Africa News - Kenya: Industry hit by US$3 mln worth of fraud in Jan-Nov
Source: Middle East Insurance Review | Jan 2016
The Kenyan insurance sector has lost KES324.7 million (US$3.2 million) in the January-November period through fraudulent claims, up 216% from the same period in 2014, said local media, citing a report by the Insurance Fraud Investigation Unit (IFIU).
During the period, the IFIU recorded 93 insurance related fraud cases. Theft by insurance agents accounted for 23% of these cases, motor accident injury claims took 19% and medical claims, 17%. Agent fraud includes incidences of failure to remit premiums from policyholders to insurance companies.