“Kenya has ten broad categories of general insurance that include motor, medical, fire, aviation, engineering, liability, marine, personal accident, theft and workman’s compensation with high claims that saw an underwriting loss of Sh. 2.97 billion in the last quarter of 2019. In the life insurance segment, policy contracts have specific commencement dates and maturities and customers have to pay, failure to which they lose the policy in the first three years or get refunded a small portion of the premiums they have been paying, also known as a surrender value,” the report said.
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