A third of insurance companies plunged to a combined pre-tax loss of Sh8.5 billion, hurt by high costs and a bearish Nairobi Securities Exchange (NSE) #ticker:NSE market and other factors which conspired to sink the sector in a 68 percent dip in profitability last year.
Disclosures show that 16 firms posted straight pre-tax losses while 10 recorded drops in before tax profits — pulling down the sector’s overall profits from Sh15.8billion in 2017 to Sh5.1billion last year. That represents a drop of more than Sh10 billion.
