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More thatn 56 percent of global insurance companies are planning to increase staff this year, according to a recent study by the Jacobson Group, an executive search firm for insurance professionals.
The insurance industry has been impacted by the Great Resignation and is expected to face challenges recruiting younger talent.
This comes amid an expected realighnment into the sector (in Kenya for instance) which has been on a gradual mend since the advent of Covid-19.
The latest industry figures by the General insurance business remained the largest contributor to industry insurance premiums, contributing 61.0 percent of the total premium. Motor insurance and medical insurance classes of business account for 63.5 percent of the gross premium income under the general insurance business,” noted the report.
The general reinsurers incurred Sh4.55 billion in claims which was a decrease of 3.8 percent from the same period last year.
The General Insurance Business is headed for profitability as underwriting performance in the period improved to a loss of Sh510.20 million from a loss of Sh1.74 billion reported in Q1 2021.
Personal accident class made the highest underwriting profit of Sh712.27 million while motor private and medical classes of general insurance business incurred the highest losses of Sh1.04 billion and Sh628.58 million respectively.