| dc.description.abstract | The PSV insurance sector in Kenya is facing challenges with many of its players having been
placed in statutory management over the last decade. In this project, we analyze the causes of the
challenges which are faced, and make an inquiry on the adequacy of the applicable law.
It is found that the problems leading to the challenges are within the industry itself in the form of
fraudulent claims and collusions, arbitrary awards on insurance claims, and poor distribution of
risks. The law as it is, is inadequate to address these challenges.
The major recommendations are that the Insurance Act be amended to give the IRA a statutory
mandate to regulate financial services fraud in the insurance sector. Coordination among the
various stakeholders in the insurance sector will also go a long way in eliminating fraudulent
activities in the sector. Finally, the Insurance (Motor Vehicle Third Party Risks) Amendment
Bill, 2013 should be passed to eliminate the problem of arbitrary awards on insurance claims. | en_US |
