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Companies may forego insurance coverage due to rate hike

Posted On: Jan. 30, 2023 9:32 AM CST

Market conditions

Bharat Shah, chairperson of the tax and trade committee of the Kenya Association of Manufacturers, has warned that continuing insurance rate hikes will force some companies to forego coverage amid current hard economic times, Middle East Insurance Review reported citing Business Daily. The affordability issue created by this adjustment is affecting manufacturers seeking cover against industrial risks, machinery breakdown and fire risks.