According to the Insurance Regulatory Authority, Medical and Motor classes had the largest share of claims incurred at 36.7 percent and 47.8 percent respectively.
NAIROBI, Kenya, Oct 11 – Insurance Agents Association is set to name and shame hospitals overcharging clients covered by insurance firms.
Bima Intermediaries Association of Kenya Chairman Washington Ndegea says the association is currently undertaking research on all hospitals to know those escalating bills with the objective of outing them by end of November.
“The menace requires a serious concerted effort by the insurance industry and the government to regulate the cost of healthcare. We will be publishing a list of our own preferred hospitals to do business within the insurance sector. The rest had better style up or ship out,” he added.
Ndegea says the insurance industry has suffered immensely from inflated bills for patients using insurance cards by hospitals.
“The exploitation has to stop. We will expose the notorious hospitals,” he added.
According to the Insurance Regulatory Authority, General Insurance business underwriters incurred claims amounting to Sh56.51 billion in 2017 representing an increase of 2.4 percent from Sh54.86 billion incurred in 2016.
Medical and Motor classes had the largest share of claims incurred at 36.7 percent and 47.8 percent respectively.
The General Insurance business underwriters reported an underwriting loss of Sh1.03 billion compared to a loss of Sh2.13 billion reported in 2016.
Medical Insurance, however, made Sh82 million profit compared to Sh849 million loss in 2016 and further losses in 2015 and 2014 insurers.
Reinsurance companies made a Sh236 million loss in 2017 an improvement compared to Sh650 million in 2016.
