Home Business Insurers Q1 paid claims up 6pc to Ksh 39B

Insurers Q1 paid claims up 6pc to Ksh 39B

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Insurance firms in Kenya paid out claims amounting to Ksh 39.1 billion between January and March this year which is a 6pc increase when compared to the same period last year according to new data by the Insurance Regulatory Authority (IRA).

Of the total claims paid during the quarter, general liability claims amounted to Ksh 4.59 billion while non-liability claims rose to Ksh 16.31 billion.

“Long-term paid 875,980 claims or Ksh 18.20 billion in Q1 2023 an increase of 753.1pc from 102,678 claims or Ksh 19.36 billion paid in Q4 2022,” said IRA.

IRA says total actionable claims during the first quarter of the year for general liability were 140,787 claims worth Ksh 35.53 billion.

This was decline in number of claims but an increase in amount from 141,632 claims worth Ksh 35.13 billion reported from October to December last year.

Long-term actionable claims were 910,640 worth Ksh 28.19 billion, an increase in number and a slight decline in the amount from 137,954 claims amounting to Ksh 29.69 billion during the December quarter.

Claims intimated and revived reported during the first three months of this year, were 16,128 worth Ksh 3.43 billion and 1.75 million non-liability claims worth Ksh 14.71 billion.

Even though the number of long-term claims increased by 765.1pc, the amount paid out decreased by 2.9pc to Ksh 18.45 billion.

The report indicates that general liability claims during the first three months of this year were worth Ksh 2.28 billion while non-liability claims were Ksh 3.58 billion.

Long-term claims during the first three months of the year were 2,382 worth Ksh 169.92 million.

The claims payment ratio for the long-term insurance business increased to 96.2pc in terms of numbers and decreased to 64.5pc in terms of amounts compared to 74.4pc and 65.2pc during the previous quarter.

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