Insurance firms in Kenya incurred a total of KSh42.16 Billion in claims during the first nine months of this year. This is compared to KSh42.49 Billion in Q3 2018, representing a slight drop of 0.8%.
According to latest data from the Insurance Regulatory Authority (IRA), Medical, Motor private and Motor commercial had the highest amounts of paid claims at 35%, 24.3% and 22.8% respectively of total industry paid claims under general insurance business.
In Q3 2019, general insurance premiums recorded a growth of 3.7% to KSh105.23 billion compared to a growth of 2.9% recorded in the previous year.
The general insurance business underwriters incurred KSh44.93 billion in claims by the end of Q3 2019.
The general insurance business underwriters reported an overall underwriting loss of KSh2.66 billion compared to a loss of KSh2.8 billion reported in Q3 2018, a reduction of 5.2% in the losses.
Industry gross written premium stood at KSh174.92 billion as at end of Q3 2019 representing an increase of 6.5% from KSh164.27 billion in Q3 2018.
General insurance business underwriting results reported was a loss of KSh2.66 billion and this was an improvement of 5.2% compared to Q3 2018.
Six insurers had a market share of at least 5% of total general insurance market. These insurers jointly controlled 43.2% of total gross premium income under general insurance business.
Jubilee Insurance is the leading underwriter with 9.4% market share, CIC General Insurance- 8.3%, APA Insurance Company- 7.1%, UAP Insurance- 7%, Britam General Insurance- 6.2% and GA Insurance- 5.1%.
These insurers jointly controlled 43.2% of total gross premium income under general insurance business.
The insurers’ market share was measured by the amount of gross premium income underwritten.
