11.4 C
Monday, June 5, 2023
HomeWorld NewsGeneral insurers cut losses 41 percent to Sh3.7 billion

General insurers cut losses 41 percent to Sh3.7 billion


Related stories

Generative AI’s ‘productivity revolution’ will take time to pay off

A boom in generative artificial intelligence and pandemic-induced...

What the debt ceiling debate missed

Debt is an everything, everywhere, all at once...

The world’s trading system needs to ditch its paper trail

Chris Southworth is secretary general of the International...


General insurers cut losses 41 percent to Sh3.7 billion


Insurance Regulatory Authority CEO Godfrey Kiptum. FILE PHOTO | NMG

General underwriters trimmed their losses 41.3 percent in 2022 to Sh3.7 billion from a wider loss of Sh6.3 billion the year before.

New data from the Insurance Regulatory Authority (IRA) shows the marine and transit class marked the largest improvement in operations, returning a profit of Sh545.1 million in the year from a loss of Sh99.3 million previously.

The motor private class, which has been an Achilles heel to the performance of general underwriting has also marked a significant 34 percent reversal with losses narrowing to Sh4 billion from Sh6.17 billion previously.

The medical business was nevertheless an outlier by returning a Sh726.9 million loss to reverse a Sh80.4 million profit a year prior.

Additional data from the IRA shows general insurance premiums were up by 10.9 percent during the period at Sh168.9 billion from Sh152.4 billion.

The medical and motor insurance classes maintained the lead in terms of premium contribution to the general class of insurance at 32.5 and 31.9 percent respectively.

Personal accident and miscellaneous classes were nevertheless outliers having posted premium decreases by 2.5 and 12.4 percent respectively.

Old Mutual General Insurance stretched its lead as the market leader by gross premium income by posting a market share of 8.8 percent from 8.7 percent last year while APA Insurance rose to second spot with an 8.7 percent market share.

GA, CIC Insurance, Britam and Jubilee Health Insurance rounded up the list of top six general insurers by premium income.

The six have a market share of at least five percent of the total general insurance market with the underwriters jointly controlling 45.7 percent of total gross premium income under the general insurance business.

Claims paid by the insurers nearly offset the growth in premium income having increased by 10.7 percent to Sh77.64 billion from Sh70.14 billion in 2021.

[email protected]

Source link


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories



Please enter your comment!
Please enter your name here