Kenya’s insurance sector records US$327m underwriting loss

KENYA – The insurance industry in Kenya recorded as much US$327m in underwriting losses in 2019, its worst in over two decades. Data released by the Association of Kenya Insurers (AKI), the industry umbrella body shows the loss was because of a huge gap between premiums collected, claims and expenses from the previous year’s US$11.2 million. According to AKI data, underwriting losses from insuring motor vehicles increased by 92.4 percent to US$73.5 million, with private vehicle insurance returning losses for the eighth year running. In Kenya’s insurance industry, motor vehicle insurance…

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