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COVID-19 insurance payments since 2020 reported at Sh1.3bn – AKI

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NAIROBI, Kenya, October 21 – A report released by the Association of Kenya Insurers(AKI) reveals that medical insurers companies paid Sh 1.3 billion to cover COVID-19 related illnesses for the period between March 2020 and June 2021.

The survey revealed that the figure accounts for 74 pc of the total claims lodged with medical insurers which stood at Shs 1.7b.

Without disclosing the names of the medical insurers, the association told Capital Business that a total of 19 medical underwriters had paid for the COVID-19 treatment claims over the period.

“The survey was conducted collectively among our members and the figures represent the 19 companies that submitted data,” Hazel King’ori, the public relations manager said.

In their report, the insurers nonetheless confirmed that there was mixed practice regarding the coverage of the pandemics with some insurers excluding it in their policies while some had no mention of it.

“Medical insurers have since been clear in their policies to state whether it is an inclusion or exclusion and, if included the cover limit is specified,” it said.

The rejected claims, during the stated period, stood at Shs 396million (23.3 percent) of the total claims while another Shs37million (3 percent)  is outstanding, due to various policy conditions or terms.

Out of the  15,522 claims lodged during the period, 3,934 were inpatient claims while 11,588 were outpatient. 

Overall, the medical insurance business grew by 4.58 percent to a record gross written premium of Shs44b compared to Shs42b in 2019.

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“Claims incurred and total expenses also increased by 3 percent and 11per cent respectively during the same period. Underwriting profit increased from Shs 204M in 2019 to Shs 1.7B in 2020,” the report added.

 

 



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