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Ruto-linked Amaco doubles PSV insurance business amid Invesco collapse
Many insurers have been aggressive in revising premiums upwards to reflect the level of risk in the market and dropping comprehensive covers for some models of vehicles deemed too risky.
Africa Merchant Assurance (Amaco), which is partly owned by President William Ruto’s family and associates, more than doubled its commercial public service vehicles (PSVs) insurance market share in the first quarter that ended March 2024, making it the biggest winner on the back of the collapse of two insurers.
The latest disclosures by the Insurance Regulatory Authority (IRA) show that Amaco’s market share in the motor commercial PSV segment jumped to 27.77 percent from 11.4 percent in a similar quarter in 2023. The PSV segment covers motorists and passengers from death, injuries, and vehicle damages resulting from accidents.
