This insurance and retirement group is also among the oldest and foremost insurance companies in Kenya. Head Office – Riverside Park, Chiromo Road, Westlands In Kenya, they have branches spread over Nairobi, Kisumu, Nyeri, Nakuru, Mombasa, and Eldoret. They are a force to reckon with in East Africa’s insurance with offices spread across Kenya, Uganda, and Tanzania. 32 billion and more than 850 schemes for thousands of individuals. With a total fund under management in excess of Kshs. The company received the award of Life Assurer of the Year for 4 years in a row 2013 to 2016. Their life and non-life companies are ICEA LION Life Assurance Company and ICEA LION General Insurance Company. For better efficiency and management, the companies are separated into life and non-life insurance, trusts, and investment management. This Group was formed in 2011 when the Insurance Company of East Africa Limited (ICEA) and Lion of Kenya Insurance Company Limited (LOK) came together in a merger. The current ICEA was established by Eagle Star insurance company and Welfare Insurance Company in 1964. This is one of the oldest insurance company in Kenya with roots as far back as 1895. As of 2019, the top 5 insurance companies control 39% of the general insurance market and 66.7% of long term insurance leaving the others to struggle for the remaining 61% market share. Moreover, the Kenyan insurance market sector is an interesting one. Several policies have had to be reviewed and put in place to regulate their activities and competition which can have a negative and long-lasting effect on the economy in the long run. This has led to an almost ‘unhealthy competition’ between insurance companies and an increase in price wars to gain market share. As of 2012, only a paltry 3 percent of Kenyans have one form of insurance cover or the other and there hasn’t been much improvement to date. A country like Kenya has more than 50 registered insurance companies with most of them offering life covers and other juicy insurance deals, however, they have still not been able to significantly penetrate the market. Insurance companies over the years have taken the brunt of damages to lives and properties, paying quality compensations to registered clients in the event of unforeseen circumstances.Īs interesting as all these sounds, most Africans are still very wary about getting any form of insurance cover. The major reason most people get insured is to transfer their risks and fears to a second-party – and also have a buffer in case something unplanned happens. Life can be unpredictable and most times, things might not always go according to plan, assumption, and aspiration.
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