Medical insurers in Kenya posted KES891m ($8m) in underwriting profit in the six months ended June last year, their highest-ever underwriting gains. The record performance on a substantial reduction in claims payment due to reduced visits to hospitals. 24 medical insurers, only seven posted underwriting losses, a big improvement from a similar period the previous year when a majority (16) of the firms were in the red.
KES891m underwriting profit was 3.2 times higher than the KES280m posted in the preceding half year, placing medical insurers on a strong footing to continue with the recovery from the KES1.1bn loss they booked in 2018. Insurers had been concerned about high COVID-19 infections substantially raising medical bills. However, the muted rise in COVID-19 claims and restricting virus covers to patients seeking care in public facilities helped shield insurers from high payouts.