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Mauritian firm MUA takes Sh1.6bn hit in Kenya fraud
In a breakdown of the Sh1.63 billion, MUA said it had to increase the net payables to reinsurers by Sh507 million and raise the case reserves by Sh539 million.
Mauritius-based insurer MUA Group has disclosed a Sh1.63 billion write-down after uncovering hidden liabilities in its Kenyan subsidiary, marking one of the most significant clean-ups in the region’s insurance sector in recent years.
The liabilities, detailed in the company’s September investor presentation, stem from historic misstatements in reinsurance balances and inadequate reserving practices dating back as far as 2017.
