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The majority of insurance providers provide insurance coverage levels above those required by law.
Each company will have a different definition of what exactly is covered. When there is an accident, your car, you, and other drivers are all covered by motor insurance.
It offers monetary compensation for any harm brought about to people or their property.
Kenya’s high rate of vehicle, property, health, and other insurance demand is what fuels the country’s insurance companies’ profits.
Customers across all insurance categories are being further encouraged by factors like rising life expectancy, tax advantages on insurance products, and favourable savings connected with insurance.
Kenya’s insurance sector is facing intense competition from risk retention groups, the government, and self-insurance in addition to competition from other insurance companies.
The Kenya Motor Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
Telematics technology, a way of gathering and analysing driving data, powers the service. The solution, according to the insurance provider, uses telematics capabilities along with data and analytics to encourage safety and improve consumer involvement.
The tool gathers and transmits data on acceleration, braking, and cornering, all of which are important indicators of how well or carelessly a vehicle is driven.
The driving information gathered is used in a thorough procedure to determine an appropriate driving score.
The customer is projected to profit from the anticipated decrease in total claims to the company by paying less for insurance thanks to premium payback given to them at the end of each policy year based on their overall usage.
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