Browsing: Medical insurance in Kenya

• 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 …

The medical insurance industry in Kenya is exploding taking advantage of a growing digital sphere to introduce affordable covers. Carepay, the innovative medical insurance company with a presence in Kenya, Nigeria, and Tanzania is leading this effort with several partnerships aimed at bringing costs down. 

The industry is still on the lookout of a replacement for affordable medical cover that will meet the needs of the majority while supplementing the government-provided cover. In 2015, Linda Jamii, a famed medical cover outfit by Safaricom and Britam Kenya collapsed after it was discovered it was not making much business sense to the companies. What followed was a huge uproar with users unable to find an alternative cover.  

In this, the industry has been on the lookout for a cover that meets the interests of the underwriter as well as those of the users.  

Recently…