New legislation to lower the loss ratio
According to the Association of Kenyan insurers, the motor loss ratio (64% in 2007) is the highest among the different insurance classes of business. In an effort to decrease this ratio and to put an end to fraudulent practices, a new legislation has been promulgated. Henceforth, repair costs including labour and spare parts will be based on fixed lump sums set according to a catalogue. Any infringement to this rule shall result in sanctions.
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Tue, 22/02/2011 - 16:36
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