Fraudulent claims, competition likely to hit insurers' profit: Deloitte

A survey by U.S.-based consultancy firm Deloitte Touche Tohmatsu found that fraudulent claims, price wars and inefficient claims settlements are likely to erode East African insurers' profits in this year, The East African reported. Deloitte said that a rise in fraud and premium undercutting by competitors is hampering general insurers' ability to adequately price risks. The consultancy firm said that East African insurers need to introduce simpler products and ensure quick claims settlement to achieve organic growth in the region.

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