Invesco Assurance Company has been placed under liquidation by the Insurance Regulatory Authority (IRA). The company failed to pay claims that ran into millions of shillings forcing the regulator to take the surprise move on Friday evening.
Invesco has been the main insurer of millions of public service vehicles in Kenya. IRA has directed them to stop taking in new clients “with immediate effect,” following a ruling by the High Court of Kenya.
“Invesco Assurance Company has been placed under liquidation through a decree of the court dated 6th February 2023 issued in the High Court at Nairobi in Insolvency Petition No. E155 of 2019,” said Godfrey Kiptum, the Insurance Regulatory Authority (IRA) commissioner of insurance and chief executive.
Here is a statement from IRA:
Related Content: It Is Time Insurance Players Took Customer Education Seriously To Demystify The Sector For Better Product Penetration