Insurers earn Sh1.3bn as Covid cut hospital visits
Summary
Medical insurers in Kenya posted a record Sh1.3 billion in underwriting profits last year on slowed healthcare claims, as patients avoided hospitals for fear of contracting the coronavirus.
Latest data from the Insurance Regulatory Authority (IRA) shows that medical insurance firms rebounded from years of losses compounded by rising hospital bills claims.
Tuesday April 13 2021
By OTIATO GUGUYU
Summary
Medical insurers in Kenya posted a record Sh1.3 billion in underwriting profits last year on slowed healthcare claims, as patients avoided hospitals for fear of contracting the coronavirus.
Latest data from the Insurance Regulatory Authority (IRA) shows that medical insurance firms rebounded from years of losses compounded by rising hospital bills claims.
Insurers thrive despite Covid hurdles, premiums hit Sh232bn by MARTIN MWITA
•The medical class recorded the highest underwriting profit, which stood at Sh1.30 billion.
•Motor private and motor commercial classes of general insurance business incurred losses of Sh3.33 billion and Sh2.11 billion respectively.
The insurance sector has continued to record good business in the pandemic period, with notable profit being realised in the medical segment.
Gross written premiums grew 1.8 per cent last year to close at Sh232.9 billion, Insurance Regulatory Authority (IRA) data shows, up from Sh228.8 billion the previous year.
This came as the medical class recorded the highest underwriting profit, which stood at Sh1.30 billion, reflecting the demand for health insurance under the pandemic period.
Families in Agony as they Wait for NHIF Compensation
National Health and Insurance Fund (NHIF) Building in Nairobi. Monday, November 18, 2019.
Simon Kiragu
Kenyans.co.ke
Families of civil servants who have either died or been injured in the line of duty are yet to be compensated by the National Hospital Insurance Fund (NHIF) in the past year.
President Uhuru Kenyatta, in April 2020, had directed the Ministry of Health and Ministry of Public Service to develop a package that would cater to civil servants.
This led to the Ksh6.3 billion insurance cover for civil servants which involves a Group Personal Accident and Work Injury Benefits Act compensation.
Daily Monitor
Thursday April 08 2021
Summary
Of the Shs16.5b collected in premium since July, more than 99 per cent (Shs16.4b) was through mobile money, while only Shs39m was drawn from banks, according to data from Insurance Regulatory Authority.
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Telecoms enabled payment of at least Shs16.4b for Motor Third Party between July 2020 and March, according to data from Insurance Regulatory Authority (IRA) Motor Third Party, which is a statutory insurance payment for motorists, has in the past presented challenges in terms of collection after the anti-fraud unit of IRA discovered forged stickers among motorists.
Data from IRA indicates that mobile money was the most preferred mode of payment for Motor Third Party insurance during the period under review.
Claimants snub Sh250,000 Concord Insurance State payout
Monday April 05 2021
By OTIATO GUGUYU
Summary
Only eight of the 2,949 policyholders have come out to claim the Sh247 million set aside from the Policyholders Compensation Fund (PCF).
PCF managing trustee William Masita said the fund and the regulator are considering extending the period for making claims beyond 30 days.
Thousands have failed to show up for the Sh250,000 State payout of Concord Insurance that collapsed eight years ago, indicating apathy among claimants who have waited years for compensation.
Only eight of the 2,949 policyholders have come out to claim the Sh247 million set aside from the Policyholders Compensation Fund (PCF).