Browsing: insurance companies in kenya

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  • Kenya’s Insurance industry premiums increased by 11.4 percent to hit $2.379 billion in the third quarter of (Q3) 2022 from $2.13 billion in Q3 2021
  • The growth is attributed to the continued economic recovery from the negative effect of COVID-19 in 2020 and 2021.
  • Long term insurance business premiums stood at $1.0349 billion accounting for 43.5 percent of the total industry premium while general business premiums amounted to $1.34 billion (56.5 percent).

Kenya’s Insurance industry premiums increased by 11.4 percent to hit Ksh 293 billion ($2.379b) in the third quarter of (Q3) 2022 from Ksh 263 billion ($2.13b) in Q3 2021, latest data from the Insurance Regulatory Authority (IRA)) indicates. 

The insurance industry report for the period July – September 2022 attributes the growth to the continued economic recovery from the negative effect of COVID-19 in 2020 and 2021.

Long term insurance business premiums stood at $1.0349 billion  accounting

KenTrade targetting insurance companies in maritime trade
  • Kenya Trade Network Agency (KenTrade) has embarked on a sensitisation programme targeting insurance companies to integrate them into the upgraded Trade Facilitation Platform (TFP)
  • KenTrade’s newly upgraded platform is aimed at enhancing maritime trade efficiency
  • It will also ensure faster processing of documents and claims, thus leading to a reduction in the cost of doing business and a subsequent improvement in service delivery standards

Kenya Trade Network Agency (KenTrade) has embarked on a sensitisation programme targeting insurance companies to integrate them into the upgraded Trade Facilitation Platform (TFP) to enhance maritime trade efficiency.

KenTrade ICT Director Anne Waweru said the integration of insurance companies’ systems with TFP will ensure a seamless submission of the marine cargo certificate to regulatory agencies.

It will also ensure faster processing of documents and claims, thus leading to a reduction in the cost of doing business and a subsequent improvement in service delivery standards.

“This …

Insurance claim by policyholder

An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates or denies the claim. If it is approved, the insurance company will issue payment to the insured or an approved interested party on behalf of the insured. That’s the definition according to Investopedia. 

According to the Insurance Act Cap 487 of the Laws of Kenya, Section 203 talks about settlement of claims. Subsection (1) talks about the process of claims payment once it is established that the claim is payable and also the time limit within which it should be settled. Section 203 Subsection (1)(d) says that a claim is payable within ninety days of the date of the reporting of the claim or where the determination of liability is by a court, within ninety days of such determination, provided that

 
The Marine Insurance Act Cap 390 of the Laws of Kenya defines a contract of marine cargo insurance as a document whereby the insurer undertakes to indemnify the assured, in a manner and to the extent thereby agreed, against the losses incident to any movable property other than ship including money and other valuable securities.   


Marine insurance however, does not offer any coverage in cases like loss or damage due to willful acts of negligence and misconduct, loss or damage due to delay, or loss or damage due to improper packing. Other incidents excluded from the cover are , financial default or insolvency of owners, charterers, managers, or operators of the vessel, loss or damage due to wire, strike, riot, and civil commotion, loss or damage arising from the use of nuclear fission, weapon, or any other radioactive force, one quarter of cargo in case of collision damage, damage caused