Newly released
data from the Insurance Regulatory Authority (IRA) shows that Madison
settled 571 liability — where the insured is compensating a third party —
claims out of the 1,991 claims.
This represents a
settlement rate of 28.6 per cent, including new and outstanding claims.
Madison rejected 11 claims during the period.
AAR was
ranked top when it comes to paying claims lodged by insured parties,
with the IRA noting that the firm settled 86.3 per cent of the 252,661
claims it was handling during the period. AAR rejected 1,778 claims.
In
the long-term class, which include life and education covers, GA Life
Assurance came out on top having settled all 762 claims it received from
its clients.
Rejected claims
Fraud,
inflated bills and court cases have increasingly seen claims rejected
or delayed over long periods of time, making prompt payments a selling
point to consumers.
Insurance products such as motor
vehicle and life covers are among those affected by the delays in
payments or claims rejection.
“Rejected claims may be
claims not payable under the insurance contract as per policy document
and not necessarily because of fraud,” IRA told the Business Daily in a previous interview.
CIC
General Insurance was ranked second after Madison in the liability
class, having settled 1,299 of the 5,141 cases lodged, with Kenyan
Alliance coming in third after it paid out 19 per cent of the 399 claims
presented. CIC
and Kenyan Alliance did not reject any claims.
In the non-liability class, Jubilee and the Kenyan Alliance came in second and third respectively.
Jubilee
settled one million of the 1.3 million claims lodged (80.2 per cent)
but did not reject any. Kenyan Alliance paid out 727 of the 985 claims
and declined 27 of them.
ICEA Lion and the Kenyan
Alliance were ranked after GA Life in the long-term category, having
respectively settled 97.8 and 92.8 per cent of the active claims during
the second quarter of the year.
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