Kenya Re #ticker:KNRE has disclosed that insurance companies and brokers have defaulted on Sh8.57 billion premiums, hurting the profitability of the Nairobi Securities Exchange #ticker:NSE -listed firm which has had to make provisions for the amounts receivable.
The company said in its financial statement for the year ended December 2021 that the unremitted premiums had risen by Sh2.7 billion in the period, indicating that insurers are either struggling for funds or have become lax in their obligations to the reinsurer.
