Ever wondered how insurance companies manage to pay out large claims?
Imagine an insurance company offering commercial fire insurance for a building against fire damage. While they collect premiums from the building owner, the potential cost of rebuilding the entire structure is a significant risk. This is where a reinsurance company steps in.
What are Reinsurance Companies?
A reinsurance company acts as an insurer for insurance companies (often called “cedents”). The cedent pays the reinsurance company a premium to share the risk associated with a specific policy or a portfolio of policies. Essentially, the reinsurance company becomes a partner, taking on a portion of the potential payout in exchange for a share of the premium.
List of Reinsurance Companies Licensed by IRA
| Insurance Company Name | Type of Insurance Offered | |
| 1 | Continental Reinsurance Limited | Aviation, Engineering, Fire Domestic, Fire Industrial, Liability, Marine, Private Motor, Commercial Motor, Personal Accident, Theft, Workmen’s Compensation, Medical, Micro Insurance, Miscellaneous, Life Assurance, Annuities, Group Life, Group Credit |
| 2 | East Africa Reinsurance Company Limited | Aviation, Engineering, Fire Domestic, Fire Industrial, Liability, Marine, Private Motor, Commercial Motor, Personal Accident, Theft, Workmen’s Compensation, Medical, Micro Insurance, Miscellaneous, Life Assurance, Group Life, Group Credit |
| 3 | Ghana Reinsurance Company (Kenya) Limited | Aviation, Engineering, Fire Domestic, Fire Industrial, Liability, Marine, Private Motor, Commercial Motor, Personal Accident, Theft, Workmen’s Compensation, Medical, Micro Insurance, Miscellaneous |
| 4 | Kenya Reinsurance Corporation Limited | Aviation, Engineering, Fire Domestic, Fire Industrial, Liability, Marine, Private Motor, Commercial Motor, Personal Accident, Theft, Workmen’s Compensation, Medical, Micro Insurance, Miscellaneous, Life Assurance, Group Life, Group Credit |
| 5 | WAICA Reinsurance (Kenya) Limited | Aviation, Engineering, Fire Domestic, Fire Industrial, Liability, Marine, Private Motor, Commercial Motor, Personal Accident, Theft, Workmen’s Compensation, Medical, Micro Insurance, Miscellaneous |
Licensed Insurance Companies in Kenya
List of Long Time Life Insurance Companies Licensed by IRA
Long-term life insurance, also commonly referred to as term life insurance, is a type of insurance policy designed to provide financial protection to your beneficiaries in the event of your death during a specified period, typically ranging from 10 to 30 years. Here’s a list of long time life insurance companies in Kenya in 2024.
| Insurance Company Name | Type of Insurance Offered | |
| 1 | ABSA Life Assurance Kenya Limited | Life Assurance, Group Life, Group Credit |
| 2 | APA Life Assurance Limited | Life Assurance, Annuities, Personal Pension, Deposit Administration, Group Life, Group Credit, Unit Link and Linked Investments, Non-Linked investments |
| 3 | Britam Life Assurance Company (K) Limited | Life Assurance, Annuities, Personal Pension, Deposit Administration, Group Life, Group Credit, Permanent Health, Unit Link and Linked Investments, Non-Linked investments |
| 4 | Cannon Life Assurance (K) Limited | Life Assurance,Group Life,Group Credit,Unit Link and Linked Investments,Non-Linked investments |
| 5 | Capex Life Assurance Company Limited | Life Assurance,Annuities,Personal Pension, Deposit Administration, Group Life,Group Credit |
| 6 | CIC Life Assurance Limited | Life Assurance,Annuities,Personal Pension,Deposit Administration,Group Life,Group Credit,Unit Link and Linked Investments,Non-Linked investments |
| 7 | Equity Life Assurance (Kenya) Limited | Life Assurance, Annuities, Personal Pension, Deposit Administration, Group Life, Group Credit, Permanent Health, Unit Link and Linked Investments, Non-Linked investments |
| 8 | GA Life Assurance Limited | Life Assurance,Annuities,Personal Pension,Deposit Administration,Group Life,Group Credit |
| 9 | Geminia Life Insurance Company Limited | Life Assurance, Personal Pension, Deposit Administration, Group Life, Group Credit, Unit Link and Linked Investments |
| 10 | ICEA LION Life Assurance Company Limited | Life Assurance,Annuities,Personal Pension,Deposit Administration,Group Life,Group Credit,Unit Link and Linked Investments,Non-Linked investments |
| 11 | Jubilee Life Insurance Limited | Life Assurance, Annuities, Personal Pension, Deposit Administration, Group Life, Group Credit ,Unit Link and Linked Investments |
| 12 | Kenindia Assurance Company Limited | Life Assurance, Annuities, Personal Pension, Deposit Administration, Group Life, Group Credit, Non-Linked investments |
| 13 | Kenya Orient Life Assurance Limited | Life Assurance,Annuities,Personal Pension,Deposit Administration,Group Life,Group Credit |
| 14 | KUSCCO Mutual Assurance Limited | Life Assurance,Annuities,Personal Pension,Deposit Administration,Group Life,Group Credit |
| 15 | Liberty Life Assurance Kenya Limited | Life Assurance,Annuities,Personal Pension,Deposit Administration,Group Life,Group Credit,Unit Link and Linked Investments,Non-Linked investments |
| 16 | Madison Life Assurance Kenya Limited | Life Assurance, Personal Pension, Deposit Administration, Group Life, Group Credit, Unit Link and Linked Investments,Non-Linked investments |
| 17 | Old Mutual Life Assurance Kenya Limited | Life Assurance, Annuities, Personal Pension, Deposit Administration, Group Life, Group Credit, Unit Link and Linked Investments, Non-Linked investments |
| 18 | Pioneer Assurance Company Limited | Life Assurance,Annuities,Personal Pension,Deposit Administration,Group Life,Group Credit,Unit Link and Linked Investments,Non-Linked investments |
| 19 | Prudential Life Assurance Kenya Limited | Life Assurance,Personal Pension,Deposit Administration,Group Life,Group Credit,Unit Link and Linked Investments,Non-Linked investments |
| 20 | Sanlam Life Insurance Limited | Life Assurance,Annuities,Personal Pension,Deposit Administration,Group Life,Group Credit,Permanent Health,Unit Link and Linked Investments,Non-Linked investments |
| 21 | Star Discover Life Insurance Limited | Life Assurance,Annuities,Personal Pension,Deposit Administration,Group Life,Group Credit,Unit Link and Linked Investments,Non-Linked investments |
| 22 | The Kenyan Alliance Insurance Company Limited | Life Assurance, Annuities, Personal Pension, Deposit Administration, Group Life, Group Credit, Non-Linked investments |
| 23 | The Monarch Insurance Company Limited | Life Assurance, Annuities, Personal Pension, Deposit Administration, Group Life, Group Credit, Unit Link and Linked Investments |