Stanbic Bank Kenya has launched an enhanced insurance solution for commercial vehicle owners and operators, tapping into the rapid growth of Kenya’s transport and logistics sector.
The cover, underwritten by Heritage Insurance Kenya, offers competitive premiums alongside expanded protection for vehicles, goods, and employees. It is designed to shield businesses from operational risks while supporting continuity and long-term growth.
The solution integrates seamlessly with Stanbic Bank Kenya’s Vehicle and Asset Financing portfolio, linking clients to a single ecosystem that combines financing and insurance under a service-led framework. The bank says the product is tailored to meet the evolving needs of transporters and fleet operators amid rising regional trade.
Key features include goods-in-transit cover of up to KES 5 million—above the typical KES 3 million market provision—alongside personal accident cover of up to KES 40,000 per person for drivers and loaders.
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The package also provides regional coverage across East Africa, including the Democratic Republic of Congo, subject to authorisation and COMESA requirements, as well as an excess protector benefit to streamline claims.
The launch comes as Kenya’s commercial vehicle segment continues to outpace the personal vehicle market, growing by about 36 percent compared to 11 percent, according to Stanbic data. The expansion is largely driven by increased borrowing among small and medium-sized enterprises in transport, logistics, and trade.
With road transport accounting for over 75 percent of freight movement and contributing more than 12.7 percent to Kenya’s GDP in 2024, demand for comprehensive asset protection is rising.
Stanbic Bank Kenya’s Head of Insurance and Asset Management, Anjali Harkoo, said the solution responds directly to the operational realities faced by transporters:
“The commercial vehicle segment is expanding rapidly, driven primarily by SMEs scaling operations to meet rising domestic and regional trade demand. Our partnership with Heritage Insurance enables us to offer not just competitive pricing, but enhanced protection benefits that directly address the operational realities transporters face daily. Professionalism, seamless service, and meaningful value differentiation are central to this proposition.”
Kieran Godden, Chief Executive Officer of Liberty Kenya Holdings, added:
“Commercial vehicles are the backbone of trade and employment in Kenya and across the region. This solution provides broader goods-in-transit protection, competitive premiums, and regional coverage that keeps businesses moving with confidence. It is about strengthening resilience in one of the country’s most vital economic sectors.”
The partnership underscores a growing trend among financial institutions to bundle credit and risk management solutions, as lenders position themselves to better support enterprise growth in an increasingly dynamic business environment.
