The general insurance industry saw a significant increase of 26.4 percent in gross claims paid in 2023, totaling $132.4 million, according to the Insurance Annual Report 2023 recently presented in Parliament.
The majority of claim payouts were attributed to the medical, fire, and motor vehicle classes, which saw increases of $16.3 million, $6.3 million, and $5.9 million, respectively, over the past year.
The report highlighted that these three classes continued to dominate claims, representing 86.9 percent of total payouts, with medical claims at 31.0 percent, motor vehicle claims at 29.5 percent, and fire claims at 26.4 percent.
Alongside the rise in gross claims paid, the total number of claims reported in 2023 rose to 293,302, an increase from 256,896 claims reported in the previous year.
The medical class accounted for the highest number of claims, making up 94.8 percent of the total claims reported in 2023, while motor vehicle and term life claims represented 2.9 percent and 1.6 percent, respectively.
Total reinsurance recoveries reached $24 million, resulting in net claims paid of $108.4 million for 2023.