They say high medical bills are eating into their underwriting profits. Figures from IRA show the sector posted a loss ratio of 76 per cent in the third quarter of last year across the 18 firms offering medical insurance. Eight insurance companies do not offer medical insurance, with most fearing the high risk of this insurable interest. sector fraudThey blame the trend on escalating hospital bills and the high incidences of fraud in medical insurance cover, which have eaten into their underwriting profits. The article also quoted Jubilee Insurance head of medical insurance Catherine Karori as saying that medical service providers were increasing their costs annually by an average of 15-20 per cent.

Source: Standard Digital April 11, 2017 06:11 UTC