Insurers hurt by rise in life cover claims

 Major insurance companies providing life cover are working out ways to reallocate financial risks after the class recorded a 27.2 per cent jump in benefits paid during the second quarter of 2016.

The new high, according to the latest industry data by Insurance Regulatory Authority reflects a growing demand for life cover as insurers continue to pay out more in claims.

Britam and Prudential Plc introduced a total of six new life insurance products during the period under review.

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