Monarch Insurance was the most complained about insurer in the fourth quarter of 2022 by customers tired of poor services from the company, the latest industry data show.
Data from the Insurance Regulatory Authority (IRA) shows there were some 73 complaints lodged against Monarch, more than double those that were filed against any other insurer.
The IRA says it has solved none of the complaints raised against the company.
The regulator also received 35 complaints against Corporate Insurance out of which one has been resolved and a further 28 complaints were lodged against Occidental Insurance out of which 23 have been resolved.
The IRA got 24 complaints against Xplico Insurance and has resolved only one of the reports while 23 complaints were filed against Trident Insurance.
Other insurers that were reported to the IRA include Amaco, GA General Insurance, Kenya Orient, Directline, APA General Insurance, Kenyan Alliance, Invesco, Britam General Insurance, and CIC General Insurance.
Others are Geminia, MUA, First Assurance, Jubilee Allianz, Madison General Insurance, Pioneer General Insurance, and Sanlam General Insurance.
“The Authority registered 486 complaints in Q4 2022. General insurance business accounted for 76.3 percent of the complaints whereas 23.7 percent were made against long-term insurers,” said IRA.
“Over the period under review 70 (18.9 percent) complaints against general insurers were resolved while 26 (22.6 percent) complaints against long-term insurers were resolved,” it said.
Frustrated especially with non-payment of claims, many customers flock to the courts and the IRA for action against the involved insurers for regulatory action that includes payment of fines.
For instance, fines to insurers for various breaches including late payment of claims and failure to submit audited accounts tripled to Sh56.9 million in the financial year to December 2021.
IRA data shows that 10 insurers were hit with penalties during the period while four also face penalties over breaches committed last year.
Moroccan conglomerate Holmarcom Group, through its holding company, Holmarcom Insurance Activities, acquired a 51 percent majority stake in Monarch in 2021.
Among long-term insurers, IRA received the highest number of complaints (40) against Corporate Insurance out of which only two were resolved while customers filed 15 complaints against Pioneer with nine of the complaints being resolved.
A further 12 complaints were lodged against Madison Life, eight against Liberty Life, seven against Sanlam Life, six against Britam Life, and 27 complaints were filed against other long-term insurers.
