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General insurers posted the greatest underwriting loss in the decade during the fourth quarter of 2021 as they almost doubled losses from insuring commercial and private vehicles. According to Insurance Regulatory Authority, the underwriting losses which are the difference between premiums collected and claims plus expenses paid grew almost fivefold.
NAIROBI, Kenya March 29-General insurers posted the greatest underwriting loss in the decade during the fourth quarter of 2021 as they almost Kenya breaking news | Kenya news today |
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The High Court in Nairobi has affirmed the decision by the Tax Appeal Tribunal that insurance disbursement of Sh600 million to Westgate Shopping Mall was not subject to tax.
Justice David Majanja last week dismissed an appeal by Kenya Revenue Authority against Sony Holdings Limited.
Sony Holdings is a company engaged in the business of developing, owning and letting real estate and its flagship project is the Westgate Shopping Mall from which it receives rental income.
The mall was on September 21, 2013 subjected to a terror attack that led to loss of lives and property, which greatly affected its operations. The company held a terrorism and political violence insurance cover for property damage and loss of rent receivable in the sum of Sh6 billion and Sh1.2 billion, respectively with Kenindia Assurance Company Limited.