The general insurance industry experienced a significant rise of 26.4 percent in gross claims paid in 2023, amounting to $132.4 million, according to the recently presented Insurance Annual Report 2023 in Parliament.
The majority of these claim payouts were in the medical, fire, and motor vehicle categories, which saw increases of $16.3 million, $6.3 million, and $5.9 million, respectively, compared to the previous year.
The report highlights that the medical, motor vehicle, and fire classes have consistently dominated gross claims, together representing 86.9 percent of the total claims paid (with medical at 31.0 percent, motor vehicle at 29.5 percent, and fire at 26.4 percent).
As gross claims paid rose, the total number of claims reported in 2023 also increased to 293,302, up from 256,896 claims in the previous year. The medical category led the claims, making up 94.8 percent of the total, followed by motor vehicle at 2.9 percent and term life at 1.6 percent.
Total reinsurance recoveries reached $24 million, resulting in net claims paid of $108.4 million for the year 2023.