Madison Insurance Company is the best in settling claims under general insurance cluster, according to the latest date from the Insurance Regulatory Authority.
The statistics indicate that AAR Insurance Kenya Limited is the best in settling non-liability claims under general insurance business while, GA Life Assurance Limited is the best in settling long-term insurance claims.
The Insurance Regulatory Authority in its current analysis subdivided into three categories, liability claims under general insurance business, non-liability claims under general insurance business and long-term insurance business claims for the quarter ended 30th June 2018.
For liability claims under general insurance business, Madison Insurance Company was the best performing in terms of settlement of claims at 56% settlement ratio, followed by Kenyan Alliance Insurance and Pioneer General Insurance.
In this category, The Monarch Insurance Company performed poorly at 0.9% while Trident Insurance Company and XPlico Insurance Company were not rated since they did not submit their returns.
Under Non-Liability General Insurance business, AAR Insurance Kenya Limited was ranked top with a score of 85.8%, Madison Insurance Company came second at 82.4% while the Kenyan Alliance Insurance was third at 80.2%.
The last three were Corporate Insurance Company at 3.1% and Fidelity Shield Insurance at 2.5% while Xplico Insurance Company was not rated as it did not submit returns.
Long-term insurance business claims had GA Life Assurance Limited was the best performing at 99.9%, Capex Life Assurance Company at 98.6% while ICEA Lion Life Assurance was third at 93.5%.
Insurers say the high performance in the long-term insurance business was because there is no chancing when dealing with life assurance.
The worst performing in long-term insurance business according to IRA are Saham Insurance Company, Takaful Insurance of Africa and Geminia Insurance Company.
IRA says both long term and general underwriters are required to submit monthly summary of claims through the electronic regulatory system (ERS) by 15th of the subsequent month.