The insurance regulator has fined 20 insurers a record Sh94.85 million over various breaches, including failure to pay claims, shining a spotlight on the sector that collects billions of shillings from customers with the promise of compensation in case of a loss.
The Insurance Regulatory Authority (IRA) data shows the year ended 2022 marked the third straight year of rising fines as well as the number of insurers getting penalised.
