Business Daily | by Brian Ngugi
The Insurance Regulatory Authority (IRA) is proposing a reduction in the time insurers take to pay claims to within 30 days from the day they are lodged by claimants in a fresh push to protect consumers.
IRA says in new draft rules the average of 90 days it usually takes to settle claims is “long” and has led to consumer complaints resulting to lack of trust and negative perception of the insurance industry.
“Over 70 per cent of complaints by consumers of insurance services concern delayed settlement of claims…
