Premium undercutting by firms in a race to protect their market share is the primary driver of underwriting losses suffered by the industry in three of the four years through 2018, the umbrella body of insurers has said.
The Association of Kenya Insurers (AKI) says undercutting in the pricing of insurance policies has hit the industry’s revenue hardest, plunging the majority of Kenya’s 37 underwriters in general business (non-life) into losses last year.
