Paid insurance claims hit Sh39.1bn in three months

Insurance claims in the three months to March increased by 300,000 to hit Sh39.1 billion, according to the latest industry report.

The Insurance Regulatory Authority January – March 2023 claims report shows the industry paid about 2.4 million claims.

This is a 14.2 percent increase compared to the same period the previous year that recorded 2.1 million claims. 

Kenya’s insurance industry paid claims worth Sh39.1billion in the review period representing a six percent increase compared to Q1, 2022 where they paid Sh36.77 billion. 

“During the quarter general liability and non-liability claims paid were 10,619 claims worth Sh4.59 billion and 1,600,327 claims worth Sh16.31 billion,” reads the IRA quarter one report.

Long-term claims were 875,980 worth Sh18.20 billion in the period under review while overall insurance claims in the first quarter of 2023 hit over 2. 6 million. 

General liability claims were 16,128, a 49 percent drop from the same period previous year that recorded 32,148 claims. Non-liability claims hit 1,753,561 a 20 percent drop compared to 2,115, 834 in the same period last year. 

The total actionable claims in Q1 2023 for general liability were 140,787 claims amounting to Sh35.53 billion.

Actionable claims includes the number of claims paid, claims declined, claims closed as no claims, and claims outstanding at the end of the quarter.

This was a decrease in number but an increase in amount from 141,632 claims amounting to Sh35.13 billion reported in Q4 2022

Long-term actionable claims in Q1 2023 were 910,640 amounting to Sh28.19 billion an increase in number and a slight decline in amount from 137,954 claims amounting to Sh 29.69 billion reported in Q4 2022.    BY THE STAR