Nairobi, Feb. 19 -- Insurance firms have started repricing the premiums charged on customers as they complied with the new 16 percent Value-Added-Tax(VAT) introduced through the Finance Act of 2023.

This means that the annual operating costs for most businesses are likely to go up, as most of them incur additional premiums to insure their properties against such losses as fire and theft.

A leading general insurer has asked its customers to review the maximum amount that they expect to be paid in case of loss, or what is known as sums insured, as the industry comes to terms with the new changes.

The insurer wants its customers to align the value of their insured assets such as buildings and stock and the compensation they expect to rece...