General Insurance Premiums Record a 0.2% Marginal Increase to Kes 73.18 billion in Q2 2020
The general insurance premiums recorded marginal increase of 0.2% to Kes 73.18 billion in the second quarter of 2020 as compared to a growth of 2.9% recorded in quarter two of the previous year.
According to a report by the Insurance Regulatory Authority (IRA), the general insurance business underwriters incurred Kes 28.08 billion in claims by the end of the second quarter of 2020. The claims incurred loss ratio decreased to 61.6% during this period from 64.2% reported in the same period in 2019.
In addition, the general insurance business underwriters reported a small underwriting profit
of Kes 62.45 million compared to an underwriting loss of Kes 1.26 billion reported in the same period in 2019.
UAP Insurance Company was listed as the top general insurer as measured by the amount of gross written premiums.
The report from IRA showed that UAP closed the second quarter of 2020 with a market share of 8.3 %, climbing from the fourth position it occupied in same period in 2019.
CIC market share dropped from 8.3% to 8.1 % as that of APA Insurance retreated from 7.4 % to 7.2 %.
Meanwhile, Britam Life maintained the lead in the long-term insurance despite its market share depreciating from 24.7 % to 23.96 %.
The general re insurers reported an increase in net premium income of 4.5% from kes 10.27 billion reported by the end of the second quarter of 2019 to Kes 10.73 billion in the second quarter of
The report further stated that the general insurance business remained the largest contributor to the industry insurance premium.