Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Vehicle insurance premiums hit Sh54bn on price increase
The state is eyeing a gradual rise in the excise duty on cars running on fuel and also introducing an annual wealth tax for car owners depending on the engine capacity. FILE PHOTO | POOL
Insurers' gross premiums from motor underwriting rose by 14.1 percent in 2022 to Sh53.9 billion as the companies increased premium costs in a bid to cover themselves from losses in the insurance class.
New Insurance Regulatory Authority (IRA) data shows the premiums rose from Sh44.4 billion in a period which saw motorists pay higher premiums by as much as 50 percent.
