Written by Cyrus Kimanga | |
Beginning in 2022, Kenyan car owners will have to dig deeper to pay for car insurance prices.
Some automobile insurance companies have altered their rates and increased them by as much as 50%.
The businesses claimed that the increase in insurance rates was caused by an increase in the number of claims as a result of an increase in accidents.
Certain insurance companies that offered a Ksh 47,000 private motor vehicle cover have increased it to approximately Ksh 72,000 as of January 1, 2022.
Another Nairobi-based company increased its premiums from Ksh 51,000 to Ksh 74,000.
Fraud cost the industry Ksh3.27 billion during a 20-year period, according to the companies involved.
According to figures from the Association of Kenyan Insurers, the loss in 2020 alone was Ksh1.12 billion.
Accidents have been on the rise, according to figures from the National Transport and Safety Authority (NTSA), which has resulted in an increase in insurance claims.
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