Car insurance accounts for 50pc policies cancelled
Tuesday July 06 2021
Summary
Car insurance accounted for more than half of the 87,699 policies cancelled last year as vehicles sat idle following Covid-19 movement restrictions that also hit cash flow and seizure of loan defaulter’s properties.
The Insurance Regulatory Authority (IRA) data shows that Kenyans cancelled 48,235 car policies that saw premiums on cars drop Sh2.3 billion.
Motorists owning private cars had the highest number of cancellations of 36,572 policies while commercial segment was second with 11,663 policy cancellations.
Car insurance accounted for more than half of the 87,699 policies cancelled last year as vehicles sat idle following Covid-19 movement restrictions that also hit cash flow and seizure of loan defaulter’s properties.
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