Insurance premiums rose 21pc, says IRA report

Nairobi; Kenya: Insurers’ gross written premiums rose 21.1 per cent for the six months to June 30.

The premiums increased to Sh76.6 billion, up from Sh63.3 billion in a similar period last year, according to data from the Insurance Regulatory Authority (IRA).

The authority’s 2rd Quarter report shows that premium income reported under life insurance business amounted to Sh25.2 billion, while general insurance business premiums stood at Sh51.4 billion.

Reinsurance companies reported 21 per cent growth in gross premiums to Sh 7.1 billion, up from Sh5.9 billion in a similar period.

Claims incurred under general insurance business increased 25.4 per cent to Sh20.3 billion, up from Sh16.2 billion.

According to the report, claims paid during this period amounted to Sh24.2 billion, while claims and policyholders’ benefits under life business amounted to Sh13.3 billion, which had increased by 47.2 per cent from Sh9 billion.

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The insurance industry assets grew 14.6 per cent to Sh392.2 billion from Sh342.2 billion recorded in a similar period last year.

The insurers’ liabilities also increased 10.3 per cent to Sh283.2 billion from Sh256.8 billion. According to the report, insurance companies held assets amounting to Sh354.8 billion, while their liabilities were valued at Sh267.5 billion.

Reinsurance companies held assets of Sh37.4 billion and liabilities of Sh 15.7 billion.