Browsing: General Insurance

• The Insurance Regulatory Authority has revealed that claims paid in the general insurance business hit KSh 16.85 billion ($142 million) in the first quarter of 2022
• The report further revealed that medical, motor private, and motor commercial had the highest amounts of paid claims at 46.3 per cent, 25.9 per cent and 19.5 per cent, respectively
• Claims incurred in the general insurance business amounted to KSh 18.43 billion during the period under review
• The high premium volume classes of the general insurance business – medical, motor private and motor commercial, contributed the largest proportions of incurred claims

A new report by the Insurance Regulatory Authority has revealed that claims paid in the general insurance business hit KSh 16.85 billion in the first quarter of 2022, marking a 13.3 per cent increase compared to the same period last year when insurers paid claims worth KSh 14.88 billion.

The report further revealed …

East Africa’s largest insurer, Jubilee Holdings Limited has announced a Profit Before Tax of Sh5.206 billion, representing an increase of 119 percent for the Half Year ended June 30th, 2021.

This jump was partly due to the gain of Sh2.074 billion, from the sale of 66 percent of its Kenyan General Insurance business to the Allianz group on May 4th, 2021.

However, the Profit Before Tax on the Insurance business grew by an impressive 32 percent from Sh2.377 billion to Sh3.132 billion.

Total Gross Written Premiums and Deposit Administration contributions grew by 10 percent to Sh22.2 billion compared to Sh20.2 billion in 2020 due to a dynamic growth of 20 percent in Medical business and a 36 percent increase in Annualized Premium Equivalent sales.

This strong performance reflects Jubilee’s diversified business and investment portfolio that has proven robust against the backdrop of the Covid-19 pandemic and is now well positioned …