Insurance in Kenya: 350 million USD of unpaid premiums in 2020

Companies, households and individuals would have paid 38.1 billion KES (349.1 million USD) for non-existent insurance covers.

Brokers, agents and banks have failed to transfer the premiums corresponding to the supposedly covered risks to insurers.

According to Kenyan regulations, an insured can only be compensated for a loss if the insurance premium is collected by the insurer.