Insurance in Kenya still has a low penetration even across Africa as a whole. While some countries like South Africa has about 9% insurance penetration, Kenya has 3% of her population under one form of insurance or the other. There are several insurance companies in Kenya that are struggling for this 3%. The Insurance Regulatory Authority whose mission is to effectively and professionally regulate, supervise and develop the insurance industry” regulates the activities of Insurance companies in Kenya while the Association of Kenya Insurers established in 1987 as an independent non-profit making consultative and advisory body is the organizational body that unites these companies.
Why You Should Consider Getting An Insurance
The essence of Insurance companies is to protect you against a sudden terrible loss by putting you back to your original position before the loss. There are many unexpected ways catastrophe can come. It could be a loss caused by natural disasters like hurricanes, floods or fire outbreak, accident, death, etc. When you protect your business, life, car and other valuables against different types of possible losses in form of insurance, you will only suffer them for a limited period of time rather than permanent.
This will discourage termination or closure of business and encourage continued cash flow. This may not be entirely the case for life insurance as the dead will not be brought back to life by the insurance company but life insurance will help those you leave behind to pay the bills, mortgage, college costs and more when you are no more. The compensation will help them take care of financial responsibilities that are left due to your absence including funeral expenses and in some cases protecting your business from financial collapse when you are gone.
You may not need to be dead to gain from life insurance since it can also supplement your retirement. This comes in form of your personal pension plan where you get a certain amount of money consistently every month for as long as you live. In addition to that, life insurance policy can also get you a financial support when you are down with chronic or terminal diseases.
If you are a business owner, insurance is a vital factor to not just protect your customers but also your staff as business liability insurance caters to all accidents that happen on the business premises, off premises ( could be company car accidents), products defects, personal injuries, illness and more.
Getting a medical insurance will ensure your staff is protected as well as yourself as the owner of the business. Other reasons to get insurance include protecting your business or valuables against theft and litigation.
For these and many other reasons, we consider insurance policies as a gain rather than an expense. It makes financial sense, gives you peace of mind, and certainly is a yes for everybody including business owners and individuals.
Level Of Coverage
The level of insurance coverage you get entirely depends on what you are protecting and the kind of compensation you hope to get when the unexpected loss occurs. The more valuable your property is the more cover you might need. It is important to get a comprehensive plan that covers a wider scope of the policy even if it means paying a little extra premium.
Below Is A Comprehensive List Of Insurance Companies In Kenya.
- Blue Shield Insurance Company
- British American Insurance Company
- Cannon Assurance Company
- Kenya Orient Insurance Company
- Geminia Insurance Company
- GA Insurance Company
- Heritage Insurance Company
- Insurance Company of East Africa (ICEA)
- Capex Life Assurance Company Limited
- Mercantile Insurance Company
- Concord Insurance Company
- Co-operative Insurance Company
- Corporate Insurance Company
- Kenyan Alliance Insurance Company
- Madison Insurance Company
- Mayfair Insurance Company
- Lion of Kenya Insurance Company
- CFC Life Assurance Company
- Chartis Kenya Insurance Company
- Kenindia Assurance Company
- Directline Assurance Company Ltd
- Fidelity Shield Insurance Company
- First Assurance Company
- Intra Africa Assurance Company
- Jubilee Insurance Company
- Pacis Insurance Company Ltd
- Phoenix of East Africa Assurance Company
- Pioneer Life Assurance Company
- Real Insurance Company
- Shield Assurance Company
- UAP Insurance Company
- UAP Life Insurance Company
- APA Insurance Company
- Apollo Life Assurance Company
- Metropolitan Life Insurance Kenya Ltd.
- Monarch Insurance Company
- Occidental Insurance Company
- Old Mutual Life Assurance Company
- Pan Africa Life Assurance Company
- African Merchant Assurance Company (AMACO)
The Insurance Regulatory Authority achieves its goals by promoting the following qualities:
- Integrity – Exhibit impartial, effective and professionalism with highest ethical standards by acting honestly and in a straightforward manner.
- Team Spirit -Each is expected to work effectively with others across functional lines to accomplish objectives.
- Meritocracy – Recognition and reward merit in work and achievements.
- Transparency – Promotion of openness and candidness
- Accountability – Exercising prudence in the utilization of public resources.