Tag Archives: Insurance agents in Kenya

INSURANCE NEWS & INFORMATION

Licenced Claim Settling Agents in Kenya {IRA Ultimate List}

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A Claim Settling Agent in Kenya is an entity or person licensed under the Insurance Act to officially handle and negotiate the settlement of an insurance claim on behalf of an insurer (the insurance company).

Here is a breakdown of what they are and who may perform this function:

📜 Key Roles and Regulation in Kenya

Aspect Description
Official Definition A professional licensed by the Insurance Regulatory Authority (IRA) to undertake the business of settling and negotiating the settlement of insurance claims on behalf of the insurer.
Regulatory Body The Insurance Regulatory Authority (IRA) is the body responsible for licensing and overseeing claim settling agents and other insurance service providers in Kenya.
Licensing Only registered claims settling agents, brokers, agents, loss adjusters, loss assessors, and surveyors are legally allowed to carry on the business of claims processing in Kenya.
Key Qualifications To be licensed, the Principal Officer of a Claims Settling Agent typically requires a degree or diploma in insurance and must be a current Associate member of the Insurance Institute of Kenya (AIIK) or another recognized professional body.

👥 Who Acts as a Claim Settling Agent?

While the term refers to a specific licensed category, the function of claims settlement can involve several licensed intermediaries:

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  1. Dedicated Claim Settling Agencies: These are firms specifically licensed to handle this business. For example, some licensed entities in the past have been listed as “Claims Settling Agency.”

  2. Loss Adjusters/Assessors: These professionals are licensed to assess, investigate, negotiate, and settle losses, often working on behalf of the insurer to determine the true value of a claim before payment.

  3. Insurance Companies (Insurers): Ultimately, the insurance company itself (e.g., GA Insurance, Jubilee Insurance, Britam, etc.) is responsible for the timely and fair settlement of a claim and has an internal claims department that handles the process.

  4. Insurance Brokers: While primarily representing the client (the insured), brokers also play a crucial role in assisting their clients with the process of preparing, submitting, and following up on claims to ensure efficiency.

🔎 How to Find a Licensed Agent

Since licensing is mandatory, the most reliable source for a definitive list of currently authorized agents is the Insurance Regulatory Authority (IRA). They publish lists of all licensed insurance intermediaries, including:

  • Insurance Brokers

  • Claim Settling Agents

  • Loss Adjusters

  • Insurance Surveyors

Licenced Claim Settling Agents in Kenya {IRA Official List}

INSURANCE NEWS & INFORMATION

Licensed Insurance Brokers in Kenya {IRA Official List}

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Kenya has a vibrant insurance sector with numerous insurance brokers who act as intermediaries between clients and insurance companies. They help individuals and businesses find suitable insurance products.

 Key Services Insurance Brokers Offer

Insurance brokers are generally utilized for:

  • Risk Assessment: Analyzing your needs to determine the right kind of coverage.

  • Comparison Shopping: Comparing policies, terms, and prices from various insurance companies to find the best fit.

  • Negotiation: Negotiating better terms and premiums on your behalf.

  • Claims Assistance: Guiding you through the claims process and helping ensure a fast and fair settlement.

Examples of Established Insurance Brokers in Kenya

Several brokers are well-known in the Kenyan market, serving a range of clients from individuals to large corporations:

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  • Sedgwick Kenya Insurance Brokers: Mentioned as a long-standing broker with expertise in general, health, and life insurance for diverse sectors. They have received awards in various categories.

  • Aon Kenya Insurance Brokers (Minet Kenya): A major global and regional brokerage firm, often handling large corporate and public sector clients (Minet Kenya is the former Aon Kenya).

  • J.W. Seagon Insurance Brokers (K) Ltd

  • Eagle Africa Insurance Brokers

  • Alexander Forbes Risk & Insurance Brokers Kenya Ltd

  • Laser Insurance Brokers: They are licensed by the Insurance Regulatory Authority (IRA) as an insurance broker and a medical insurance provider (MIP).

  • Majani Insurance Brokers Ltd: Stated as a leading independent broker with over 45 years of experience in East Africa.

  • Clarkson Insurance Brokers

Regulatory Authority

All insurance intermediaries, including brokers, are regulated by the Insurance Regulatory Authority (IRA) in Kenya. You can often check their official website for the most current list of licensed insurance brokers to ensure you are dealing with a legally compliant entity.

Licensed Insurance Brokers in Kenya {IRA Latest List}