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Wairegi: How Britam will look like after coronavirus

Thursday, September 03, 2020 — updated on September 18, 2020 - 5 min read

Britam managing director Benson Wairegi. FILE PHOTO | NMG

Correspondent

Coronavirus pandemic touched off unprecedented disruptions in business operations and supply chains in addition to deadly medical complications.

This has put the spotlight on how insurance business is shaping up in the Covid season.

There has been a reduction in claims, particularly medical claims because we hear not many people are going to hospitals after social distancing measures. We have also seen the number of motor claims, to a certain extent, come down initially in April, May and June probably because of the curfew. But the reductions could also be explained by the investments we have made in systems to mitigate the fraudulent claims that have riddled the industry over the years. Through our investments in IT systems as Britam, we are now able to detect fraud faster than before. The combination of Covid and investment in systems has up to this point seen a reduction in medical and motor. Our loss ratio in medical has come down to a low of about 60 percent from the highs of more than 80 percent. Our medical portfolio is now profitable. Motor’s loss ratio has also come down from highs of 85-86 percent to about 70 percent. This is still high.

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Wairegi: How Britam will look like after coronavirus

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