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For far too long insurance industry has received some negative public perceptions which is highly attributed to an increase of insurance fraud. Watch this video of a man who was charged in court for faking his own death to get one million shillings as an insurance settlement.
According to Insurance Regulatory Authority (IRA), Insurance fraud remains a complex and most significant risk affecting operations of insurers and intermediaries. Its pervasive nature as white collar crime implies that its elimination is bound to be an odious and expensive undertaking. It is an externalize to policyholders, insurance beneficiaries and the general public with its interconnection costing insurance consumers and the business community in Kenya millions of shillings each year in direct and indirect costs.
IRA has so far launched an Insurance Fraud Investigation Unit which is a partnership between IRA and the Kenya Police.
Video Courtesy of NTV Kenya
