Madison insurance, AAR insurance and GA life assurance lead in claim settlement for the second quarter of 2018. According to data from the Insurance Regulatory Authority, the three led in liability claim settlement, non-liability Claim settlement and long term insurance business claims respectively.
Madison had the highest claim settlement ration in liability claims at 56 per cent representing 432 claims of the 771 payable claims, while AAR had an 85.8 per cent claim settlement ratio of her non-liability claims representing 133,313 of the 155,441 claims during the quarter. GA however had the highest ratio among the three posting a 99.9 per cent claim settlement ratio representing 772 of the 773 payable claims, with all 772 intimated claims during the quarter being settled.
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The data also show companies that declined settlement in the same quarter. Kenya Orient Insurance Company declined 55 of the total 77 liability claims made, while Resolution Insurance Company declined a total of 3112 of the 7322 claims made in non- liability, in the same quarter. Pioneer Assurance Company decline 251 of the total 289 claims made in long term insurance business during the quarter.
Insurance penetration continues to experience a slow uptake in the country even as other countries look to set up shop in Kenya banking on its growing middleclass.
The data however did not include Xplico Insurance Company.
‘’These returns are submitted within 15 days from the end of the month to which they relate. Xplico Insurance Company did not submit returns for May and June 2018 while Geminia Insurance Company did not submit the long term insurance business claims returns for the months of June 2018 and hence their Q2 data is also not included in these report,’’ read the report in part.
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