NAIROBI, Kenya, Apr 24 – Gross premiums income in Kenya’s Insurance Industry has hit Sh194 billion representing a 15 percent rise compared to 2015 premiums that stood at Sh174 billion.
Premiums from the medical insurance segment rose the highest to reach Sh37 billion eclipsing the motor private segment which stood at Sh19 billion.
Insurance Regulatory Authority (IRA) Supervision Manager Kalai Musee says nonlife business contributed to 62 percent of the written premiums while life business contributed 38 percent.
However, the medical class had the highest claims followed by motor private and motor commercial classes of business with a 70 percent loss ratio.
However, the same classes incurred the highest claims with a 70 percent loss ratio.
Aviation class had the highest claims ratio in the period under review followed by motor private and medical classes of business.
“The sectors which are growing seem to also be experiencing a lot of losses and we attribute this to fraud, especially in Medical and Motor Private,” he said.
Going forward the regulator expects the industry to continue rising especially due to the implementation of Marine cover insurance law since January 2017.
Marine cover business has registered huge gains already recording premiums worth Sh700 million in January and February.