What is the state of insurance in Kenya?

Insurance penetration in Africa is struggling at 3.2 per cent in 2022, with Kenya grappling at 2.3 per cent against the global average of 7 per cent.

The penetration has continued to remain low in Kenya despite the growing investment in insurance technologies and a growing interest in the region.

What is bancassurance?

Bancassurance is an agreement between a bank and an insurance firm through which the bank sells insurance products of the said insurance company to its customers.

Read More

  1. Equity Bank and Agri All Africa partner to boost rice production in Kenya
  2. Do not allow one unfortunate event in your life to push you into abject poverty
  3. Kenyan banks cut their lending rates to a four-month low amid pressure from CBK

Such an agreement also enables many customers of the commercial bank involved to offer competitive insurance solutions to its customers and in the process making insurance more affordable and accessible.

What do you need to know about Equity Bancassurance?

Equity Bancassurance Intermediary Limited is a fully-fledged subsidiary of Equity Bank offering insurance products and services to its customers and is fully owned by Equity Group Holdings.

Equity Bancassurance Intermediary Limited was incorporated in December 2006 and licensed in May 2007 by the Insurance Regulatory Authority (IRA) to offer both life and non-life business.

Equity Bancassurance offers a wide-ranging variety of insurance products, among them health insurance, life insurance, and education insurance.

Through Insurance Premium Financing, Equity will facilitate payment for all Insurance premiums. This ensures you are never out of coverage and always protected to prevent the financial and emotional stress of a major setback without insurance.

What does Equity Bancassurance offer?

• Life insurance

• Non-life insurance

• Medical scheme administration

• Home insurance

• Auto insurance

• Business insurance

• Commercial risk insurance

• Crop insurance

How can you get insurance from Equity Bancassurance?

• You can visit any Equity Bank branch and speak with a Bancassurance officer

How do you make a claim?

• You can start by reporting the claim to your Bancassurance officer or an Equity Bank branch in any part of the country.

• The said Bancassurance officer will help you to fill out a claim form and advise you on the process to follow.

What are the benefits of Equity Bancassurance?

Equity Bank is one of the leading bancassurance providers in Kenya and Equity Bancassurance has increased the uptake of insurance by offering:

Affordability: Equity Bancassurance products are more affordable than your usual insurance products and offers lower premiums to its customers making the products more accessible to the hitherto uninsured. Additionally, customers can benefit from Insurance Premium Financing from Equity Bank.

Convenience: Equity Bancassurance enables its customers to easily buy insurance products while accessing banking services hence enabling them access the products where there are few or no insurance branches and agents.

Awareness and Education: Equity Bank plays a pivotal role in educating its more than 21 million customers on insurance and its benefits and in the process increasing the uptake of various forms of insurance across Kenya.

Initiatives like Equity Bancassurance are expected to significantly increase the uptake in the country of insurance, which is widely viewed as a luxury or a regulatory requirement as opposed to a necessity in people’s lives.

Visit your nearest Equity branch or visit the Equity Bank Website for more information about Equity insurance today. #EquityProtects