Insurance companies have so far paid Sh108.2 million on Covid-19 death claims since the disease was reported in Kenya mid-March.

According to the Insurance Regulatory Authority (IRA), the total claims have hit Sh109.6 million, including Sh1.45 million paid for general health cover.

Coronavirus, which causes the disease, has infected more than 3,000 people and caused 89 deaths.

The Insurance Regulatory Authority (IRA) said that the industry has so far settled 10 life insurance claims.

The Nairobi Securities Exchange-listed firm Monday redeemed its Sh6.6 billion outstanding corporate bond, enabling it to cut finance costs and raise cash returns to shareholders.

The latest debt settlement follows the retirement of Sh7.8 billion dollar-denominated loans in September last year.

In proposed changes in the Finance Bill 2020, Mr Yatani is seeking the green light from Parliament to compel firms which have not been taxed elsewhere to pay one percent of gross sales to the Kenya Revenue Authority (KRA).

The Bill contains new measures which will help generate new revenue to partly fund the Sh3.2 trillion budget.

The proposed levy to be known as minimum tax will take effect January 2021 and is largely targeted at companies which do not pay corporate income tax, which is based on profit.