Motor vehicle owners are set to dig deeper into their pockets beginning next year to afford the cost of insurance premiums.

According to insurance providers, the premiums have been raised by as much as 50 per cent in a move the service providers linked to increased claims resulted from road accidents.

The insurance firms further stated that they have been making losses since the number of claims made yearly outstrip those of paid premiums.

The firms operating in the industry revealed that they had made as much as Ksh3.27 billion losses in a period of 20 years.

In a Thursday, December 30 statement, a number of insurance service providers said the losses they have incurred in 2020 alone hit over Ksh1.12 billion.

The National Transport and Safety Authority (NTSA) further stated that the number of fatalities from road accidents increased from 15,918 in 2020 to 19,571 in 2021.