These are the Frequently Asked Questions
No. AKI stands for the Association of Kenyan Insurers, it is an Association for Insurance companies registred in Kenya under the Insurance Act. Currently there are Fourty Two (42) members. (See Members - Click Here)
+ - Does AKI pay claims for Insurance companies that have been put under statutory management or gone into receivership? Click to collapse
No. AKI does not assume any of its members or Ex - members liabilities.
Insurance is a transfer of risk to insurers at a small price often referred to as premium. The contract is for the insured to be placed in the same financial position as he or she was before the loss.
AKI was established as a trade association to advocate for its members' interests.
Membership of AKI is only open to insurance companies licensed under the Insurance Act.
There are 43 insurance companies
The difference between an agent and broker is that the former acts on behalf of the insurer and the latter on behalf of the insured. Registration requirements, operations and duty of care are also different.
+ - How would you differentiate a genuine insurance intermediary from a bogus one? Click to collapse
The bogus intermediaries will always lack established offices. Potential insured should insist on seeing the licence from the Commissioner of Insurance.
One has to be licenced by the Commissioner of Insurance. Different intermediaries have different requirements that they must fulfil before being licenced
Only Motor Insurance is compulsory. One would be contravening Chapter 405 of the Statute Laws and is liablt to a fine or imprisonment.
+ - What kind of cover do I enjoy as a driver of a comprehensively insured motor vehicle? Click to collapse
There are three types of motor cover namely comprehensive, Third Party Fire & Theft and Third Party Only. Employed drivers should be covered under workmen's compensation Act or under Personal Accident Policy, otherwise, the cover for a vehicle does not include the driver.
+ - What is the difference between third party insurance and comprehensive insurance? Click to collapse
Third party only policy, covers third party bodily injuries and third party property damage; while comprehensive cover extends to cover theft and accidental damage
This is an annual cover, traditionally the premium is payable once in a year. However, there is emergence of short-term covers and premium payment by installments. For motor and fire policies, premiums should be paid on commencement of cover.
Depending on the term but normally once after twelve months.
Considering many risks that surround us it is important to be insured.
The gross premium in 2006 was Kshs 46.4 billion
+ - Which class of insurance is the worst performer in terms of claims experience? Click to collapse
The policies with poor claims ratios are Motor, Workmen Compensation and Employers Liability.
Complaints can be forwarded to AKI for follow up or the Insurance Regulatory Authority (IRA)