Author: Newsroom


Cancelled policies hit insurance agents hard with commission recalls

Insurance companies are seeking to recover commissions paid to agents and brokers on canceled long-term policies abandoned by clients as a result of tough economic times. The value of policy surrenders according to the Insurance Regulatory Authority (IRA) has hit Kes10.3 billion over the third quarter of last year, as clients pulled out of products such as life assurance, pension, and investment products. Policy surrenders jumped from Kes4.2 billion in 2020 to Kes17 billion in 2021 and have remained on double digits as salaried employees who have lost their jobs due to the Covid-19 pandemic drop premiums, considered an ‘unnecessary expense’ during these tough times.  The…

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