Browsing: Kenya Insurance Industry

• 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 …

Regional financial services firm, Britam Holdings PLC has posted a profit after tax of Kshs 376.3 million from a loss after tax of Kshs 1.6 billion posted in the six months ending June 2021.

According to the firm, the improved performance is attributed to growth in premiums from new business and investment income from its broad investment portfolio.

The firm also registered significant growth in investment income following the moving of its investment portfolio to increase yields.

Investment income during the period grew to Kshs 4.9 billion, representing a 35 per cent growth compared to a similar period last year.

The Group also realized growth in revenue from both its local and regional businesses.

The regional businesses contributed 24 per cent of the Group’s gross earned premiums.

The Group’s gross earned premiums and fund management fees were up 5.7 per cent to Kshs 14.9 billion.

Britam’s Group Managing Director, Tavaziva …

The insurance industry in Tanzania is poised for growth and has the potential to pocket more markets over time.  

The industry has gained vital milestones as the Tanzanian Insurance Regulatory Authority (TIRA) argues that the country has continued to play its strategic role in the national economy by providing underwriting capacity, making appropriate compensation against risks and contributing towards mobilization of financial resources for Tanzania’s sustainable economic development. 

In 2019 former insurance regulator Dr. Baghayo Saqware noted that essential reforms were underway to increase coverage and stimulate economic growth by ensuring implementation of policy and non-policy reforms intended to boost the image of the insurance industry and increase public confidence, according to a report by The Citizen.  

Across East Africa, Tanzania has been cited to record a promising mark over the past eight years on life insurance category, according to a report by Deloitte East Africa Insurance Outlook 2019/2020…