Insurance claims incurred rose 10% to KSh18.43 billion in the first quarter of 2022 rose by 10% to KSh18.43 billion
During the period under review, the highest insurance claims were for medical services at 42% followed by motor private insurance claims at 25.5%, and motor commercial at 24%.
The claims paid rose 13.3% to KSh16.85 billion.
Insurers cut down underwriting losses in the general insurance business to KSh510 million during the quarter, down from a loss of KSh1.74 billion when compared to the same period last year.
Data from the Insurance Regulatory Authority (IRA) shows the motor private and commercial and medical classes of insurance business reported losses of about KSh1.67 billion during the period under review.
Motor private and medical classes of general insurance business incurred the highest losses amounting to KSh1.04 billion and KSh628.58 million respectively.
Gross written premiums rose 11% to KSh88.43 billion while premiums under general insurance amounted to KSh53.92 billion. Of this, medical and motor insurance classes contributed 35.9% and 27.5%, respectively.
KBC reports that the reinsurers’ business volume increased by 33.2% to 10.57 billion, leading to an underwriting profit of KSh517.18 million, compared to a loss of KSh990.23 million during the same period last year.