Market Overview
The Kenyan insurance industry has experienced significant growth and transformation over the past few years. According to the latest data from the Insurance Regulatory Authority (IRA), the total gross written premium (GWP) for the financial year ending 2023 reached an impressive KES 361.4 billion, marking a 16.7% increase from the previous year. This growth was distributed across both general (non-life) and life (long-term) insurance sectors, with general insurance accounting for KES 191.3 billion and life insurance contributing KES 170.0 billion. This continued expansion reflects improved consumer confidence, greater product innovation, and strategic investments by insurers in digital channels and bancassurance networks.
Top 10 Insurance Companies by GWP (FY 2023)
Non‑Life Sector (General Insurance)
Below is a breakdown of the top-performing insurance providers in Kenya based on total gross written premiums for the financial year 2023. These rankings are based on detailed reports from the IRA.
| Rank | Company | GWP (KES bn) | Market Share |
|---|---|---|---|
| 1 | APA Insurance | 18.03 | 8.9% |
| 2 | Old Mutual General | 18.39 | 8.8% |
| 3 | CIC General | 16.93 | 8.2% |
| 4 | Britam General | 17.63 | 8.0% |
| 5 | GA Insurance | 17.01 | 8.1% |
| 6 | Jubilee Health | 13.94 | 5.4% |
| 7 | AAR Insurance | 10.96 | 4.6% |
| 8 | ICEA Lion General | 9.14 | 4.4% |
| 9 | Madison General | 8.53 | 4.3% |
| 10 | Heritage Insurance | 8.33 | 4.0% |
Life & Long‑Term Sector( Life Assurance)
| Rank | Company | GWP (KES bn) | Market Share |
|---|---|---|---|
| 1 | Britam Life | 42.03 | 10.6% |
| 2 | ICEA Lion Life | 28.33 | 7.2% |
| 3 | Jubilee Life | 27.16 | 6.9% |
| 4 | Equity Life Assurance | — | 9%* |
| 5 | Kenindia Life | 14.08 | 3.6% |
| 6 | CIC Life | 12.69 | 3.2% |
| 7 | Pioneer Life | 8.61 | 2.2% |
| 8 | ABSA Life | 8.46 | 2.1% |
| 9 | GA Life | 7.63 | 1.9% |
| 10 | Old Mutual Life | 6.23 | 1.6% |
*Equity Life Assurance reached 9% share in 2023, ranking 4th fast-tracked in one year.
Deep-Dive: Top Five Companies
1. Britam
- Leading life insurer with KES 42.03 being the gross written premium (10.6%) and position 4 in non-life (general insurance)business (KES 17.63 bn, 8.0%).
- H1 2024: Profit After Tax was up 22.6%, driven by +150% net investment income, despite rising expenses.
- IFRS 17 integration since 2022, financial disclosures are more transparent.
2. Jubilee Holdings
- Strong life (27.16 bn) and health insurance presence (Jubilee Health in top‑6 non‑life).
- H1 2024: Profit after tax rose 22.7% to KES 2.5 bn on +28.4% insurance revenue.
- Combined ratio 163.9%, pointing to margin pressure.
3. CIC
- Dual presence: non‑life Gross Written Premium 16.93 bn (8.2%), life 12.69 bn (3.2%).
- H1 2024: Flat net premium, strong expense control (expense ratio 29.1%).
- Pioneer of digital product “Easy Bima” motor insurance.
4. ICEA Lion
- Life Gross Written premium 28.33 bn (7.2%), ranking 2nd, plus 9.14 bn (4.4%) non‑life ( general insurnce business).
- Strong bancassurance and digital footprint via new distribution partnerships.
5. APA, Old Mutual, GA
- APA Insurance: Leading non‑life insurer i.e. motor insurance, SME, and agriculture focus.
- Old Mutual: Strong player in non‑life (18.39 bn) plus long‑term insurance.
- GA Insurance: Ranked #5 non‑life and #8 in life—well diversified.
📈 H1 2024 Performance Metrics Summary
- Premium growth jumped 51.7% (H1 2024) vs 6.7% (H1 2023).
- Claims decreased 18.2%, but loss ratios hit 81.1% (from 57.8%).
- Combined average ratio rose to 149.4%, up from 114.2%.
- Return on average equity improved to 7.3% from 3.2%.
- Jubilee top franchise score, followed by Britam (#2).
Sector Insights: Trends & Opportunities
- Bancassurance: Growth to KES 35 bn, with top 9 agencies generating 83% of premiums. Loss ratio between 43.9%–52% vs industry’s 67% .
- Digital innovation: CIC “Easy Bima” enables flexible motor premiums monthly.
- Regulation/IFRS 17: New standards increase transparency but pressure capital; smaller firms face consolidation.
- Currency & macro: H1 2024 saw shilling appreciate 17.2% aiding claims maturity; inflation cooled to 5.6%.
- Reinsurance strength: Kenya Re posted +20% insurance revenue (KES 10.3 bn) and moved from loss to profit.
What to Monitor in 2025
- IRA Annual GWP report: Full FY 2024 data due mid‑2025; critical for forecast adjustments.
- Profitability: Can insurers reduce combined ratios back toward 120%?
- Consolidation: Capital rules and IFRS may force mergers especially for mid‑tier insurers.
References
- IRA Q4 2023 & FY 2023 GWP data.
Why Choosing the Right Insurer Matters
Insurance isn't just about picking a policy — it’s about selecting the right partner who will stand with you in times of uncertainty. In Kenya’s dynamic market, where over 50 insurers compete, identifying the right one can make all the difference.
1. Claim Settlement Record
A company’s ability and speed to settle claims is the most important factor. Look for insurers with:
- High claim settlement ratios (ideally over 75% for health, 60%+ for motor).
- Transparent claim processes and documentation guidelines.
- IRA reviewed performance reports with consistent claim resolution over the past 5 years.
2. Financial Strength
A financially stable insurer is better equipped to settle large or multiple claims. Review:
- Annual Profit After Tax (PAT) and solvency margins.
- Ratings by agencies like Metropol, AKI, or IRA Kenya.
- Years in operation and reinsurance partnerships.
3. Regulatory Compliance
Choose only insurers licensed and regulated by the Insurance Regulatory Authority (IRA) in Kenya. This ensures:
- Consumer protection under Kenyan law.
- Enforcement of fair business practices.
- Published complaint handling statistics.
4. Product Suitability
Don’t buy one-size-fits-all insurance. Check for:
- Customized coverage based on your occupation, assets, or health needs.
- Flexible add-ons like medical evacuation, political risk, etc.
- Clarity in exclusions and premium breakdown.
5. Customer Service & Support
An insurer’s support can be a dealbreaker during emergencies. Ask:
- Do they have 24/7 helplines?
- Are branches and digital claims available?
- What do online reviews and testimonials say?
6. Digital Access & Claims Tracking
Insurers that offer tech-enabled services provide convenience and transparency. Look for:
- Mobile apps for claims, premium payments, and renewals.
- Online portals for policy management.
- SMS or email alerts for policy updates and renewals.
7. Premium Affordability & Value
Premiums should match coverage, not just be low. Assess:
- Benefit limits vs. premiums paid.
- Optional co-pay or deductibles to reduce costs.
- Compare quotes with 2–3 top providers before choosing.
Conclusion: Choose Smart, Not Just Cheap
Whether it’s motor, health, life, or business cover, choosing the right insurer should be a strategic decision — not just a financial one. Let data from the IRA, customer experiences, and your unique risk profile guide you to the best option.
Need help choosing the right insurer? Contact Laren Insurance Agency for personalized advice and multiple quote options.
Published July 8, 2025 by Laren Insurance Agency.