This archive report was first published on 23 April 2020.
Published on April 23, 2020, a report highlighted the challenges faced by Kenya's insurance industry, particularly in the last quarter of 2019.
According to the report, Kenya has ten broad categories of general insurance, including motor, medical, fire, aviation, engineering, liability, marine, personal accident, theft, and workman's compensation. The industry experienced a significant underwriting loss of Sh. 2.97 billion during this period, largely due to high claims.
Additionally, the report noted that life insurance policy contracts have specific commencement dates and maturities. Customers who fail to pay premiums within the first three years risk losing their policy or receiving a small refund of the premiums paid, known as a surrender value.
