Nairobi, June 17 -- Old Mutual Holdings lost Sh106.4 million due to fraud last year, revealing the pain cons are causing insurance companies.

Fraud perpetrated by staff of the Nairobi-based insurer contributed 42 percent of the lost amount, Sh45 million, underscoring how difficult it is to battle the vice.

Old Mutual, however, averted Sh193.6 million in losses in fictitious claims riding on technology and data analytics. Last year, the regional insurer disclosed deployment of artificial intelligence (AI) and machine learning models to save Sh253 million in 2024.

"Confirmed fraud losses for 2025 amounted to Sh106.4 million. Internal fraud losses amounted to Sh45 million and external fraud losses to Sh61 million," said Old Mutual Holding...