Stanbic unveils enhanced commercial vehicle insurance

Stanbic Bank Kenya has rolled out an enhanced insurance cover for commercial vehicles, targeting a fast-growing transport sector driven by small and medium-sized enterprises.

The new solution, underwritten by Heritage Insurance Kenya, offers competitive premiums and expanded benefits designed to protect vehicles, goods and employees. It comes as demand for reliable asset protection rises amid rapid growth in logistics, trade and transport businesses.

The bank said the cover links its Vehicle and Asset Financing clients to an integrated system that combines financing and insurance in a single service-led framework. The solution is tailored to meet the evolving needs of commercial transporters and fleet operators.

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Among its key features is a goods-in-transit cover of up to Sh5 million under all risks, higher than the typical Sh3 million offered in the market. It also includes personal accident cover of up to Sh40,000 per person for drivers and loaders, regional coverage across East Africa, including the Democratic Republic of Congo, and an excess protector benefit to ease claims processing.

Data from the bank shows the commercial vehicle segment is growing significantly faster than the personal vehicle market, recording about 36 per cent growth compared to 11 per cent. The expansion is largely attributed to increased borrowing by SMEs in transport, logistics and trade.

With road transport accounting for more than 75 per cent of freight movement and contributing over 12.7 per cent to Kenya’s GDP in 2024, the need for comprehensive insurance solutions has become more urgent.

Stanbic Bank Kenya Head of Insurance and Asset Management Anjali Harkoo said the product responds directly to market demand.

“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,” she said.

The partnership brings together Stanbic’s financing capability and Heritage Insurance’s underwriting expertise to deliver what the bank describes as a sustainable, sector-specific solution.

Kieran Godden, Chief Executive Officer of Liberty Kenya Holdings, said the initiative is critical to supporting business resilience.

“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,” he said.

Stanbic Bank said the enhanced cover reinforces its commitment to offering integrated financial solutions that safeguard assets, support business continuity and drive long-term growth across Kenya and the wider region.

Stanbic Bank Kenya is a member of Standard Bank Group, the largest African bank by assets, operating in 20 African countries, four global financial centres and two offshore hubs, with a 162-year history in the continent.

The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 19.4% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.

With a solid foundation in Kenya and history spanning over 100 years, Stanbic Bank is one of the top banks operating in Kenya that provides the full spectrum of financial services. Stanbic Bank Kenya provides the full spectrum of financial services.