CIC Insurance Seeks To Reduce Medical Fraud

News: Kenyan group CIC Insurance posted flat pre-tax profit of KES1.67bn (US$19.01mn) in 2013, compared with KES1.65bn (US$18.78mn) in 2012, reports Allafrica. The company has stated that its claims increased by 30% in the year, driven largely by medical and private motor insurance payouts. However, the company's medical division registered a loss of KES293mn (US$3.33mn), equal to 26% of the total claims paid out. The loss was largely due to medical fraud, such as inflated bills and taking patients through unnecessary procedures, according to CIC's Managing Director Nelson Kuria.

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Related sectors of this article: Pharmaceuticals & Healthcare, Industry Data - Pharmaceuticals
Geography: Kenya

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