The Pensions and Insurance Authority has reiterated a call on the insurance industry address complaints relating to delays in payment of claims which is on the increase.
Speaking at a Kenya Re-Networking Cocktail last evening, Authority Chief Executive Officer, Mr Christopher Mapani says the authority notes that there had been an increase in the number of complaints by insurance policyholders relating to delays in settlement of claims.
“I am calling on the insurance industry to introspect over the complaints relating to delays in payment of claims. The complaints on delays in payment of claims are increasing and this is a source of worry for us as regulator,” said Mr Mapani.
And Mr Mapani tells Money FM in an interview that the authority’s vision is to have an insurance industry that contributes significantly to the country’s Gross Domestic Product, creates jobs and enhances risk management.
“The Authority has been restructured to address some of the challenges that we have noted in the industry. The restructuring will now help us focus on the key areas, which include prudential supervision, market conduct and market development. We will also endeavor to use our quasi-judicial powers judiciously in order to protect the interests of insurance policyholders,” said Mr Mapani.
He further notes that the insurance industry is critical in not only helping individuals and businesses to cope with risks but also as an important financial intermediary, which facilitates mobilization of capital that can be used for development.