Directline Assurance has pulled ahead of rival African Merchant Assurance Company (Amaco) in Kenya’s public service vehicle (PSV) insurance market, capturing a 62.11% market share in the first quarter of this year.
New data from the Insurance Regulatory Authority (IRA) shows Directline Assurance strengthened its hold on Kenya’s PSV insurance market in the first quarter of this year, capturing 62.11 percent of the Motor Commercial PSV business and increasing its lead over its closest competitor, African Merchant Assurance Company (Amaco).
PSV Insurance Market Remains a Two-Horse Race
The figures indicate that Directline collected KSh610.16 million in premiums from the KSh982.41 million generated by the PSV insurance segment, which mainly covers matatus, buses, and other passenger service vehicles.
Amaco ranked second with a 21% market share, leaving a gap of more than 41 percentage points between the two firms. GA Insurance came in third with 5.84%, followed by First Assurance at 3.83% and Intra-Africa Assurance at 2.57%.
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The rankings mark a turnaround from a year earlier when Directline held a 35.67% market share while Amaco controlled 54.71%.
Amaco had overtaken SK Macharia-linked Directline for the first time in the first quarter of 2025, ending the latter’s long-standing dominance in the PSV insurance business.
However, Directline rebuilt its market share over the past year, rising from 38.4 percent in the second quarter of 2025 to 40.44 percent by the fourth quarter. The first quarter of 2026 marked a major turnaround, with the insurer reclaiming the top spot and capturing more than 62 percent of the PSV insurance market.
In contrast, Amaco’s share has continued to decline over the same period, falling below the 50% mark in the third quarter of 2025 before dropping further to 21% in the latest report.
The IRA statistics also show that the PSV insurance market remains heavily concentrated among a few insurers.
The top five companies accounted for more than 95% of the business during the quarter, while Directline and Amaco alone controlled over 83%.
Top 5 PSV Insurers in Q1 2026
| Rank | Insurer | Market Share |
| 1 | Directline Assurance | 62.11% |
| 2 | African Merchant Assurance (Amaco) | 21.00% |
| 3 | GA Insurance | 5.84% |
| 4 | First Assurance | 3.83% |
| 5 | Intra-Africa Assurance | 2.57% |
Outside the top five, Pacis Insurance held a 2.42% share of the market, followed by Mayfair Insurance at 1.17% and Fidelity Shield Insurance at 0.76%.
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The Motor Commercial PSV class covers insurance for passenger service vehicles operating for hire and reward, including matatus, buses and other commercial passenger transport vehicles.
The IRA said the figures are based on unaudited regulatory returns submitted by insurers and reinsurers for the quarter ended March 31, 2026.
The report also shows the general insurance industry remained profitable during the period, posting a combined profit after tax of KSh1.27 billion on insurance revenue of KSh55.3 billion. Profit before tax stood at KSh1.74 billion.
Other Industry Trends in the Report
The IRA report shows the general insurance industry recorded a profit after tax of KSh1.27 billion during the first quarter of 2026, supported by insurance revenue of KSh55.3 billion. The sector’s profit before tax stood at about Sh1.74 billion.
The report also indicates that while PSV insurance remains a vital segment of the motor insurance market, business is concentrated among a small number of insurers.
Away from the PSV class, several insurers posted losses during the quarter. Directline reported a loss of about KSh434.6 million, while Jubilee Health Insurance recorded a loss of KSh421.1 million.
Kenya Orient Insurance, Geminia Insurance and Occidental Insurance were also among firms that ended the quarter in the red.
The figures further show that some of Kenya’s largest insurers have only a limited presence in the PSV segment despite having significant operations in other classes of business.
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