The insurance regulator fined 17 insurers and 15 brokers Sh31.75 million in the financial year ended December 2023 as late claims payments continue to plague the sector, which collects billions of shillings from customers with a promise to compensate them in case of losses.
The latest Insurance Regulatory Authority (IRA) data shows the figure represents a drop from a record Sh94.85 million fines that the regulator imposed on 20 insurers in the preceding financial year.
