Concord Insurance under scrutiny

The Kenyan insurer Concord Insurance is under supervision of the regulatory authorities. The company seems to be unable to meet its obligations toward its policyholders, many of whom pressed charges for non-payment of a loss. Moreover, in breach of legal obligation, Concord has not provided biannual financial reports in 2012. During 2011, the Kenyan insurer reported a loss of 10.4 million KES (124 384 USD). The turnover of the company has been steadily declining since 2009, with its market share falling from 1.57% in 2009 to 0.3% in 2011.