Browsing: IRA

• Kenya’s  Treasury Cabinet Secretary Njuguna Ndung’u has warned insurers to pay up on delayed claims or simply close shop. 
• In his speech at the ongoing 8th Eastern and Southern Africa Regional conference on inclusive insurance, Prof Ndung’u said insurers, who consistently fail to meet the set standards for good business practice should exit the stage. 
• The minister said the unfortunate tag of delayed or non-payment of claims often weighs down the insurance companies that have a good reputation of timely payment of claims. 

Kenya’s Treasury Cabinet Secretary Prof Njuguna Ndung’u has fired a warning shot to insurance companies that for varied reasons delay the payment of customer claims, asking them to instead simply close shop.

Dr Ndung’u said the unfortunate reputation tag of delayed or non-payment of claims often overshadows the insurance companies that have a good reputation of timely payment of claims.

“I would like to reiterate that insurance…

• The meeting will share lessons and experiences on strategies deployed to catalyse the development of insurance sectors for inclusivity and innovation..
• Delegates will also explore client value and viability dimensions of national health insurance schemes in Africa.
• Insights and lessons from trends and business models on inclusive digital insurance solutions; taking stock of what has worked and what has not worked will be shared.

Kenya is preparing to host the Eastern and Southern Africa regional conference on inclusive insurance, which is part of a series of regional learning sessions aimed at contributing to the development of inclusive insurance markets in Africa.

Across the continent, insurance penetration remains low and different players including governments have been deploying various strategies to scale up uptake of various cover products.

The eighth regional conference is modeled as a combination of high-quality training and plenary forums that are aimed at sharing insights on inclusive insurance …

• General Insurance business paid claims worth $430 million (Sh53.25 billion) between July – September, a 13.4 precent increase compared to $379 million (Sh46.97 billion) paid in the same period last year. 
• Medical, motor private and motor commercial had the highest amounts of paid claims at 44.5 percent. 
• The insurers reported claims incurred amounting to $459 million (Sh56.85 billion during the period under review. 

Kenya’s General Insurance Business paid claims worth $430 million (Sh53.25 billion) between July and September, a 13.4 precent increase compared to $379 million (Sh46.97) billion paid in the same period last year.

The Insurance Regulatory Authority (IRA) Quarter 3 statistics report indicate that medical, motor private and motor commercial had the highest amounts of paid claims at 44.5 percent (Sh23.67 billion), 24.6 percent (Sh13.12 billion) and 21.5 percent (Sh11.43 billion) respectively jointly constituting 90.6 percent of all claims paid by general insurers.

The insurers reported claims incurred …

• 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 …