Business Daily | by Patrick Alushula
The Insurance Regulatory Authority (IRA) is seeking to review the current premium rates, signalling a fresh push to increase the cost of underwriting in an industry facing price undercutting and breach in capital levels.
An increase in prices would make insurance more expensive in a market that is struggling to grow penetration from 2.34 per cent—the lowest in over 16 years—that was posted in 2019.
The new rates will be determined for selected classes of insurance as the regulator seeks to strike a balance between affordability…
