Stanbic Bank Kenya has unveiled an enhanced insurance solution for commercial vehicle owners and operators, underwritten by Heritage Insurance Kenya, in response to the accelerated growth of Kenya’s commercial transport segment. The cover offers competitive premium pricing with additional benefits that will protect commercial vehicle owners from damage and loss to their vehicles and goods as well as injury to employees.
The new solution connects Stanbic’s Vehicle and Asset Financing clients to an ecosystem that integrates financing and insurance within a single, professional, service-led framework. Tailored to the evolving needs of commercial transporters and fleet operators, the enhanced cover combines competitive pricing with broader, market-leading protection benefits.
Key features include:
- Goods-in-transit (all risks) cover of up to KES 5 million, above the typical KES 3 million market provision.
- Personal accident cover of up to KES 40,000 per person for drivers and loaders.
- Comprehensive geographic coverage across all East African countries, including the DRC, subject to bank authorisation and COMESA cover activation.
- Excess protector benefit feature designed to streamline claims and reduce administrative burdens.
The commercial vehicle market continues to significantly outpace the personal vehicle segment, recording approximately 36% growth compared to 11% in the personal segment, according to the Bank’s data. This expansion is largely driven by increased borrowing among SMEs in transport, logistics, and trade. Further, with road transport accounting for over 75% of freight movement and contributing more than 12.7% to Kenya’s GDP in 2024, the need for reliable, comprehensive asset protection has become increasingly critical.
Anjali Harkoo, Head of Insurance and Asset Management at Stanbic Bank Kenya, said: “The commercial vehicle segment is expanding rapidly, driven primarily by SME 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.”
The partnership combines Stanbic’s financing expertise with Heritage Insurance’s underwriting strength and sector knowledge to deliver a credible and sustainable insurance solution tailored specifically for business operators.
Kieran Godden, Chief Executive Officer of Liberty Kenya Holdings, said: “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 enhanced commercial vehicle cover underscores Stanbic Bank Kenya’s commitment to empowering businesses with integrated financial solutions that safeguard assets, support business continuity, and enable long-term growth across Kenya and the wider region.
