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Insurance industry assets rise 14pc to Ksh 1T

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The insurance industry asset base has hit Ksh 1 trillion in the first three months of this year in what the Insurance Regulatory Authority (IRA) attributes to strong recovery from the adverse effects of the COVID-19 pandemic.

The insurance industry asset base grew by 14.1pc between January and March this year from Ksh 876.58 billion during the same period last year.

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This was against a liability of Ksh 815.5 billion  resulting to a net assets of Ksh 185 billion.

Ksh 862 billion of the amount were held in income generating investments, IRA said.

However the total insurance industry’s liabilities grew by 16.5pc to Ksh 815.5 billion in the first quarter of 2023 from Ksh 700.1 billion reported in Q1 2022.

During the period under review the industry gross premium income grew by 14.8pc to Ksh 104.5 billion compared to Ksh 88.4 billion in the same quarter last year.

Long term insurance business premiums amounted to Ksh 38.97 billion accounting for 38.4pc of the total industry premium while general business premiums amounted to Ksh 62.52 billion.

This is an improvement compared to Ksh 34.5 billion registered in a similar period last year, which represented 18.6pc of sector premiums.

Investment income under long-term insurance business increased to Ksh 14.38 billion during the quarter underreview compared to Ksh 9 billion.

The general insurance business recorded an investment income of Ksh 2.98 billion during the period compared to Ksh 2.5 billion last year. personal.

Accident had the largest decline from Ksh 1.07 billion recorded in Q1 2022 to Ksh 972.67 million in Q1 2023. The high premium volume classes of general insurance business contributed the largest proportions of incurred claims.

Medical claims stood at Ksh 8.72 billion , while motor commercial stood Ksh 5.29 billion and motor private received calimed worth Ksh 4.99 billion.

The underwriting performance of the general insurance business reported a loss of Ksh 2.01 billion which was a decline of 294.7pc from a loss of Ksh 510.2 million reported in Q1 2022.

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