IRA rejects Invesco books of accounts

Public service vehicle insurer Invesco’s books of account for 2019 were inconsistent, the Insurance Regulatory Authority has said while rejecting the company’s quarterly submissions.

The IRA says in its latest annual report that Invesco numbers were inconsistent through the four quarters and that the company did not submit the final year report.

The regulator also noted that the insurance company had the highest number of complaints with 178 of its customers filing with the regulator for delayed settlement, declined claims, erroneous deductions and unsatisfactory compensation.

The company was unable to sort out most of the complains – 131 or 78 percent were left unresolved.

“All insurers submitted their 2019 (annual) audited returns to the Authority except Invesco Assurance Company Limited and Metropolitan Cannon Life Assurance Limited. In addition all insurers submitted quarterly unaudited returns to the Authority except Invesco Assurance Company Limited whose returns for quarters two, three and four were rejected due to data inconsistency,” said IRA chief executive Godfrey Kiptum.

As of 2018 Invesco had collected Sh1.5 billion in premiums and boasted of a market share of 1.2 percent of general insurance premiums.

The bulk of its premiums, Sh1.2 billion was from motor commercial PSV followed by motor private at Sh171 million.

Invesco has been here before with the regulator placing the company under receivership in 2007 as the company failed to compensate its insured and pay its debts.

Invesco emerged from statutory management though a deal with PSV owners, the Matatu Owners Association (MOA), who bought 80 per cent stake resuming trading on January 18, 2010.