Insurance claims paid jump to Ksh.39.1 billion in Q1 - Report

Claims paid by insurance firms in the first quarter of the year have increased by 6 per cent from Ksh.36.7 billion to Ksh.39.1 billion.

The Insurance Regulatory Authority (IRA) January - March 2023 Claims Report indicates the industry paid about 2.4 million claims, a 14.2 per cent increase compared to the same period previous year that had 2.1 million claims.

During the quarter, general liability and non-liability claims paid were respectively 10,619 valued at Ksh.4.59 billion and 1,600,327 claims worth Ksh.16.31 billion.

Long-term paid claims were 875,980 worth Ksh.18.20 billion in the period under review.

Overall insurance claims in the first quarter of 2023 hit over 2.6 million.

General liability claims were 16,128, a 49 per cent drop from the same period last year in which 32,148 such claims were recorded.

Non- liability claims hit 1,753,561; a 20 per cent drop compared to 2,115, 834 in the same period last year.

In the long-term insurance business, underwriters reported 876,105 claims, a 774 per cent increase compared to 100,209 claims reported in the quarter ending March 2022.

Both long term and general insurance business underwriters are required to submit monthly summary of claims returns to IRA through the electronic regulatory system.

These returns are submitted within 15 days from the end of the month to which they relate.