Insurance fraud costs insurers 3.3 million USD

In the first eleven months of 2015, the Kenyan insurance industry recorded substantial losses due to fraud, amounting to 324 million KES (3.3 million USD).

According to a report by the Insurance Fraud Investigation Unit (IFIU), embezzlement cases have increased by 102.7 million KES (1.03 million USD) compared to the same period in 2014. Health and motor insurance are among the most affected classes of business. Motor risks have shown a shortfall of 50 million KES (499 150 USD).

In order to cope with the rise of criminal activities, the Insurance Regulatory Authority (IRA) has called the insurance companies to deal with the deficiencies they have in fraud detection, data sharing and public awareness on this growing phenomenon.

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