If you drive a matatu or run a bus fleet, choosing the right insurer matters more than most people realize. The PSV insurance space in Kenya is dominated by just a handful of several players.
According to Q1 2026 data from the Insurance Regulatory Authority, one company controls well over half the entire market. Here is exactly how the rankings stack up.
Top PSV Insurers Ranked by Market Share
Directline Assurance sits comfortably at number one with 62.11 percent of the market. The company is linked to billionaire SK Macharia and recently reclaimed the top spot after a rocky 2025.
Africa Merchant Assurance Company, known as Amaco, holds second place at 21.00 percent. This is a notable drop from its 2025 highs, though the company remains linked to President William Ruto’s family.
GA Insurance comes in third with a steady 5.84 percent share. It maintains a consistent minority footprint in the commercial transit space.
First Assurance follows at 3.83 percent, offering general fleet and commercial transport coverage across the sector.
Intra Africa rounds out the top five with 2.57 percent, capturing a smaller slice of the public transit insurance niche.
Together, Directline and Amaco alone control more than 83 percent of total premium income in this segment. That level of concentration says a lot about how tough this market is to break into.
The Directline Versus Amaco Rivalry
This top spot has not stayed still for long. Internal shareholder disputes and regulatory interventions caused Directline to temporarily lose ground in 2025, pushing Amaco into the lead.
Directline fought back hard, reclaiming its dominant position by early 2026. The back and forth between these two shows just how competitive, and unstable, leadership in this segment can be.
Why PSV Insurance Is Considered High Risk
The PSV sector, which mainly covers matatus and buses, carries a reputation as one of the riskiest insurance categories in Kenya. Persistent claims and complicated underwriting make it a tough segment to operate in profitably.
This risk has pushed some players out entirely. Invesco Assurance is a recent example, having collapsed into statutory management after struggling with this exact business line.
You can check any insurer’s current standing directly through the Insurance Regulatory Authority before making a decision.
Read also:Directline Assurance Kenya — Motor & PSV Insurance | Business Listings Kenya
Frequently Asked Questions
Which company has the largest PSV insurance market share in Kenya?
Directline Assurance leads with 62.11 percent of the market as of Q1 2026 data.
Why did Amaco briefly overtake Directline in 2025?
Internal shareholder disputes and regulatory issues at Directline caused a temporary dip, allowing Amaco to take the top position for a period.
Why is PSV insurance considered high risk in Kenya?
The segment sees frequent claims and complex underwriting challenges, largely due to the nature of matatu and bus operations.
What happened to Invesco Assurance?
Invesco Assurance collapsed and was placed under statutory management after struggling with the high-risk PSV insurance segment.
How is PSV market share data tracked in Kenya?
The Insurance Regulatory Authority releases quarterly data showing premium income and market share across insurers.
Kenya’s PSV insurance market remains a two-horse race for now, with Directline and Amaco controlling the vast majority of business. Smaller players like GA Insurance and First Assurance hold on to modest but stable shares.
Given how volatile this segment has proven to be, do not be surprised if these rankings shift again before the year is out.