Profits for the first time in a decade for motor insurance

For the first time in a decade, in 2011, private insurance companies posted profits in motor insurance amounting to 320 million KES (3.8 million USD), compared to a 900 million KES (11.5 million USD) deficit sustained a year earlier. With 45% of the total gross written premiums, motor insurance remains the market’s most important business even though it has been faced with sizable challenges: the growing number of fraud and accidents which triggered enormous losses for many years. The good results are accounted for by the introduction of the data system, along with the bonus granted in case of absence of losses. The annual report issued late August has found that the 2011 turnover of the whole sector rose by 15.9% at 91.6 billion KES (1.095 billion USD).