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Prime
Policyholders cash out Sh13bn amid economic hardships
The number of customers skipping payments, added to those opting out in entirety, has come in an environment of falling disposable income as the government introduced several new deductions and enhanced others.
Insurance customers cashed out Sh13 billion in the year ended December 2023, being the highest in two years as they utilised pension and other investment savings, to meet daily needs amid economic hardships.
Latest data from the Insurance Regulatory Authority (IRA) shows the figure, made up of surrenders and withdrawals, was a 2.5 times rise from Sh5.15 billion a year earlier.
