Over Sh300m lost in insurance fraud – IRA

At least Sh300 million was lost in insurance fraud between the months of January and November this year, the Insurance Regulatory Authority (IRA) has said.

Speaking during a press conference in Nairobi on Monday, IRA Chief Executive Officer Sammy Makove said that according to reported cases, the most notorious involves fraudulent motor insurance claims by policy holders that accounts for Sh238.9 million.

He added that it remains difficult to detect and quantify fraud as most cases go unreported and some are very well documented.

According to the insurance fraud investigation unit, only four out of 90 insurance fraud cases have been successfully prosecuted.

Meanwhile, 11 suspects were arraigned in court Monday morning over alleged insurance fraud.

More to follow…