Kenyan insurance brokers retain almost 20% of premiums

The Kenyan courts have been told that insurance brokers are withholding some 19.8% of premiums amounting to about KSH500bn from insurers, after receiving the funds from clients. The Insurance Regulatory Authority (IRA) is reported to have told the courts that businesses and private clients have spent KSH43bn in premiums on non-existent insurance covers. The brokers have taken to the courts…

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