it worth getting a cover with one of the top 10 insurance companies in Kenya?
Accidents are happening every other time in Kenya. No one knows how, where and when such tragedies can happen to him or her. These accidents come with a lot of expenses to be catered for and a lot of adjustments to undergo during the course of the accidents.
Let your health, wealth and properties be your first priority. Take a cover now and enjoy its benefits. The above discussion on the Top 10 insurance companies in Kenya will help you in choosing the most suitable insurer depending on your claims or losses.