Best Insurance Companies in Kenya 2021
Insurance products are meant to protect individuals from costs that come with unforeseen occurrences, such as death, accidents, illnesses, theft, and fire among others.
These products have different characteristics to suit various customers. This way, you can be sure of finding an insurance solution that’s designed to meet your specific needs.
With some companies, you may even have a chance to design your own package, but for a fee. Before embarking on a journey towards finding a good insurance service provider, consider the factors below:
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Your specific needs
As hinted above, individuals have different insurance needs, meaning that one product may not be a good fit for everyone.
As such, insurance companies offer various options to their customers, so that no one feel left out. You need to specify your needs to increase your chances of engaging a company that has the highest probability of satisfying you.
For instance, determine whether you want motor insurance, health insurance, life insurance, or an education policy. Doing so will make your search for the right company bearable.
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Price
Prices vary from one company to another, which is why you must consider the amount of money you’re willing to spend on insurance monthly.
This way, you’ll not end up spending more money than your income allows. However, don’t focus your attention on the low prices that you forget to consider whether the insurance packages in question are inclusive of the features that you’re looking for.
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Company reputation
You want to purchase insurance from a provider who’s known for all the good reasons. Otherwise, you’ll spend your money, only to regret later, when you cannot get a refund.
If possible, speak to your friends who have partnered with various insurance companies, so that you get a brief idea of what to expect on choosing your preferred insurance company. If you’re having doubts about the organization’s image, don’t buy any product from it.
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Ease of accessing the company’s services
It would be best to buy insurance from a company that doesn’t require its customers to visit the premises every time.
This way, you’ll spend your time on the things that matter more in your life. For instance, ensure there is an online payment method and that the customer service team is available all day and night, in case you need help during odd hours.
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The company’s financial capability
To be sure that the insurance company can remain standing amidst economic challenges, it’s essential that you analyse its financial capability.
It would be unfortunate for you to be consistent in paying your premiums, only to realize that the insurance company cannot compensate you in the event of an unforeseen event.
Don’t be in a rush to sign an agreement that you forget the importance of engaging a well-established company.
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Below are some Insurance companies in Kenya that you can choose form:
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Resolution Insurance
This company offers great products for travellers. If you travel overseas frequently, Resolution Insurance is a good organization as you can be sure that all unexpected events that may happen during your trip will be covered.
Also, it will be upon you to decide the amount of money you want to be paying monthly, depending on your capability.
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First Assurance
It’s an insurance company that has been in existence since 1980. You can therefore be sure that the organization has, over the years, determined the best way to serve its customers.
Insurance products offered by First Assurance include, car insurance, personal accident cover, and employer’s liability.
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Madison Insurance
Having been in operation since 1988, Madison is another company known for serving the Kenyan insurance market in an exemplary manner. It’s especially known for its Bima ya Karo product that enables parents to save towards their children’s education.
This way, one won’t have to worry about accumulating all the money required for school fees and other expenses, instantaneously because with Madison, there is the option of saving one coin at a time.
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AAR Insurance
This company began in 1984, with an aim of evacuating patients through air and road, but only those who had sustained injuries resulting from accidents.
Over time, AAR has lengthened its product line, offering a wide range of insurance products that cover maternity costs, chronic conditions, and psychiatric treatment costs, among others.
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CIC Insurance
CIC’s roots date back to 1968, where it went by the name Kenya National Federation of Cooperatives. Currently, it has 3 subsidiaries in Kenya as below:
- CIC General Insurance Ltd.
- CIC Life Assurance Ltd.
- CIC Asset Management Ltd.
In 202, the company was voted as the best motor insurer during the Cheki awards and the Decade of Excellence Insurance Kenya Award in 2021.
This, without a doubt shows that CIC insurance is a top competitor in the in the Kenyan market and beyond.
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Jubilee Insurance
Jubilee Insurance is part of Jubilee Holdings Ltd, which has its main offices in Kenya. It has subsidiary companies in Tanzania, Mauritius, Uganda, and Burundi. Established in 1937, the company has grown massively to be one of the best insurance companies in Kenya.
It offers packages such as health insurance, professional indemnity, aviation insurance, and goods in transit insurance, among others. Feel confident that buying from Jubilee insurance is a good idea.
