Insurers face tough times as profits plummet 64 per cent

Long-term business recorded Sh434.5 million in first quarter against Sh1.2 billion last year.

Insurers in long-term business began the year on a grim note with their first quarter profits tumbling by more than half compared to a similar period last year.

According to data from the Insurance Regulatory Authority (IRA), the insurers saw their profits dip from Sh1.2 billion in March 2017 to Sh434.5 million this year, representing a 64.1 per cent drop.