The insurance industry has recorded an increase in the premiums underwritten between January and June 2018 to record a 3.1 per cent increase from Sh109.05 billion in 2017 to Sh112.39 billion this year.
According to the insurance regulator the development is largely attributed to the 4.5 per cent growth recorded by the general business segment and 0.7 per cent growth recorded by the long term insurance business segment.
‘’The increase in general business was mainly contributed by medical and motor private insurance classes of business which increased by Sh1.24 billion and Sh824.39 million respectively.’’ The regulator said.
In a new report of the insurance sector data shows that the claims incurred amounted to Sh29.21 billion representing an increase of 2.0 per cent from the Sh28.63 billion reported at the same time in the previous year.
‘’The claims paid increased by 12.7 per cent to Sh27.72 billion as at end of Q2 2018 compared to Sh24.60 billion paid during the same period in 2017. The medical, motor private and motor commercial had the highest amounts of paid claims at 35.3 per cent, 23.4 per cent and 22.5 per cent respectively of total industry paid claims under general insurance business.’’ The report shows.
