NCBA Group PLC has officially unveiled NCBA-IG (NCBA – Insurance Group), the new brand identity for its insurance subsidiary, marking a significant step in the group’s expansion strategy within Kenya’s rapidly growing insurance sector.
This rebrand follows the full acquisition of AIG Kenya by NCBA on July 1, 2024, bringing the insurance business under the full ownership of the banking group and making it one of the now seven subsidiaries operating under NCBA Group PLC.
From AIG Kenya to NCBA-IG: A Strategic Transformation
The transformation of AIG Kenya to NCBA Insurance Company, now branded as NCBA-IG, signals NCBA’s deeper investment in Kenya’s insurance market. Speaking during the brand reveal, NCBA Group Managing Director John Gachora described the move as a major milestone:
“It is an exciting day as we unveil NCBA-IG, the new brand identity for our insurance business. This rebrand signifies the successful integration of NCBA Insurance Company into the NCBA Group PLC family. The brand transition will leverage the strengths of NCBA — a well-known and respected financial services brand in Kenya and Africa.”
Gachora added that the new identity would sharpen NCBA’s positioning in the insurance market, supporting the group’s wider strategy to drive growth through customer obsession — a key focus for 2025.
A Lucrative Market Opportunity
NCBA’s rebranding move is timed with strong growth in Kenya’s insurance sector. The industry was valued at KES 309 billion in 2023, growing at a compound annual growth rate (CAGR) of 10%. Within that, the general insurance market alone stood at KES 188 billion (around USD 1.3 billion), and is projected to expand at over 9% CAGR between 2024 and 2028.
This trajectory presents significant room for expansion, especially as more Kenyans begin to prioritize financial protection. NCBA-IG is expected to tap into this demand, offering tailored, innovative, and accessible insurance solutions that align with customers’ needs and financial behavior.
Empowering Growth Through Local Insight
Stella Njunge, Managing Director of NCBA Insurance Company, highlighted how the rebrand would enhance customer engagement and product relevance:
“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. 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.”
Njunge emphasized the importance of educating the public on insurance value propositions while also focusing on building trust — a key barrier in insurance uptake in Kenya.
Strengthening Financial Services Diversification
The creation of NCBA-IG fits into a larger trend of diversification within the group’s operations. As NCBA continues to grow its presence in banking across Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast, it is also scaling its product offerings across asset finance, digital banking, and now insurance — reinforcing its position as one of Africa’s most influential financial institutions.
Serving over 60 million customers across its regional footprint, NCBA Group is the largest banking group by customer numbers in Africa. Its entry into the insurance space as NCBA-IG could see it become a significant player in driving deeper financial inclusion and increasing the uptake of insurance products across various market segments.
Related
Discover more from Techish Kenya
Subscribe to get the latest posts sent to your email.
