- Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.
- Latest statistics from the Insurance Regulatory Authority (IRA) indicate that the number of claims reported to the insurers were 2,040,600, a 12.6 percent increase compared to 1,811,141 claims reported in Q3,2022.
- General liability claims paid went up by 16.8 percent to 14,085 claims worth $42Mn from 12,055 claims paid worth $40Mn billion in the previous quarter. Non – Liability claims paid hit 1,714,723 claims worth $170Mn representing a 1.8 percent from 1,684,698 claims worth $160.31Mn reported in Q3 2022.
Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3 percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.
According to the Quarter 4 of 2022 claims report, General liability claims paid went up by 16.8 percent to 14,085 claims worth $42Mn from 12,055 claims paid worth $40Mn in the previous quarter. Non – Liability claims paid hit 1,714,723 claims worth $170Mn representing a 1.8 percent from 1,684,698 claims worth $163Mn reported in Q3 2022.
Long-term insurers paid 102,678 claims worth $193.6 Mn in Q4 2022 an increase of 1.3 percent from 101,329 claims worth $187.7Mn paid in Q3 2022.
During the period under review, the number of claims reported to the insurers were 2,040,600, a 12.6 percent increase compared to 1,811,141 claims reported in the previous quarter.
“Claims intimated and revived reported in Q4 2022 were 14,882 liability claims ($341Mn) and 1,924,477 non-liability claims ($138.7Mn) an increase of 8.4 percent and 13.8 percent from 13,735 claims ($ 271Mn) and 1,691,285 claims ($138.2 Mn) respectively reported in Q3 2022. Long-term claims decreased by 4.6% in terms of numbers and decreased by 4.7 percent in terms of amount from 106,121 claims ($199.3Mn) in Q3 2022 to 101,271 claims ($189.9Mn) in Q4 2022,” the report indicates.
The total actionable claims in Q4 2022 were 141,632 claims amounting to KES35.13 billion and 2,539,362 claims amounting to $561.7 Mn for general liability and non-liability claims respectively this is an increase from 113,368 claims Liability Claims are third parties’ claims while non liability claims are policyholders’ claims.
Claims Payment Statistics for Q4 2022 amounting to $ 299Mn and 2,230,800 claims amounting to $522.6Mn reported in Q3 2022 respectively. Long-term actionable claims in Q4 2022 were 137,954 claims amounting to $296.9Mn a slight decrease in number and a slight increase in amount from 138,145 claims amounting to $294.3Mn reported in Q3 2022.
During the period, claims revised under general liability claims and non-liability claims were 16,149 claims amounting to $16.7Mn and 36,798 claims amounting to $40.1Mn respectively. Long-term revised claims were 2,741 amounting to $603.400 recorded in Q4 2022.
The insurers also declined 6591 claims amounting to $4.85Mn compared to 1904 claims amounting to $ 2.63Mn in the Q3, 2022.
According to thee report, 4,098 claims amounting to $11.6Mn and 23,573 claims amounting to $13.5 Mn were reported as claims closed as no claims for general liability and nonliability claims respectively while long-term recorded 167 claims amounting to $3Million as claims closed as no claims.
Both long term and general insurance business underwriters are required to submit monthly summary of claims returns to IRA through the electronic regulatory system (ERS). These returns are submitted within 15 days from the end of the month to which they relate.
The Insurance Regulatory Authority is a State Corporation established under the Insurance Act, Cap 487 of the Laws of Kenya with the mandate to regulate, supervise and promote development of the insurance industry in Kenya.
The Authority executes its mandate through a combination of legal and regulatory measures aimed at not only ensuring industry stability and market confidence but also spurring growth.