NCBA Group has unveiled NCBA Insurance, its new insurance subsidiary after completing system migration and integration of AIG Kenya which it acquired in July 2024.
NCBA Insurance Company, joins NCBA’s six other subsidiaries and will leverage on the strengths of NCBA, a well-known and respected financial services brand in Kenya and Africa.
Speaking during the brand unveil, John Gachora, NCBA’s Group Managing Director, said, “NCBA-IG will now become more competitive with amplified positioning in the market and inspire growth as a trusted insurance solutions partner to deliver on the Group`s customer obsession mission focus for 2025.”
Dubbed as NCBA-IG (NCBA- Insurance Group), the firm says the rebrand signifies the successful integration of NCBA Insurance Company into the NCBA Group PLC family. Kenya’s insurance industry, valued at KES 309 billion in 2023 and continues to grow at a compound annual growth rate (CAGR) of 10%, NCBA-IG aims to take a substantial market share of this.
The general insurance market alone was valued at KES 188 billion (approximately $1.3 billion) in 2023 and is expected to achieve a CAGR of more than 9% during the period from 2024 to 2028. This growth highlights the increasing demand for insurance products, with more Kenyans recognizing the need for financial security. NCBA-IG is positioned to capitalize on this expanding market, offering innovative, customer-centric insurance solutions to increase market penetration.
The firm says the transformation into NCBA-IG (NCBA- Insurance Group) reflects the Group’s ongoing strategy to diversify its offerings and expand its reach in key markets and it will continue to introduce innovative insurance solutions and drive deeper financial inclusion across the region.
“Being part of NCBA has significantly enhanced our ability to deliver exceptional products and services to a wider set of customers. The strength of the NCBA brand and its deep local market history will empower us to provide relevant products and services for our customers. With this new brand identity, we are set to drive better understanding of insurance products, demonstrate value for our customers, and accelerate our growth within the insurance sector.” said Stella Njunge, Managing Director of NCBA Insurance Company.