Rising Insurance Demand seen in MUA Kenya’s Expansion Strategy
The MUA Ltd (Group) was founded in Mauritius in 1912 and is one of the Sub Saharan Africa (SSA) region’s longest-standing insurance and financial services groups. It provides innovative protection and investment solutions across the Indian Ocean and East Africa. Notably, MUA Insurance (Kenya) Limited forms part of this broader regional network, benefiting from the Group’s strong capital base, governance framework and over a century of insurance experience, reinforcing stability and long-term reliability for customers and partners.
In 2024, MUA Ltd reported Gross Written Premium of K Sh 22.9 billion (B) across its markets, this representing 11 per cent year-on-year increase. Insurance Service Results reached K Sh 1.7 B, a 126 per cent growth compared to 2023, while Profit after Tax grew to K Sh 1.1 B, a 250 per cent increase year-on-year. Total Assets rose to K Sh 66.1 B and Assets under Management reached K Sh 65.2 B, both increasing by 11 per cent from the previous year.
As part of the Global network operating across 49 African countries, MUA combines regional scale with local insight to deliver trusted insurance solutions designed to provide lasting peace of mind.
Remarkably, MUA Insurance (Kenya) Limited has embarked on a branch upgrade and sustainable expansion strategy aimed at strengthening service delivery and supporting the growth of Kenya’s insurance market; the strategy was revealed on March 12th, 2026 in Mombasa, Kenya
As part of this investment program, the company has relocated and upgraded its Mombasa branch from Zulfat Hatimy Plaza on Hatimy Road to Jubilee Arcade along Moi Avenue, a more strategic and accessible location within Mombasa City Central Business District (CBD). The upgraded branch reflects MUA’s broader commitment to modernizing its physical presence while moving closer to customers across key economic hubs.
The initiative forms part of the company’s long-term sustainable growth strategy, supported by its parent company, the MUA Ltd., with operations across six African countries which have diverse markets. The Mua Group’s financial strength and regional expertise, helps MUA Kenya Ltd to deepen its investment in the country and align its expansion with rising demand for insurance solutions among corporates, SMEs and households.
According to Insurance Regulatory Authority (IRA) quarterly report, Kenya’s insurance industry recorded gross written premiums of K Sh 352.29 B by September 2025, representing an 11.2 per cent year-on-year increase; total industry assets surpassed K Sh 1 trillion (Trn) for the first time in Kenya’s insurance history. Yet, despite this progress, Kenya’s insurance penetration remains relatively low at approximately 2.4 per cent of GDP, this signaling significant opportunity for growth as insurers expand access through county & regional outreach, and product and service digitalization. Industry analysts project Kenya’s general insurance market to grow at an average annual rate of about 9 per cent through to 2029.
MUA’s branch modernization program responds directly to these market dynamics with the company strengthening its physical access points alongside growing customer expectations around convenience.
“This investment reflects our confidence in Kenya’s long-term economic outlook and the growing importance of insurance in supporting businesses and households,” explains Nixon Shigoli, CEO, MUA Insurance (Kenya). “Upgrading our branches allows us to serve customers more efficiently while reinforcing our presence in regions that are central to trade and economic growth,” he adds.
Located within Kenya’s coastal economic corridor, the upgraded Mombasa branch positions MUA closer to logistics operators, traders, SMEs and households operating within one of East Africa’s most dynamic commercial ecosystems.
The branch will offer MUA’s expanded portfolio of solutions for both businesses and households, including property and asset insurance, motor and marine cover, liability solutions, health insurance, engineering, cyber insurance, in addition to specialized covers such as aviation and political violence insurance.
MUA’s continued investment across its markets has supported steady growth, with market capitalization across Mauritius, Kenya, Uganda, Rwanda, Tanzania and Seychelles reaching K Sh 9.1 B as of December 2024, a 39 per cent increase within 12 months. {Ends}
