18/10/2023
The insurance industry in Kenya still tops amongst the most corrupt ridden organizations and our courts are not helping at all. People are being auctioned everyday from non-payment of claims by most of these organizations. The regulator, Insurance Regulatory Authority - Kenya is trying to bring sanity to the sector, but his hands are tied by the courts who do not support his actions. Let's give credit where it's due.
Other industry players who should be supporting the regulator in his actions are busy being bribed by those crooked companies in the industry. Organizations like the brokers AIBK are busy getting money for their activities from crooked companies like Britam , who we have called out here in the past. That is not the spirit of membership organisations that are supposed to be the watchdog of the industry. I mean, they even dine with companies like Directline Assurance who are not known to pay claims...where are we heading to as an industry if our organizations are easily compromised by these companies?
We have called out various companies in this forum when they are busy conning agents or our clients off their money, companies like Jubilee Insurance Company of Kenya who use their billions to buy justice. Apparently, they are all in bed with AIBK.
We even thought our friend Jonah Tomno, now at Star Discover, a new company deemed to be affiliated to some politicos , would support proper organizations not tainted by scandals, but we guess his affinity for scandal has overruled his consciousness. Star Discover is supposed to be an off-shoot of AMACO, another scandalous company that should have been closed over two years ago. We wonder what is their mission...collect the premiums and go...it's anyone's guess.
We advise our clients and members on this forum against dealing with crooked individuals in the insurance industry because that is our mandate. This information is free of charge, maybe that's why its ignored so much and people still dealing with the Invesco's of this world.