Equity Group insurance targets loan defaults caused by death or illness, according to the group’s 2025 Sustainability Report. The report says “approximately 38% of loans were going into default due to otherwise insurable incidents”.
Borrowers who lose income or face a medical bill can now buy cover from Equity’s life, health and general insurers, which report over 21 million policies issued.
The managing directors and principal officers of Equity’s three Kenyan insurers, Dr. Patrick Gatonga, Angela Okinda and Kris Mbaya, wrote the statement. The report covers the year to 31 December 2025.
Equity says defaults from death and illness forced borrowers to sell assets
The Insurance Group statement says the insurance business “directly addressed the critical challenge of loan defaults” arising from “insurable events such as death or illness”. It says those events often forced households to sell assets and disrupted wealth creation.
The report gives no period, loan base or method for the 38% figure. It does not say whether the share counts all loans or loans already in default.
Equity Group insurance reports 21 million policies and KES 2.5 billion in claims
Equity Group Insurance Holdings Limited comprises Equity Life Assurance (Kenya) Limited, Equity Health Insurance (Kenya) Limited and Equity General Insurance Kenya Limited. The general insurer launched in the 2025 financial year.
The report says the insurers have issued over 21 million policies and cover over 7 million customers to date. That works out to about three policies for each covered customer, a Khusoko calculation. The insurers also protect over 10,000 small and medium businesses.
Claims paid to date total KES 2.5 billion (USD 19.4 million). Spread across all policies issued, that averages under KES 119 a policy, a Khusoko calculation. The figure does not measure a payout per claim, because the report does not say how many policies produced a claim.
Health cover makes up part of that total. In 2025 the health insurer covered about 20,000 lives and paid about KES 710 million (USD 5.5 million) in claims. That averages about KES 35,500 for each covered life, a Khusoko calculation.
Equity seeks approval for microinsurance aimed at refugees, orphans and widows
The report says Equity “requested approval to set up microinsurance solutions” for groups such as refugees, orphans and widows. Microinsurance means smaller, simpler cover sold at lower prices.
It adds that a service on Unstructured Supplementary Service Data, or USSD, a menu based mobile channel, was “expected to go live in July 2026”. The report gives no premiums, no cover limits and no confirmation that approval came or that the service launched.
Equity also offers insurance premium financing, “allowing customers to get upfront financing for insurance products and pay flexibly”. The report says Equity bundles insurance into green products such as solar loans.
What it means for borrowers and shop owners
Equity’s insurers sell cover for loan repayment risks, funeral costs and business losses, including fidelity guarantee and professional indemnity products. The report does not say whether cover is compulsory with a loan, what it costs, or how many of the 21 million policies come with a loan.
Khusoko reported on 3 November that Safaricom plans business asset cover from KSh1,700 a year. Equity and Safaricom both target small business owners.
Equity’s earlier figures were lower, and its 2022 licence cited revenue
| Measure | Khusoko, 25 August 2025 | 2025 Sustainability Report |
|---|---|---|
| Policies issued | 16.6 million over three years | Over 21 million to date |
| Customers | 6.7 million unique customers | Over 7 million covered |
The report gives no as of date, so the gap is approximate. Khusoko reported in August 2025 that group premiums rose 115% to KES 5.181 billion in the first half of that year.
Khusoko reported Equity Life Assurance’s licence in January 2022. That report cited new revenue streams and wider access to insurance, and it did not mention loan defaults.
