According to the Quarter four of the 2022 claims report, insurance companies paid claims worth Kes 40.6 billion in the three months to December last year.
Kes40.6 billion represented a 3 per cent increase from Kes39.16 billion in the third quarter of 2022.
Further, general liability claims increased by 16.8 per cent to 14,085 claims worth Kes4.21 billion, compared to 12,055 claims worth Kes4.08 billion in the review period.
Non-liability claims increased by 1.8 per cent to hit 1.7 million claims worth Kes17 billion, representing 1.68 million claims worth Kes16.31 billion.
Did you read this?
Additionally, Kes 19.36 billion was paid for 102,678 claims by long-term insurers, an increase of 1.3 per cent from 101,329 claims worth Kes18.77 billion.
During the period, 2 million claims were reported to the insurers, representing a 12.6 per cent increase compared to 1.8 million.
The Insurance Regulatory Authority is a State Corporation established under the Insurance Act, Cap 487 to regulate, supervise, and promote the development of the insurance industry in Kenya.
The Authority executes its mandate through a combination of legal and regulatory measures aimed at not only ensuring industry stability and market confidence but also spurring growth.
