The Informer
  • HOME
  • NEWS
  • POLITICS
  • CRIME WATCH
  • LIFESTYLE
  • VIDEOS
  • GRAPEVINE
  • MORE
    • BUSINESS
    • SPORTS
    • SPECIAL REVIEW
    • OPINION
    • WORLD NEWS
    • CONTACT US
No Result
View All Result
Advertisement
  • HOME
  • NEWS
  • POLITICS
  • CRIME WATCH
  • LIFESTYLE
  • VIDEOS
  • GRAPEVINE
  • MORE
    • BUSINESS
    • SPORTS
    • SPECIAL REVIEW
    • OPINION
    • WORLD NEWS
    • CONTACT US
No Result
View All Result
The Informer
No Result
View All Result
Home Business

Xplico insuarance records high client complaints in second quarter of 2021

by Joy Kyalo
September 10, 2021
in Business, News
Reading Time: 2min read
Photo/ Courtesy
Share on FacebookShare on TwitterShare on WhatsappShare on LinkedInShare via Email

Xplico insuarance has recorded the highest number of client complaints in six month to June.

According to the Insurance Regulatory Authority (IRA) quarterly report, Xplico had 43 client complaints.

Other insuarance company that had client complaints include; Resolution which had 30 complaints, Trident had 25 complaints and Corporate had 26 client complaints.

“The Authority registered 459 complaints in second quarter of 2021. General insurance business accounted for 75 per cent of the complaints whereas 25 per cent were made against long term insurers,” read IRA report.

“Over the period 104 (30 per cent) complaints against general insurers were resolved while 59 (51 per cent) complaints against long term insurers were resolved.”

RelatedStories

CS Karoney: Central Land Registry digitalisation to begin July

Over 16,000 students did not apply for university slots, Magoha says

On insuarance fraud cases, sixteen cases were reported to the Insurance Fraud Investigation Unit (IFIU).

The number of fraud cases reported were 8 in April, 6 in May and 2 in June.

The nature of cases included; fraudulent motor accident (Injury) claims which were 3, fraudulent medical claims (2), premium misappropriation (2), suspected client financial fraud (2), theft/stealing by agents (1), double issuance of insurance certificate (1), forgery of insurance certificate (1), complaint against advocate (1), loss of insurance certificate (1), forgery of motor vehicle sticker (1) and obtaining money by false pretense (1).

In the second quater, the premium reported by the long-term insurers amounted to Sh58.66 billion, a growth of 22.6 per cent compared to a growth of 8.2 per cent the previous year.

The long-term insurers’ asset base grew by 13.5 per cent to Sh533.43 billion
and largely composed of income generating investments of Sh493.78 billion.

Of the total assets, 10.2 per cent (Sh54.57 billion) was funded through shareholders’
equity.

General insurance premiums amounted to Sh85.36 billion.

“The general insurance business underwriters incurred claims amounting to Sh32.38 billion as at end of Q2 2021. The claims incurred loss ratio was 66.8 per cent in
the quarter under review compared to 61.6 per cent in Q2 2020,” read the report.

According to the regulator, this was mainly attributed to increase in loss ratios which may be due to increase economic activities after relaxation of government
restrictions instituted early year 2020 on travel and public gatherings aimed at
controlling the spread COVID-19 pandemic.

The total net premium income reported by long term reinsurance companies in the second quarter was Sh1.50 billion compared to Sh1.52 billion reported in second quarter 2020 representing a marginal decrease of 0.9 per cent.

Group Life contributed 91.5 per cent of the total net premium income recorded in the period under review.

The general reinsurers reported an increase in net premium income of 13.4 per cent
from Sh10.73 billion reported in 2020 to Sh12.17 billion in 2021.

The general reinsurers incurred claims amounting to Sh7.04 billion and direct
expenses (commissions and management expenses) of Sh4.85 billion.

The resultant was an underwriting loss of Sh510.64 million and operating profit of
Sh939.37 million.

Joy Kyalo

Previous Post

IPOA launches probe into fatal shooting of 17-year-old boy by police

Next Post

Politicians warned against campaigning before set timelines

More Stories

Kabogo quits Kenya Kwanza Alliance, joins Odinga’s-led Azimio One Kenya Coalition
Elections 2022

Kabogo quits Kenya Kwanza Alliance, joins Odinga’s-led Azimio One Kenya Coalition

June 25, 2022
LSK calls for end of Kinoti-Haji dominance battle over power to draft charge sheets
Main Story

LSK calls for end of Kinoti-Haji dominance battle over power to draft charge sheets

June 25, 2022
Blow to EACC as court declines to bar 241 aspirants facing integrity probes
Elections 2022

Blow to EACC as court declines to bar 241 aspirants facing integrity probes

June 25, 2022
Next Post
Photo/ Courtesy

Politicians warned against campaigning before set timelines

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Photo/ Courtesy

Mysterious lifestyle of four friends found murdered in Kijabe forest

June 22, 2022
Photo/ Courtesy

MoH tenderpreneurs successfully block confirmation of Dr Amoth as Ministry of Health DG

June 14, 2022
Photo/ Courtesy

This man Ken Wycliffe Okello Lugwili

June 23, 2022
IFC, Milio International entangled in insider dealing claims over stalled MGT Project  

Milio International’s Kenya subsidiary, MGT accused of forgery 

March 4, 2022
Photo/ Courtesy

Azimio cabinet line-up if Raila is elected president

May 16, 2022
CS Karoney: Central Land Registry digitalisation to begin July

CS Karoney: Central Land Registry digitalisation to begin July

June 25, 2022
Out of 1,138 A plain in 2021 KCSE exams, 441 cancelled due to irregularities

Over 16,000 students did not apply for university slots, Magoha says

June 25, 2022
Kabogo quits Kenya Kwanza Alliance, joins Odinga’s-led Azimio One Kenya Coalition

Kabogo quits Kenya Kwanza Alliance, joins Odinga’s-led Azimio One Kenya Coalition

June 25, 2022
LSK calls for end of Kinoti-Haji dominance battle over power to draft charge sheets

LSK calls for end of Kinoti-Haji dominance battle over power to draft charge sheets

June 25, 2022
Blow to EACC as court declines to bar 241 aspirants facing integrity probes

Blow to EACC as court declines to bar 241 aspirants facing integrity probes

June 25, 2022

Top Stories

CS Karoney: Central Land Registry digitalisation to begin July

CS Karoney: Central Land Registry digitalisation to begin July

by Wangeci Thuo
June 25, 2022
0

Out of 1,138 A plain in 2021 KCSE exams, 441 cancelled due to irregularities

Over 16,000 students did not apply for university slots, Magoha says

by The Informer
June 25, 2022
0

World News

Photo/ Courtesy

ATMIS hands over newly constructed police station at Jowhar Airport in Hirshabelle State

by Ignatius Ouma
June 24, 2022
0

Photo/ Courtesy

President Kenyatta in Kigali for Commonwealth meeting

by PSCU
June 24, 2022
0

Opinion

Digital world should gear toward promoting the common good

Digital world should gear toward promoting the common good

by The Informer
April 22, 2022
0

The urgency to redeem Nairobi is absolute

The urgency to redeem Nairobi is absolute

by The Informer
March 26, 2022
0

  • Contact Us

© 2022 | The Informer - All Rights Reserved theinformer.co.ke

No Result
View All Result
  • HOME
  • NEWS
  • POLITICS
  • CRIME WATCH
  • LIFESTYLE
  • VIDEOS
  • GRAPEVINE
  • MORE
    • BUSINESS
    • SPORTS
    • SPECIAL REVIEW
    • OPINION
    • WORLD NEWS
    • CONTACT US

© 2022 | The Informer - All Rights Reserved theinformer.co.ke

error: Content is protected !!