Madison Insurance: Insurance and Investment Solutions in Kenya

Overview

Madison Insurance, a prominent player among Kenya’s 56 licensed insurance companies under the Insurance Regulatory Authority, was established in 1988 following a merger between Crusader Plc (1974) and Kenya Commercial Insurance Corporation. With a robust presence across the country, Madison Insurance offers a diverse range of general, life, health, and investment products tailored to meet the needs of individuals and businesses. In 2018, the company demerged into Madison General Insurance and Madison Life Assurance to enhance specialization, achieving combined gross written premiums of KES 6.2 billion by December 2017. Committed to affordability and exceptional service, Madison Insurance operates 24 branches organized under four regional offices: Nairobi, Western, Coast, and Central.

Madison General Insurance Products

Madison General Insurance provides comprehensive coverage to protect assets and mitigate risks for individuals and businesses.

1. Marine Insurance
   Safeguards goods in transit by sea or air against loss, destruction, or damage, ensuring financial protection for importers and exporters.
2. Domestic Package
   A bundled policy offering protection for homes and their contents against multiple risks, including fire, burglary, all risks, Work Injury Benefits Act (WIBA), occupier’s liability, and owner’s liability, at a single premium cost.
3. Travel Insurance
   Minimizes financial risks associated with travel, covering trip cancellations, interruptions, delays, emergency medical expenses, medical evacuations, and lost or damaged baggage.
4. Motor Commercial Insurance
   Protects commercial vehicles from accidental damage, fire, theft, and third-party liabilities, ensuring business continuity.
5. Motor Private Insurance
   Shields private vehicle owners from financial losses due to accidents, theft, or fire. Available in three tiers:

• Third-Party Cover: Addresses liabilities for third-party injuries or property damage.
• Third-Party Fire & Theft: Includes third-party coverage plus protection against vehicle fire or theft.
• Comprehensive Cover: Offers full protection, including third-party liabilities and vehicle damage from accidents, fire, or theft.

Madison Life Insurance Products

Madison Life Assurance offers innovative life insurance solutions to secure financial futures for individuals and their families.

1. Hekima Policy
   A wealth-building plan combining life protection with high-yield investment opportunities, providing benefits upon death or policy maturity.
2. Bima ya Karo
   Enables parents or guardians to save for their children’s education, ensuring funds are available regardless of the policyholder’s life status or disability. It offers flexible access to as little as KES 10,000.
3. Group Life Cover
   Typically provided by employers, this policy offers 24-hour protection for employees and their families against death, disability, or critical illness.
4. Pension Plan
   A retirement savings product allowing individuals to contribute periodically to a high-yielding fund, ensuring financial stability post-retirement.
5. Money Max Plus
   An endowment plan designed for short- and long-term savings goals, offering a structured approach to wealth accumulation.
6. UniPlan
   A savings policy for parents or guardians to fund college education, allowing flexible contributions to meet predetermined educational costs based on the chosen institution and course.

Madison Medical Insurance Products

Madison Insurance provides comprehensive health coverage to ensure access to quality healthcare for individuals and employees.

1. Family Healthcare Cover

• Inpatient Cover (Primary): Includes hospitalization costs (net of NHIF rebates), bed charges (ICU/HDU, general ward, or private room based on limit), doctor’s fees, surgical fees, diagnostic procedures (X-rays, MRI, pathology), inpatient physiotherapy, radiotherapy, chemotherapy, treatment abroad (if unavailable locally), emergency road/air evacuation, pre-existing/chronic/HIV/AIDS conditions (up to KES 300,000 after a one-year waiting period), congenital conditions (up to KES 100,000), post-hospitalization treatment (up to KES 50,000 for three weeks), first emergency caesarean section (up to KES 150,000), inpatient non-accidental dental (KES 50,000 per family annually), inpatient non-accidental optical (KES 75,000 per family annually), and lodger fees for parents accompanying children under 8.
• Outpatient Cover: Covers doctor consultations, specialist fees, surgical fees, dispensed drugs, diagnostic procedures (X-rays, ECG, radiotherapy), daycare procedures under local anesthesia, pre-existing/chronic/HIV/AIDS conditions (up to full outpatient benefit), outpatient dental (KES 20,000 per family annually), and KEPI-recommended vaccines.

1. Madison KPSA Medical Cover
   A tailored health package for Kenya Private Schools Association staff, offering customizable inpatient, outpatient, and dental benefits to meet specific healthcare needs.

Madison Investment Products

Madison Investment Managers Limited provides a range of investment funds to support wealth creation and financial planning.

1. Madison Money Market Fund
   A low-risk investment option offering competitive returns (average yield of 9.58% per annum) with high liquidity (two working days’ notice), no entry/exit fees, monthly interest compounding, and no withdrawal penalties.
2. Madison Balanced Fund
   Seeks medium-term capital growth and regular income through diversified investments, with high liquidity, no entry/exit fees, and monthly interest compounding.
3. Madison Equity Fund
   A long-term investment fund focused on capital growth through a diversified portfolio of local and international shares, ideal for investors with a three-year or longer horizon. Offers high liquidity and no entry/exit fees.
4. Madison Hifadhi
   A conservative investment fund prioritizing capital protection, investing in treasury bills and bank deposits with benchmark returns of 91-day T-bill + 2%. Available in 3-month, 6-month, or 1-year tenors.
5. Madison Zalisha
   A moderate-risk fund targeting capital growth through investments in treasury bills, bank deposits, and commercial papers, with benchmark returns of 91-day T-bill + 3%. Offers flexible tenors of 3, 6, or 12 months.
6. Madison Shujaa
   A higher-risk fund aimed at maximizing returns and capital growth through investments in bank deposits, treasury bills, and commercial papers, with benchmark returns of 91-day T-bill + 4.5%. Available in 3-month, 6-month, or 1-year tenors.

Madison Insurance Branches in Kenya

Madison Insurance operates 24 branches across Kenya, organized under four regional offices for enhanced accessibility:

1. Head Office

• Location: Madison Insurance House, Upper Hill Road, Near Milimani Commercial Courts, Nairobi
• Contact: 0709 922 444, 0709 922 000

1. Westlands Branch

• Location: Reliance Centre, 4th Floor, Woodvale Groove, Westlands, Nairobi
• Contact: 0709 922 630

1. Ngong Road Branch

• Location: Royal Court Building, 4th Floor, Ngong Road, Nairobi
• Contact: 020 386 2279

1. Moi Avenue Branch

• Location: Contrust House, 2nd Floor, Moi Avenue, Nairobi
• Contact: 020 221 2130, 020 225 0872

1. Industrial Area Branch

• Location: Kamkis Building, 3rd Floor, Industrial Area, Nairobi
• Contact: 020 532 769

1. City Square Branch

• Location: Finance House, 8th Floor, Loita Street, Nairobi
• Contact: 020 221 2130, 020 225 0872

1. Buru Buru Branch

• Location: Buru Buru Business Complex, 4th Floor, Mumias South Road, Nairobi
• Contact: 020 778 4174, 020 286 4660

1. Thika Branch

• Location: Thika Arcade, 4th Floor, Kenyatta Highway, Thika
• Contact: 067 22503, 067 30472

1. Nyeri Branch

• Location: Konahauthi Building, 1st Floor, Kanisa Road, Nyeri
• Contact: 061 203 0453

1. Meru Branch
   • Location: Mwalimu Plaza, Mezzanine & 3rd Floor, Gakoromone Road, Meru
   • Contact: 064 30942, 064 300006
2. Nakuru Branch
   • Location: Shiv Plaza, 3rd Floor, Kenyatta Avenue, Nakuru
   • Contact: 051 221 4143, 020 286 4720
3. Embu Branch
   • Location: Embu Motors Building, 2nd & 3rd Floor, Kenyatta Avenue, Embu
   • Contact: 068 30303, 020 286 4750
4. Mombasa Branch
   • Location: TSS Building, 11th Floor, Nkurumah Road, Mombasa
   • Contact: 041 222 7478, 041 222 4036
5. Malindi Branch
   • Location: Multi Grocers Building, 1st Floor, Lamu Road, Malindi
   • Contact: 042 212 0802
6. Ongata Rongai Branch
   • Location: Tyme Arcade, 2nd Floor, Room 201, Ongata Rongai
   • Contact: 0709 922 000
7. Machakos Branch
   • Location: Kiamba Mall, 4th Floor, Ngei Road, Machakos
   • Contact: 044 20841
8. Kitengela Branch
   • Location: Kitengela Capital Centre, 2nd Floor, Namanga Road, Kitengela
   • Contact: 020 244 7411
9. Homabay Branch
   • Location: Along Bank Road, Opposite Maseno University, Homabay
   • Contact: 020 286 4980, 020 286 4981
10. Kitale Branch
    • Location: Nakumatt Mega Centre, 1st Floor, Makasembo Road, Kitale
    • Contact: 020 286 4940, 054 31922
11. Kisumu Branch
    • Location: Re-insurance Plaza, 7th Floor, Kenyatta Highway, Kisumu
    • Contact: 057 202 3224, 057 202 2491
12. Kisii Branch
    • Location: Ouru Complex, 2nd Floor, Kisii-Kisumu Road, Kisii
    • Contact: 058 31031
13. Kericho Branch
    • Location: AGC Bethany Centre, 2nd Floor, Kericho
    • Contact: 052 20952
14. Kakamega Branch
    • Location: Mega Mall Plaza, 2nd Floor, Kakamega-Kisumu Highway, Opposite Muliro Gardens, Kakamega
    • Contact: 056 30076
15. Eldoret Branch
    • Location: Kiptagich House, 8th Floor, Uganda Road, Eldoret
    • Contact: 053 206 2719, 053 206 1277

Conclusion

Madison Insurance is a trusted provider of insurance and investment solutions in Kenya, offering a wide array of general, life, health, and investment products to meet diverse client needs. With a strong branch network and a focus on innovation and customer service, Madison Insurance continues to solidify its position as a leading insurer in the region, delivering financial security and wealth creation opportunities.

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