Enterprise Risk Management (ERM) has become a strategic tool for mitigating uncertainty and enhancing organizational performance, particularly in dynamic and high-risk sectors such as insurance. This study examines the influence of ERM on the performance of Kenyan insurance firms using a census of all 55 listed firms in 2023, of which 48 responded, yielding a response rate of 87%. Data were collected through structured questionnaires targeting senior management, risk managers, and finance executives, complemented by semi-structured interviews. Quantitative data were analyzed using descriptive statistics, Spearmans correlation, and regression analysis, while qualitative data were thematically examined to capture implementation challenges and contextual insights. Findings indicate that structured ERM components including risk identification, risk assessment, risk interaction, and risk prioritization/response are positively associated with financial performance, operational efficiency, and strategic resilience. Risk identification and prioritization showed the strongest positive relationships, while risk interaction had a moderate effect. Institutional support and an innovation-oriented organizational culture emerged as key mediators enhancing the effectiveness of ERM. Challenges identified include resource constraints, limited technical expertise, and partial integration of strategic risk assessment. Overall, the study demonstrates that systematically implemented ERM frameworks are significant antecedents of organizational performance, providing actionable insights for managers, boards, and policymakers in the insurance sector and offering directions for future research on contextualized ERM practices.