According to the Insurance Regulatory Authority (IRA), the industry regulator, premiums collected through bancassurance channels raised from 26 billion Shillings in 2018 to 53.6 billion Shillings in 2019. This accounted for 5.5 per cent contribution to the total premiums written in the year.
The Insurance Brokers Association Chairman Solomon Rubondo says some of its members are losing their businesses to the Banks who he says seem to be acting as insurance brokers too.