{"id":68078,"date":"2022-09-13T14:52:50","date_gmt":"2022-09-13T14:52:50","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-claims-double-to-sh37bn-in-q2-ira"},"modified":"2022-09-13T15:06:55","modified_gmt":"2022-09-13T15:06:55","slug":"insurance-claims-double-to-sh37bn-in-q2-ira","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-claims-double-to-sh37bn-in-q2-ira","title":{"rendered":"Insurance claims double to Sh37bn in Q2 -IRA"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>High claims demands continued to hurt the insurance sector earnings for the second quarter of the year, especially in the private motor and medical general insurance classes.<\/p>\n

The Insurance Regulatory Authority (IRA) April – June 2022 Claims report released Monday shows the sector paid up Sh37 billion, almost doubling last quarter’s payout.<\/p>\n

During the period under review, the highest insurance claims were for medical services at 42 percent followed by motor private insurance claims at 26 per cent, and motor commercial at 24 per cent<\/p>\n

The insurance industry paid 1.9 million claims in the second quarter of 2022, a 6.3 per cent increase compared to the same period last year.<\/p>\n

IRA data indicates that during the quarter, general insurance business non-liability claims paid were 1,873,836 compared to 1768,031 paid in Q2, 2021 while general insurance business liability claims paid were 10, 709 compared to 11,633 paid same period last year.<\/p>\n

On the other hand 104, 574 long-term insurance business claims were paid during the quarter, compared to 90, 204 similar period last year.<\/p>\n

Compared to the first quarter of 2022, the claims payment ratio for general liability claims increased to 7.4 per cent from 6.9 per cent same period last year.<\/p>\n

The claims payment ratio for general non-liability claims decreased to 75.2 per cent during the quarter under review compared to 77.1 per cent last year.<\/p>\n

The claims payment ratio for the long-term insurance business increased to 75.7 per cent compared to 70.6 per cent observed in the previous quarter.<\/p>\n

\u201cIn Q2 2022, the proportion of declined general liability claims increased to 0.06 per cent from 0.02 per cent recorded in Q1 2022. The proportion of declined general non-liability claims remained constant at 0.03 per cent in Q2 2022 and Q1 2022,” IRA said.<\/p>\n

In addition, the proportion of declined long-term business claims in Q2 2022 decreased to 0.04 per cent from 0.06 per cent recorded in Q1 2022,\u201d the report states.<\/p>\n

In the period under review, the proportion of general business liability claims closed as no claims increased to three per cent compared to 2.1 per cent observed last year.<\/p>\n

The proportion of general business non-liability claims closed as no claims increased to 0.7 per cent in Q2 2022 from 0.6 per cent in Q1 2022.<\/p>\n

The proportion of long-term insurance business claims closed as no claims increased to 0.65 per cent in Q2 2022 from 0.05 per cent in Q1 2022.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. High claims demands continued to hurt the insurance sector earnings for the second quarter of the year, especially in the private motor and medical general insurance classes. The Insurance Regulatory Authority (IRA) April – June 2022 Claims report released Monday shows the sector paid up Sh37 billion, almost doubling last quarter’s payout. 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