Directline now has the biggest share of matatu insurance following the withdrawal of two other public service vehicle (PSV) underwriters from the regulator’s 2021 fourth-quarter sector data.
Latest Insurance Regulatory Authority (IRA) data shows Directline dominates the matatu sector premiums ahead of Sanlam at Sh332.9 million, GA Insurance at Sh309.3 million, and Amaco at Sh171 million.
Xplico Insurance whose market share stood at 7.5 percent by September last year did not disclose its entire financials for the fourth quarter while Kenya Orient had no PSV data, an indication it had exited the segment.
Directline now has the biggest share of matatu insurance following the withdrawal of two other public service vehicle (PSV) underwriters from the regulator’s 2021 fourth-quarter sector data.
The leading matatu insurer collected Sh3.1 billion in premiums in the period, giving the company 76.9 percent of the sector market share.
Latest Insurance Regulatory Authority (IRA) data shows Directline dominates the matatu sector premiums ahead of Sanlam at Sh332.9 million, GA Insurance at Sh309.3 million, and Amaco at Sh171 million.
Xplico Insurance whose market share stood at 7.5 percent by September last year did not disclose its entire financials for the fourth quarter while Kenya Orient had no PSV data, an indication it had exited the segment.
“The report includes data for all the insurers and reinsurers regulated by the Authority except for Invesco Assurance Company Limited and Xplico Insurance Company due to non-submission of their returns,” IRA said in the 2021 quarter-four report.
Xplico has seen a decline in business over the last year besides boardroom wrangles over ownership.
In the third quarter, PSV owners ditched Xplico, shrinking its market share of the PSV industry by almost two-thirds from 21.9 percent to 7.5 percent.
