Over the two decades of its existence, the act has been revolutionized substantially on piecemeal basis. However, it has not reached the standards of present insurance world. This has led to the review of the act in order to come up with a frame work that fits in perfectly with the advance and functionality of the industry.

So what does the act have to do with individuals or business in Kenya? Can it help the policy holder such as the case in the Kimathi House Fire or is it just another of Kenyan laws that go nowhere?

Part II of the insurance act of Kenya

The insurance act of Kenya has been divided into over 10 parts, and each part contains subdivisions with different entities but all based on insurance.

Part two of the act contains is entailed of appointment, power and duties of the commissioner of insurance. The part has been farther divided into the following segments;

• 3-establishment of the authority
• 3A-objects and functions of the Authority
• 3B-board of directors
• 3C-powers of the board
• 3D-remuneration of Board members
• 3E-Commisioner of insurance
• 3F-appointment of secretary and other staff
• 3G-common seal of Authority

The fourth part is entailed of insurance regulatory fund, financial year and annual estimates, accounts and audits, supersession. The fifth part contains of particular duties of a commissioner, the sixth, delegation by a commissioner.

It has other sections up to 18 that involve mattes to do with investigation, power, protection, examination and secrecy.

The Draft Insurance Bill of Kenya 2011

The bill was drawn up with a purpose of supporting the insurance industry towards achieving its goals and objectives. Insurance contributes positively to the Kenyan economy as it plays a vital role in the financial services zone.

The bill is lenient on Enforcement of a proper framework that enhances development of ICT (Information Communication Technology) for the industry.

It is also for the modernization of the existing legislation in harmony with up to date drafting principals. This is to ensure the provisions are positive and in a comprehensive language and concepts that can be understood by stakeholders.

The legislation is also based on the ICP’s (Insurance Core Principles) which is a development of IAIS (International Association of Insurance Supervisors).

It is also bent on rise of the importance of commercial governance and hazard management in the insurance business stakeholders.

Importance of the Insurance Act of Kenya and the draft insurance bill

The major objective of the act is to provide a harmonized, comprehensive and effective legal framework for the management of the insurance industry in an aim to achieve the following;

• Control and restrictions on who can or cannot carry out insurance business in Kenya;
• Consistent ways of protecting policy holders for continued advancement of an aggressive, innovative and practical insurance market;
• Protect policyholders’ interests by imposing primary responsibilities to the senior management and directors of an insurance company;

The insurance act of Kenya is also responsible for providing supervision of licenses that are issued by the ISA (Insurance Regulatory Authority).

You can download the Insurance Act of Kenya 

Kenya Orient Insurance Company (KOIL) is registered under the insurance Act of Kenya and is authorized to endorse or back all classes of General Insurance Business.

The History of Kenya Orient Insurance Company

Kenya Orient Insurance Company has been in the insurance business for the last 30 years. The company has been in steady and remarkable growth and has about six branches in the country.

It has four executive directors that assist and facilitate its running together with their CEO Virginia Magondu. The mission and vision statement of the company is to provide relevant yet unique insurance products and to be the ideal insurance provider in Africa.

It has been ranked among the top 4 insurers in Kenya by the Kenya Insurance Companies Brokers.

Products and Services Offered By Kenya Orient Insurance Company

The company offers services and products that will meet your insurance needs. Orient Insurance Company is rated among the top four insures because of its services and products. Here are some of the services;

Orient Business

Orient business has three policies that cover your property, such as vehicle and home against theft, fire and accident.

Orient Burglary

This policy covers your building and its contents against theft by means of force.

Orient Fleet (Motor Commercial)

This policy covers your motor in the incident that it is involved in an accident or burnt or stolen and also the third party liabilities.

Orient Money In Transit

It provides cover for loss of money that is in direct transit.

Public Liability

This policy provides cover for all your sum of money. This is the money which the insured has paid to cover for accidental bodily injury and or damage to property of 3rd party.

Orient industrial

Orient industrial policy offers covers to company’s building and goods against theft and machinery breakdown.

Orient Contractors All Risk

This policy provides financial cover in the event that your property is stolen or damaged and also covers for renovations of buildings.

Orient Goods In Transit

The policy provides financial cover against loss or theft of your goods while in transit from one location to another.

Orient Machinery Breakdown

This policy provides cover for sudden and unpredicted mechanical and electrical breakdown.

Orient Personal

Orient personal has four policies that provide cover on your home and motor vehicle against theft, accident and fire.

Orient Safari Bima

This is another policy of its kind first from Kenya Orient; Orient Safari Bima is personal accident benefit cover that is purchased using scratch cards.

Orient Golfers

This policy provides cover against the loss of or damage to golfing equipment and personal effects. The cover is provided country wide and excess free.

Orient Ultimate Motor Pack

This policy is an excess free package that combines motor insurance with personal accident that includes 24 hour rescue and emergency services.

Orient Home Insurance

This policy provides a cover on your residential property and assets, such as buildings, furniture and fixtures and all household equipment and personal items in the event of fire or theft.

Orient Bila Shaka

This is a personal accident benefit plan.

Why Insure With Kenya Orient Insurance Company

Accidents are happening everyday in life; it is worth to get an insurance cover with Kenya Orient Insurance Company. Kenya Orient is known for it fast costumer service, when it comes to payment of claims. The process is fast and accurate.

Kenya Orient Insurance Company respects and values it clients and ensures that their needs are well catered for.

 Nairobi, March 29 – Jubilee Holdings, East Africa’s largest insurance group, celebrating its 75^th birthday this year, announced an increase in pre-tax profit for the full year period ended December 31, 2011, to Kshs2.144 billion in 2011.

The Directors have recommended a total dividend of 110% which equates to Kshs5/50 per share. To commemorate this continued impressive growth, Jubilee also declared a bonus share issue in the ratio of 1:10 for the third consecutive year, to mark its 75^th birthday approaching on 3^rd August 2012.

The results saw Jubilee strengthen its number one position in Kenya, Uganda, and overall in East Africa and also become the market leader in Tanzania.

Jubilee Holdings Chairman, Mr Nizar Juma, said “We are extremely pleased with our continued strong performance in 2011, despite a substantial drop in the equity market last year. This has proved the validity of our policy to diversify our investments into non-traditional areas.”

Jubilee Holdings Chairman Nizar Juma (centre) with Patrick Tumbo (Jubilee Kenya CEO) and John Metcalf, a director

Mr Juma continued, “Jubilee has reinforced its market leadership in East Africa and in Kenya, Uganda and now also in Tanzania. We are particularly pleased with an increase in underwriting profits to Kshs 540 million in 2011. We consider it very important that our core insurance business contributes effectively to our group results and to enhance this, Jubilee is making significant investments in new operating systems and customer service capabilities. We are also pleased with a strong increase in our medical underwriting profits, a result of improved case management and claims service efficiency.”

East Africa’s largest insurer crossed the Kshs15 billion gross premium level with an impressive 39% increase over 2010. At Group level, life insurance business recorded a 35% growth, and short term business increased by 43%, which incorporates a 49% growth in the general insurance business of Jubilee Kenya. Jubilee’s successful medical business recorded a 49% growth with Jubilee Tanzania growing by an exceptional 341% growth over 2010.

Jubilee also enhanced its focus on its core business activity and as a result of first class risk management and selection practices achieved a substantial increase in underwriting profits to Kshs 540 million in 2011 from Kshs 476 million in 2010.

Jubilee Kenya consolidated its market leadership with a robust 49% growth in general business, 32% in medical business, 25% in pensions business and 35% in life business. The award winning Jubilee Kenya grew by an overall 35% consolidating its leadership position in the Kenyan market. In 2011, Jubilee Kenya was honoured with 12 insurance awards. At the BIMA awards 2012, the Association of Insurance Brokers of Kenya (AIBK) presented Jubilee the ‘Best Claims Settlement Award, a clear demonstration of the company’s commitment to honouring its insurance contracts.

Long term business grew by an overall 30% in 2011, with Life insurance recording a growth of 35%, due to increasing success of its customer focused education and asset building products, as well as introduction of a product targeted for the youth, particularly university students. Dubbed ‘Baada Ya Campo’, the product helps university students save money for use after graduation and during the time they are sourcing for employment. Jubilee’s strong performance marks the success of the company’s initiative to increase market penetration in the region. Assets also grew from Kshs 31.7 billion in 2010 to Kshs 39 billion in 2011.

In 2010 Jubilee took advantage of the strong economic growth in the East African region, and initiated a phased regional expansion campaign. It launched subsidiaries in Burundi and Mauritius in 2010, and will be entering into new markets each year from now. By the year 2014, Jubilee expects to be in 12 markets in Africa.

The regional expansion program is complimented by the strengthening of the branch network within existing markets. In 2011, 12 agency offices were opened in major townships in Kenya, and the same continues in all the countries. The product development drive in short term and long term business continues with further strengthening of crop and livestock insurance, SME targeted products; political violence, terrorism and sabotage covers; retail medical products tailored for young families and retirement and education-based life insurance policies. Jubilee also plans to diversify channels of distribution, including strengthening its bancassurance platform.

The introduction of these successful business lines has been well received in the region, generating a 40% growth in medical business in Uganda, and a 16% growth in life business and 28% increase in general business in Tanzania.

Increased market confidence in Jubilee’s Balance Sheet strength and financial stability and its 74 year experience, resulted in a 27% growth in deposit administration inflows, indicating the company’s ability to safeguard funds and offer consistent returns year on year. The Group’s impressive end year results translate into a 4.4% increase in the profit attributable to shareholders, with the earnings per share increasing to Kshs 33.10 from Kshs 33.25.

Ends

About Jubilee Holdings

From humble beginnings in 1937, Jubilee Insurance has spread its sphere of influence throughout the region to become the largest multi-line insurer in East Africa, handling both long-term and short-term insurance. Today, Jubilee is the number one insurer in East Africa with over 300,000 clients.

Jubilee Insurance is also the largest provider of medical insurance across East Africa that includes many of the region’s blue chip companies. Jubilee Insurance has a network of offices spanning Kenya, Uganda, Tanzania, Burundi and Mauritius. It is the only ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi Stock Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange. Its regional offices are highly rated on leadership, quality and risk management and have been awarded an AA- in Kenya and Uganda, and an A+ in Tanzania.

A risk occurrence is ninety percent recoverable. Insurance is an effectual approach to risk management and is defined as an evenhanded transfer of the risk of a loss in exchange of a premium. Each quantifiable risk is insurable.

Basic Types of Insurance Policies in Kenya

The world today has become so competitive thus resulting to speedy and stressful kind of life that declining general health of individuals. Loss of lives and property are repeatedly occurring incidences today, with this changing times the need of risk management is simultaneously increasing, thus taking an insurance cover has gradually become a necessity. Here are four crucial types of insurance policies in Kenya that you need to have.

Life Insurance Policies

The main aim of these policies is monetary compensation to the beneficiary of the insured upon his/her death usually defined as death benefit. The policy is either term life insurance whereby the policy allows the beneficiary to claim death benefits only if the insured dies before its expiry term or permanent life insurance.

The beneficiary entitled to receive death benefits is known as primary beneficiary, incase whereby he dies before the insured then the contingent beneficiary will be compensated. Single and group beneficiaries are defined as specific and class beneficiaries respectively if the insured states a minor as the beneficiary a guardian with a legal authority to receive the compensation should be stated in the policy. The insured has the right to revoke the beneficiary named in the policy.

Health Insurance Policies

These types of insurance policies in Kenya cover the costs of medical treatments for diverse forms of sicknesses that menace human life. Some examples of health insurance policies in Kenya include; NHIF, this is a monthly contribution to all Kenyans earning high monthly income. Casualty insurance policies cover accidents and international health insurance policies.

Secondary Insurance Policies in Kenya

Education Insurance Policies

These policies are a must to each and every household in Kenya, it’s very important to secure your children’s education this is achieved by funding it. Usually the investment period of this policies is between ten to twenty years and average minimum monthly premiums to all Kenyan insurance companies being Kshs 2000.

They are of two types education policy with profits( 3 Plans based policy, Benefits are paid on Maturity) and permanent education policy where by benefits compensation takes place only after policy expiry.

Pension Insurance policies

The trends of a life-cycle are from childhood to old age. When you grow old it is very difficult to perform some tasks because you are no longer energetic like you used to be. It’s very crucial thus to fund for old age times in order you and your family to live the same standard of life-style or even better. Example of types of pension insurance policies in Kenya include; PAYE and retirement benefits schemes.

Several other types of insurance policies in Kenya include:

• Car insurance policies
• Home insurance policies
• Property insurance policies
• Credit insurance policies
• Travel insurance policies.
• Third party insurance policies

Insurance Companies Offering the Different Types of Insurance Policies in Kenya

There a good number of insurance companies in Kenya for you insurance coverage. Most popular companies include; Jubilee Insurance, British American, ICEA, Old Mutual, Kenindia Insurance, UAP, Lion of Kenya, and Madison Insurance.

Taking insurance cover reduces financial losses thus enabling you to protect you and your loved ones. Secure a better tomorrow for your family, they don’t need to change the kind of lifestyle they are living because of calamities occurrence. Choose from the wide range types of insurance policies in Kenya, the best policies.

This ended up being a Jubilee Insurance review rather than an article on the best insurance company in Kenya. Please note that the views expressed in this article are not the views of the editors of this site:

Jubilee is the second largest and the best insurance company in Kenya. Jubilee Insurance has a strong financial base and over seventy years experience in the industry, its headquarters is in Mombasa. The Company operates through a network of head offices in the East African capital cities of Nairobi, Kampala and Dar es Salaam and has other eight branches spanning the region.

Jubilee through its holding company, Jubilee Holdings Limited, was listed on the Nairobi Stock Exchange In 1984; the group was cross-listed in the year 2005. Jubilee insurance Company is a number one compound insurer in Kenya and East Africa and the market leader in medical insurance. The company offers a wide range of insurance policies at a reasonable premium rate, investment plans and pension plans.

Why is Jubilee The Best Insurance Company in Kenya?

During the naming of the best insurance companies in Kenya (2011) in the annual gala night organized by Think Business; a Kenyan based financial sector-focused company that specializes in strategic business intelligence, research and publishing. Jubilee insurance company shone in most categories making it the best insurance company of the year. There were sixteen categories judged using different criteria and the company won eleven awards which are;

1. Best Life business category
2. Best Company in ICT
3. Best Insurance Company in Risk Management
4. Best Medical Insurance Underwriter
5. Best Customer Service Innovation Best marketing Initiative of the Year
6. Best Training Initiative of the Year
7. Most Socially Responsible Corporate
8. Best Insurance Company in General Business
9. Best Insurance Company in Claims Settlement
10. The Major Loss Award
11. Best marketing Initiative of the Year award

In terms of total assets jubilee insurance company is the second largest company after ICEA and third most profitable company after Kenindia and ICEA.

Insurance policies offered by Jubilee insurance Company

The various insurance covers offered by Jubilee insurance company include;

Education insurance, Health insurance, Motor vehicle insurance (general), Life insurance, Marine insurance, Travel Insurance, Home Insurance, and Credit Insurance

Jubilee Insurance Company Pension Plans

If you are self employed or work in the informal sector, you are perhaps wondering, how can I plan for my retirement? Your option is to choose one of the available Personal Pension Plans (they are pension schemes offered mostly by financial institutions such as banks and insurance companies).

Jubilee insurance company is one of the best insurance companies in Kenya for these schemes due to several factors of the company;

• It has a good reputation (directors and shareholders)
• It offers personalized services
• Track in record keeping is good
• The administrative costs is reasonable
• Past results have been a success
• The company offers extra benefits like educational programs.
• Its pension plan is known as, Jubilee Insurance Company Personal Pension Plan

Investments Plans

Jubilee insurance company is among the best insurance companies in Kenya to offer investment in Unit trust fund. Many investors are today opting to invest in these fund as its value is constant compared to shares that changes in value depending with the market.

Jubilee is surely the best insurance company in Kenya to take an insurance cover from. Its consolidated financial statements show a stable financial position meaning it has a good reputation.

Car insurance is providing financial protection against damage of the road vehicles either physically or bodily injury resulting from traffic conflict.

Kenya being a third world country, motor technology is an exceptional requirement since majority doesn’t own vehicles. Sometimes many car owners fail to understand the importance of insuring their motor vehicles especially in Kenya but on the other hand, insuring car in Kenya is vital or is a compulsory necessity for all new vehicles whether personal or for commercial use. It is supposed to be done before using or keeping motor cars on public roads.

Sometimes if you own a car or any other property in Kenya, it will be necessary to know the kind of policy you are required to have. Here are some guidelines on car insurance cover options:

Fire and Theft cover option (third party)

This type of cover is meant especially for those people whose cars are stolen or damaged by fire. It also involve third party where by if other people claims against you, it cover up.

Comprehensive option

This is a full cover of your car if stolen, accidentally damaged or damaged by fire. It also covers claims made by other people who are bodily injured or have any damage made to there property.

Third party only

This covers any legal responsibility to third parties only.
Many people have had cases whereby they are given a policy which is completely different from what they thought they had bought or purchased. Thus why, after having such information, reviewing the type of insurance policy you have is very important for precision.

Are you a new driver

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
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.

Agriculture Insurance
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.

Life Insurance
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.

According to economics and law, insurance is a form of risk management that assists in evasion of an uncertain loss.

A lot of people find themselves in a fix when it comes to motor vehicle insurance. This is caused by the lack of knowledge on underlying motor vehicle policies and regulations.

Factors to Consider When Pin Pointing a Motor Vehicle Insurance Kenya

There are thousands of insurance companies and brokers in Kenya; however getting one that is perfectly tailored to fit your requirements can be a real hassle. Insurance is competitive and it can only be productive if it passes via the right medium.

Below are some of the things you should consider in order to get appropriate motor vehicle insurance company in Kenya.

The firm’s reputation

Reputation should always be the first thing to consider while selecting anything in life this includes, school, a partner, airline to travel with and most importantly an insurance firm.

Reputation is not about the number of people that are using the product; it should be based on licenses and the policies they offer. Mostly reputation is spread through word of mouth and one should be very careful establishing what is true or false.

Credentials of the company

A recommendable insurance brokerage should be reliable and professional and able to hold the integrity of their financial systems. The companies should be approved and registered by the nationally required standards.

Timely services

This is always difficult to configure as you only know a firm effectiveness and reliability when you are in trouble. They can only be compared with a parachute and the only way you can predict this is by establishing how the renewals are handled before settling a deal.

The Other Side of a Coin on Motor Vehicle Insurance Kenya

Unfortunately it is not always the insured that are in trouble, some of the insurance companies also find themselves ailing. Research has it that motor vehicle insurance in Kenya is not profitable.

In 2009 the association of Kenya insures (AKI) reported a loss ratio of 80:80. This mainly caused unsophisticated solutions cultured to fit in the market, careless driving, and fraud, high cases of theft, poor roads, needy driving skills and poor enforcement of traffic regulations.

However insures can change that by implementation of a proactive risk management approach that improves loss rate routine through more effectual pricing of motor vehicle peril.

The Best Motor Vehicle Insurance Companies in Kenya

Below are top 10 insurance companies in Kenya that have attained their titles and recognition through effective and reliable services.

• Dater insurance agency
• UAP insurance company
• Jubilee insurance company
• First Assurance Company
• APA insurance company
• Geminia insurance company
• Pan African Life Assurance Company
• GA insurance Company
• Amaco insurance
• Blue shield Insurance Company

Motor vehicle insurance Kenya companies should have added advantages like towing services that are a call away, Kenya Revenue Authority certificate, Log book follow up and prior arrangement to appropriate garages.

Madison is willing and ready to partner with you and help you go through the process of planning for the activities and strains of your life without any fear.

If there is any area that has undergone a drastic change in people’s lives is their health and well being. Majority of them might be finding it hard to live a fearless life due to unwanted and mysterious accidents that may occur anytime. In most cases these accidents come with a lot of expenses that leave victims so desperate. Madison has come to rescue you from these disastrous situations.

Products for Madison Insurance Company of Kenya

Madison insurance offers various products that are suitable for any kind of claim or risk. Some of these products include:

Smart Investor Financial

This product is venture based and tailored to produce great proceeds to policy holders through careful investment of finances by finance managers. This product is unit linked whereby donations are used to buy units in an investment program which is expected to produce high proceeds.

Some of its benefits are: There is no age limit; the depositor can increase the donations at any time within the policy period, the more you contribute the higher returns you get. Finance value is determined per month and statement send annually on the policy anniversary. Medical verifications are not needed for this cover and the plan permits partial withdrawal of money value after three years.

Modified whole life policy

You and your family can be freed from financial constraints after retirement or when you are not in a position to provide for them. It combines investment with life cover. You are the one who decides on what amount and how you would like to pay for the premiums for a given time for your entire life.

It has some benefits which are: in case of death of the life assured before attaining 70 years, the whole insured sum is paid plus bonuses, the policy can be used as security for a loan and the policy has got high cash value.

Bima Chali

This product has a great opportunity to save money. It is a guaranteed and safe investment which offers everyone life assurance. With a minimum monthly payment of Ksh 1500 you can happily enjoy the journey of life. It is a suitable policy for many that give investment benefits made to produce high returns to the shareholder and 24 hour life in addition and disability cover.

The policy holder is able to get high returns from the investment units, a payment equivalent to 25% of the total amount assured against diagnosis of prostate cancer and a life donation of up to ksh.500, 000 maximum.

Lala Salama

Mortality strokes each and every corner of our community. It is indeed for this reason that Madison insurance company decided to offer lala salama as a product to provide insurance services that will facilitate the easy state of the bereaved family.

Madison insurance company of Kenya works with other professional bodies

Madison insurance company of Kenya has been working with architects, doctors, surveyors and accountants in order to make you stay more comfy. These are professionals who improve people’s lifestyles by using their professional skills. Take an initiative and get insured because this is the best way to eradicate worries. Madison of Kenya will help you recover your properties, health, and repay bank loans in case of any uncertainty.

In all, it’s a great insurance company in Kenya.

CIC is made in a manner that it is able to deliver insurance services to low income earners. This is as a result of the structure of the co-operative company and the philosophy which is a very efficient and flexible form of technicality for channeling the co-operative insurance products to the less fortunate.

What are the strong points of Co-operative Insurance Kenya?

Identifying the needs of the less fortunate in a manner that they are in a position to point out what is the basis of poverty on the area in question. They try to find out what is it that the poor people are doing or not doing to eradicate their poor status. They come up with ways and offer products that will ease the process of poverty eradication.

CIC fights to win the trust of its consumers. It is able to achieve this by providing the quality insurance services that no one has ever had in the near past. It is also able to reduce the moral hazard in the communities, deal with the adverse selection and fraud, and provide its customers with suitable and reliable education by empowering its consumers and employees.

They have a special concern for the common Kenyan such as workers, farmers and those people in the Juakali (informal) sector. This factor has given co-operative insurance a unique appeal to a lot of people and institutions and attracted incredible goodwill both in and outside Kenya.

The Historical view of Co-operative insurance Kenya

CIC has surely come a long way in the insurance industry in Kenya. Actually the today’s CIC is a full contrast of the tiny and confined company which had a humble growth in its first 2 decades of operation.

From 1989 to 1998 the company was experiencing some dramas. The situation got so bad that in 1995, it was on the edge of collapsing on explanation of bankruptcy and not being able to meet the required minimum share capital by the insurance regulator. It was heading to a point of being de-registered by the insurance commissioner.

The rescue of Co-operative Insurance Kenya

In December 1995, their friends; the international co-operative movement came to their rescue. They put in $ 1.1 million and ICMIF provided 2 consultants to help in bringing the company back to life. Despite the efforts the company did not pick and the consultants suggested that it be bought by a private company for ICMIF members to recover their money.

Transformation of co-operative insurance Kenya

CIC has currently transformed and is a shinning and good example of ICMIF’s help, and application of the principle of co-operation and value of togetherness which are the principles of co-op movement. Even though it first operated without a strategy, the transformation was in the first and second strategic plans.

Ownership of Co-operative insurance in Kenya

Currently, CIC insurance is being fully owned by Kenyan co-operative movement. It is the leading insurer in Africa with shares of USD 14.5 million being top most capitalized insurance company in Kenya. It is in partnership with co-operative bank, who are the biggest shareholder.

To outsource the big numbers of poor population with financial help, it calls for strong financial section which has a broad range of providers giving services able to meet wide range of needs of the population.

The structure and philosophy of co-operative are very efficient in satisfying the needs of the poor. It is for this reason that the model of co-operative insurance Kenya is deemed as perfect for controlling insurance products all over Kenya.