Magazine date:
Mar 2013 Experiencing serious financial difficulties, Concord Insurance has been placed under the supervision of the authorities. Short of cash since the end of 2012, the insurer can no longer meet its obligations. Policyholders’ claims and taxes owed to the State are not paid anymore.
The company is no longer allowed to underwrite new business. Its portfolio mainly consists of motor insurance policies. In 2011, Concord reported 152.7 million KES (1.5 million USD) of premiums in this class of business. The company employs 67 people scattered around three subsidiaries.