According to the Insurance Regulatory Authority (IRA), paid insurance claims jumped by 5.8 per cent to 1.8 million in the second quarter of 2022 compared to 1.7 million claims paid during the same period the previous year.
The IRA said April-June 2022 quarterly claims, general insurance business non-liability claims paid were 1,873,836 compared to 1,768,031 paid in the second quarter of 2021.
General Insurance business liability claims paid dropped to 10,709 compared to 11,633 claims paid in Q2 2021.
Long-term insurance business claims paid surged to 104,574 claims from 90,204 claims in the previous year.
On the other hand, the claims payment ratio for general liability claims increased from 6.9 per cent in Q1 2022 to 7.4 per cent in Q2 2022.
However, claims payment for general non-liability claims decreased to 75.2 per cent during the period under review from 77.1 per cent in the year’s first quarter.
The claims payment ratio for the long-term insurance business increased to 75.7 per cent compared to 70.6 per cent in the previous quarter.
“In Q2 2022, the proportion of declined general liability claims increased to 0.06 per cent from 0.02 per cent recorded in Q1 2022. The proportion of declined general non-liability claims remained constant at 0.03 per cent in Q2 2022 and Q1 2022. In addition, the proportion of declined long-term business claims in Q2 2022 decreased to 0.04 per cent from 0.06 per cent recorded in Q1 2022,” stated the report by IRA
During the quarter review period, the proportion of general business liability claims closed as no claims increased to 3.0 per cent compared to 2.1 per cent recorded in the first quarter of 2022.
The proportion of general business non-liability claims close as no claims, on the other hand, increased to 0.7 per cent from 0.6 per cent in Q1 2022.
More so, the proportion of long-term insurance business claims closed as no claims increased to 0.65 per cent in Q2 2022 from 0.05 in Q1 2022.
Jubilee Health Insurance led in the number of claims during the quarter under review with 1,140,776 paid claims, followed by Britam General Insurance with 255,007 paid claims.
Read also; Insurance Claims Rise 10% to KSh18.43 Billion in Q1 2022-IRA.
