Insurance regulator investigates Sh239 million policy scam

An insurance scam has hit some air ticketing agents. According to reports from the Insurance Regulatory Authority (IRA), Saham Insurance could have paid out Sh239 million to a policyholder in what goes down as one of the highest fraudulent claims, it has emerged.

This is after Saham Insurance made the pay-out to International Air Transport Association (IATA), an global association of the airlines. IATA, which is the insured organisation, lodged the claim under default insurance cover. IRA says the matter is under investigation.