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Unicorp Insurance Information Institute: UI³

Who Are Players in the Insurance Market in Kenya?

Understanding the Insurance Market:
In today's Session, WE would like to help you understand the insurance market by providing you with information on how it is structured and operates.
To simplify this conversation, we will use, the term INSURER(S) to refer to Insurance Company or Companies.

Insurance Products:
Products sold by insurers are divided into two main categories:-

1. Short Term or General Insurance Products provide protection for one year and below… i.e. Medical, Funeral and Motor Insurance.
2. Long Term or Life Insurance Products provide protection for more than one year… i.e. Whole Life Assurance, Annuities and Endowment Insurance.

3 Main Categories of Buyers of Insurance:

1. Individual Clients - include you and me.
2. Corporate Clients - Registered Companies and the Government.
3. The Foreign Clients – Buy Kenyan Insurance Services by buying cover from Kenyan insurers.

Insurance Companies:
Main role of insurance companies - Take away RISKS or fears from you and promise to pay you for any losses or damage that may affect your property or life.
There are 49 Registered Insurance Companies in Kenya - Those that sell a) General Insurance,
b) Life Insurance or
c) Composite Insurers who sell both Life and General Insurance.

Products offered by insurance companies are generally the same; however, each company has a set of value added services for consumers.
Always get advice before buying a Policy to enable you buy one that will meet your needs.

Reinsurance Companies:
The way you are afraid of losses arising and adversely affecting your daily life, possessions or business, is the same way insurers fear receiving claims that they may not be able to pay alone.
 They also buy insurance protection, from REINSURERS.

Three Locally incorporated reinsurers in Kenya:-
1. Kenya Reinsurance Corporation,
2. East Africa Reinsurance Company and
3. Continental Reinsurance.

Two Regional Reinsurers –
1. Africa Reinsurance Corporation; and
2. PTA Reinsurance (Zep Re).

Insurance Intermediaries:
Ordinarily, insurance companies do not sell their products directly to consumers but trough intermediaries like – Insurance Agents, Insurance Brokers and Medical Insurance Providers.
 The INTERMEDIARIES are termed as such because they do not have products of their own to sell but only sell products of and on behalf of insurance companies.
 All intermediaries must be registered by Insurance Regulatory Authority (IRA) and are issued with licenses every year.

 The difference between agents and brokers - Agents only sell products of insurers they are authorized to represent, while Brokers are professionals who offer professional advice on insurance to their clients.
 The Medical Insurance Providers (MIP) – are Brokers specializing in Medical Insurance Business

Other Insurance Players in the Market:
 Loss Adjusters: Are specialized in adjusting loss amounts on behalf of insurers
 Insurance Surveyors: Are appointed by insurers to survey, mostly properties to be insured against fire in order to advise insurers about the exact risk characteristics. This helps insurers to underwrite the risks appropriately
 Motor Assessors: Like surveyors, they are appointed by insurers to assess your motor vehicle before the insurer can underwrite and insure it.
 Risk Managers: Are appointed by insurers to provide advice on loss prevention mechanisms. Their advice enables insurers to set terms conditions and warranties in the policy that must be observed by the insured to minimize loss.
 Insurance Investigators: Investigate losses on behalf of insurers after they have occurred.

In Conclusion:
 Knowledge of the insurance market is very important for you. Many policyholders do not know whom their insurers are.
 Some insurance agents and brokers often refer to themselves as insurance companies.
 Brokers and medical insurance providers - only sell products belonging to insurers and are not directly responsible for paying your claims.
 Ask an agent which insurance companies they represent.
 Brokers and medical insurance providers must also tell you where they have placed your Business.

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Yours Truly,

H.E. Patrick O. Kokonya
Unicorp Insurance Information Institute {Unicorp Capital Insurance Agency}
Public Policy & Administration Analyst/ National RRI Coach/
{President, Unicorp Capital Group}