Businesses & Financial News

General Insurers Pay Claims Worth KES 53.25Bn in Q3, 2022

Medical, motor private and motor commercial had the highest amounts of paid claims at 44.5%, 24.6% and 21.5% respectively, jointly constituting 90.6 percent of all claims paid by general insurers.

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By Monica MUEMA

General Insurance Business paid claims worth KES 53.25 billion between  July – September a  13.4% increase compared to KES 46.97 billion paid same period last year.

The Insurance Regulatory Authority (IRA) Quarter 3  statistics  report indicate that Medical, motor private and motor commercial had the highest amounts of paid claims at 44.5% (KES 23.67 billion), 24.6% (KES 13.12 billion) and 21.5% (KES 11.43 billion) respectively jointly constituting 90.6 percent of all claims paid by general insurers.

The insurers reported claims incurred amounting to KES 56.85 billion during the period under review. This was an increase of 10.8% from KES 51.30 billion reported in the third quarter of the previous year.

The high premium volume classes of general insurance business contributed the largest proportions of incurred claims, that is, medical KES 23.90 billion (42.0%), motor private KES 14.15 billion (24.9%) and motor commercial KES 13.10 billion (23.0%).

“Motor classes of insurance business incurred claims contributed 47.9% of total claims incurred compared to their business contribution of 29.4% of the total premium under general insurance business,” the report states.

During the quarter under review, general insurance premiums amounted to KES 134.41 billion. Medical and motor insurance classes maintained a leading position in terms of

contribution in general insurance business premium at 32.8% and 29.4% respectively.

Personal Accident and miscellaneous classes are the only classes whose premiums decreased by 4.5% and 2.7% respectively.

The underwriting performance of the general insurance business was a loss of KES 2.26 billion which was an improvement from a loss of KES 4.13 billion reported in Q3 2021.

Workmen’s compensation class made the highest underwriting profit of KES 2.48 billion while motor private, motor commercial and personal accident classes of general insurance business incurred the highest underwriting losses of KES 2.89 billion, KES 1.75 billion and KES 868.74 million respectively.

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