Insurers pay claims worth Sh40.6Bn in Q4 2022 – Capital Business
NAIROBI, Kenya, Feb 22 – Insurance companies paid claims worth Sh40.6 billion in the three months to December last year, a new data show.
This represented a 3 percent increase from Sh39.16 billion in the third quarter of 2022.
According to the Quarter four of 2022 claims report, general liability claims went up by 16.8 percent to 14,085 claims worth Sh4.21 billion, compared to 12,055 claims worth Sh4.08 billion in the review period.
Non-liability claims paid hit 1.7 million claims worth Sh17 billion, representing a 1.8 percent increase from 1.68 million (Sh16.31 billion).
Long-term insurers paid 102,678 claims worth Sh19.36 billion, an increase of 1.3 percent from 101,329 claims worth Sh18.77 billion.
During the period, 2 million claims were reported to the insurers, representing a 12.6 percent 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.