This archive report was first published on 13 December 2019.
Published on December 13, 2019, data from the Insurance Regulatory Authority (IRA) reveals that insurance firms in Kenya incurred a total of KSh42.16 Billion in claims during the first nine months of this year.
Although this is a slight drop of 0.8% compared to KSh42.49 Billion in Q3 2018, the industry still faces significant claims.
Medical, Motor private, and Motor commercial insurance claims accounted for the highest amounts, making up 35%, 24.3%, and 22.8% of total industry paid claims under general insurance business, respectively.
General insurance premiums recorded a growth of 3.7% to KSh105.23 billion in Q3 2019, compared to a growth of 2.9% recorded in the previous year.
Underwriters incurred KSh44.93 billion in claims by the end of Q3 2019, resulting in an overall underwriting loss of KSh2.66 billion, a reduction of 5.2% in losses compared to Q3 2018.
The industry's gross written premium stood at KSh174.92 billion as at the end of Q3 2019, representing an increase of 6.5% from KSh164.27 billion in Q3 2018.
Notably, six insurers held a market share of at least 5% of the total general insurance market, jointly controlling 43.2% of total gross premium income under general insurance business.
