Insurance policy cancellations hit Sh5bn on Covid-19
Monday January 18 2021
By PATRICK ALUSHULA
Summary
Insurance policy cancellations and withdrawals jumped by nearly a third in the six months to June last year after Covid-19-induced layoffs and salary cuts made it difficult for customers to keep up with premium payments.
Latest data by the Insurance Regulatory Authority (IRA) shows that policy surrenders rose by 26 percent to Sh5.33 billion from Sh4.22 billion posted in the preceding similar period.
Insurers have linked the rise in withdrawals and surrenders majorly in life assurance and pension products on the Covid-19 pandemic that halted economic activities leading to revenue falls, job losses and salary cuts across sectors.
CEOs in tight spot on corporate breaches
Tuesday January 19 2021
Summary
Over the past couple of years in Kenya, we have seen increased regulatory reforms championed by local regulators, notably the Central Bank of Kenya (CBK), the Capital Market Authority (CMA), the Financial Reporting Centre (FRC) and the Insurance Regulatory Authority (IRA).
Some of the corporate conduct breaches that management and directors may be held personally liable for include violations related to customer data privacy and financial crimes relating to money laundering and terrorism financing.
The global financial crisis of 2007-2008 will long be remembered for the turmoil it caused to the banking industry. Some well-established banks previously thought to be too big to fail came crumbling down overnight.
UAP beats CIC to claim top spot in general insurance
Monday January 18 2021
By PATRICK ALUSHULA
Summary
Latest data from the Insurance Regulatory Authority (IRA) shows that UAP closed last June with a market share of 8.3 percent, climbing from the fourth position it occupied in previous similar period.
The jump in market share was from 7.1 percent it had in June 2019 and came on the back of UAP’s gross written premium growing by 17 percent to Sh6.05 billion.
CIC market share dropped from 8.3 percent to 8.1 percent as that of APA retreated from 7.4 percent to 7.2 percent.
UAP Insurance Company has overtaken CIC #ticker:CIC and APA insurance firms to become the top general insurer as measured by the amount of gross written premiums.
GCR said the BBB-(KE) rating issued after a review in November 2019, indicating high credit quality and certainty of timely payments, has been withdrawn.
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