Magazine date:
Apr 2009 After Lakestar Insurance, United Insurance and Invesco Insurance, it is now Standard Assurance's turn to give in to the market pressure. The twenty-third insurer has been subjected to judicially-supervised administration. Standard Assurance is no longer able to pay indemnifications to the insured.
The company, which is victim of fraudulent practices and particularly strained by the matatu industry (collective taxis) underwriting , has been unable to deal with the rising indemnification claims, especially following the failure of the Michuki law on public transportation.