Insurance penetration in Kenya is increasing, with motor and health insurance leading the way. Several factors, including the expansion of distribution channels, the adoption of digital technologies, product innovation and a supportive regulatory framework, have informed this. Traditionally perceived as costly and unaffordable by most Kenyans, insurance is becoming accessible through microinsurance products that offer lower premiums, simplified plans, and convenient payment options, thereby extending coverage across the country.
NCBA Insurance’s entry into the market comes at the right moment, supported by the strength of the NCBA and AIG brands to bring a fresh customer experience defined by greater scope and depth of penetration. Kenya’s insurance sector was valued at KES 309 billion as of 2023, with general insurance valued at KES 188 billion and projected to grow at a rate of over 9 per cent annually.
NCBA Insurance is capitalising on this growth under the NCBA brand and its extensive service network to offer convenient, relevant, and inclusive insurance and financial services. For motorists, NCBA-IG offers Motor Insurance with the added extras of a premium Excess Protector to minimise claim deductions, AA Road Rescue in the event of a breakdown or crash, Loss of Use cover for courtesy vehicles, and insurance against terrorism and political violence. NCBA Insurance offers a broad spectrum of products to individuals and businesses. The Domestic Package covers tenants and homeowners, protecting houses and their contents against risks such as fire, burglary, accidental damage, and third-party liability.Travel Insurance offers guarantees to business and pleasure travellers with medical issues, trip cancellation, lost luggage, and travel delay protection. Bond Insurance Solutions supports contractors and businesses by offering financial guarantees for the successful completion of projects and contract performance.
NCBA-IG also provides Cyber Insurance policies to protect companies against growing
cyberattacks by reimbursing first-party costs, such as forensic analysis, legal and public affairs services, data restoration, and breach notifications.
NCBA Insurance is optimally positioned to meet Kenya’s diverse market demands, making insurance more affordable, accessible, and meaningful to all. Under the NCBA Group umbrella customers can now access all their financial needs under one roof. With insurance increasingly becoming a basic financial need for the type of customers we serve, an ecosystem of NCBA’s physical and digital distribution platforms and insurance capabilities will unlock opportunities to catalyse deeper insurance market penetration in Kenya and the East Africa region.
