The Insurance Regulatory Authority (IRA) has approved a special Covid-19 Insurance product for front line health workers.
“IRA is keen on providing support to insurers especially in putting in place a package for the frontline health care workers and we have approved products by two insurers towards this end,” IRA chief executive Godfrey Kiptum said.
He added that the authority is pursuing a range of regulatory and supervisory measures to provide operational relief to insurers while still protecting consumers and insurance beneficiaries in the wake of the COVID-19 pandemic.
The insurance industry has contributed a total of Sh278million towards the management of the Covid-19 pandemic.
IRA contributed Sh30million, the Association of Kenya Insurers Sh37million, UAP Old Mutual Sh180million and Prudential Assurance Sh30million.
The products by UAP Old Mutual and Prudential Life Assurance include a free Life Cover of Sh50,000 on death of a frontline staff and hospitalisation, cash benefit of Sh1,000 per day for seven days for healthcare workers diagnosed with COVID-19 and hospitalised at designated government facilities.
The covers will run for an initial three months and are estimated to cost Sh 210 million with Sh180 million from UAP and Sh30 million by Prudential.
The insurance sector has adopted measures to support fair treatment of customers, including clear disclosure and efficient claims processing in light of COVID-19 developments.
Kiptum said the insurance industry continues to play an key role in cushioning consumers despite the challenges posed by he pandemic.
He said the challenges present potential opportunities for insurers to innovate, develop new products and continue providing protection to clients.
In the meantime, the authority continues to engage insurance companies and has directed them to meet any outstanding Covid-19 related claims and payments expeditiously.
