{"id":85331,"date":"2023-02-27T16:12:11","date_gmt":"2023-02-27T16:12:11","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/invesco-put-on-liquidation-over-millions-in-unpaid-claims"},"modified":"2023-02-27T17:35:07","modified_gmt":"2023-02-27T17:35:07","slug":"invesco-put-on-liquidation-over-millions-in-unpaid-claims","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/invesco-put-on-liquidation-over-millions-in-unpaid-claims","title":{"rendered":"Invesco put on liquidation over millions in unpaid claims"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Invesco Assurance Company has become the third insurance firm to sink into liquidation after failing to pay claims running into millions of shillings.<\/p>\n

The cash crisis at the insurer, a major underwriter in the matatu industry, saw the company pay only 48,207 claims in the last quarter of 2022, against the reported outstanding 3,692,353 claims.<\/p>\n

This was a payment ratio of 1.2 per cent, the lowest of any insurer in the country. The crisis has attracted the interest of the industry regulator who directed the insurer to immediately stop entering into new insurance contracts.<\/p>\n

\u201cInvesco 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,\u201d said Godfrey Kiptum, the Insurance Regulatory Authority (IRA) commissioner of insurance and CEO.<\/p>\n

The High Court has further appointed the official receiver as the provisional liquidator. Invesco joins Concord Insurance Company Limited and Standard Assurance Kenya Limited in liquidation. The company has been struggling since 2019, clashing with IRA over failure to remit its financial statements<\/p>\n

According to IRA, 2018 is the last time Invesco\u2019s financial filings were in order, where it collected Sh1.5 billion in premiums and controlled a market share of 1.2 per cent of general insurance premiums.<\/p>\n

\u201cFollowing this court decree, Invesco Assurance Company is stopped from issuing insurance policies and therefore not authorised to enter into any new contracts of insurance,\u201d Kiptum said.<\/p>\n

Invesco was among the firms hit with fines for various breaches, including late payment of claims and failure to submit audited accounts in quarter three of 2022. It received the highest fine of Sh24.94 million to stay in IRA\u2019s black book over missed deadlines of submitting audited books.<\/p>\n

Kinyanjui & Company Advocates had in July 2019 filed an Insolvency Petition against Invesco seeking, among other orders, that the insurer be liquidated to settle debts of more than Sh29 million.<\/p>\n

High Court has been deferring its final orders in the judgment on the application of the insurer, but little progress was realised in paying the debts.<\/p>\n

The Policyholders Compensation Fund (PCF) will compensate the affected claimants as provided in section 179 of the Insurance Act. PCF\u2019s primary purpose is to protect policyholders of insolvent insurers by compensating them for unsettled claims.<\/p>\n

The maximum compensation payable by the Fund on any one claim lodged by a claimant is Sh250,000. IRA has since 2019 rejected the company\u2019s financial performance reports, citing \u201cdata inconsistency and non-compliance with submission requirements\u201d.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Invesco Assurance Company has become the third insurance firm to sink into liquidation after failing to pay claims running into millions of shillings. The cash crisis at the insurer, a major underwriter in the matatu industry, saw the company pay only 48,207 claims in the last quarter of 2022, against the reported […]<\/p>\n","protected":false},"author":84,"featured_media":85330,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-85331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nInvesco put on liquidation over millions in unpaid claims - kenya<\/title>\n<meta name=\"description\" content=\"Invesco Assurance Company has become the third insurance firm to sink into liquidation after failing to pay claims runni ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/invesco-put-on-liquidation-over-millions-in-unpaid-claims\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Invesco put on liquidation over millions in unpaid claims\" \/>\n<meta property=\"og:description\" content=\"Invesco Assurance Company has become the third insurance firm to sink into liquidation after failing to pay claims runni ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/invesco-put-on-liquidation-over-millions-in-unpaid-claims\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-27T16:12:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-27T17:35:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/02\/postQueueImg_1677501738.98.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"468\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/invesco-put-on-liquidation-over-millions-in-unpaid-claims#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/invesco-put-on-liquidation-over-millions-in-unpaid-claims\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Invesco put on liquidation over millions in unpaid claims\",\"datePublished\":\"2023-02-27T16:12:11+00:00\",\"dateModified\":\"2023-02-27T17:35:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/invesco-put-on-liquidation-over-millions-in-unpaid-claims\"},\"wordCount\":430,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/invesco-put-on-liquidation-over-millions-in-unpaid-claims#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/02\/postQueueImg_1677501738.98.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/invesco-put-on-liquidation-over-millions-in-unpaid-claims#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/invesco-put-on-liquidation-over-millions-in-unpaid-claims\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/invesco-put-on-liquidation-over-millions-in-unpaid-claims\",\"name\":\"Invesco put on liquidation over millions in unpaid claims - 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