Two insurers lost their license

The market regulatory authorities (IPEC) have withdrawn license from two non life insurance companies: Heritage Insurance and Excellence Insurance. Both insurers failed to come up with the 1.5 million USD minimum capital required. They, therefore, can neither renew insurance policies in portfolio nor underwrite new ones.

This decision brings the number of insurance companies to twenty in the non life class of business. By June 30, 2016, the gross premiums written by all non life insurers went down by 5% over one year at 114.33 million USD.

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