Insurance firms have cut their holdings of listed shares to a new low of 2.8 percent of their portfolio, following sustained sales of the underperforming assets whose valuation has been eroded by a prolonged bear run at the stock exchange.
Latest data from the Insurance Regulatory Authority (IRA) shows that the sector held Sh25.26 billion worth of quoted equities as at June this year, representing a decline of 23.8 percent from a year earlier when the assets were valued at Sh33.16 billion.
