Why expedited claims settlement matters more than low premiums

The article emphasizes that for many Kenyans, insurance becomes truly valuable when a claim needs to be filed, highlighting that quick and reliable claims settlement is more important than simply finding the lowest premium. Delayed settlements can have significant economic consequences for individuals and businesses, forcing them to deplete savings or incur debt. The article points to a record Sh114.7 billion in claims paid out in the first half of 2025, demonstrating the industry's role in absorbing risk, but also underscoring the need for timely payouts.

Trust is earned during claims settlement, and negative experiences erode confidence in insurance. The speed of settlement is dependent on both insurers acting in good faith and policyholders providing accurate information. Transparency and fairness in claims handling are also crucial, as perceptions of bias can damage the industry's credibility. The article notes a rise in consumer complaints regarding claims delays, with 532 complaints recorded by the Insurance Regulatory Authority as of September 2025.

The insurance sector is evolving with automation and digital platforms, leading to customer expectations of real-time updates and predictable outcomes. Ultimately, the future of insurance trust will be determined not by price competition, but by the industry’s ability to deliver on its promise of protection when it matters most, proving its worth through efficient and fair claims settlement.

(Source：Business Daily)