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Amaco Insurance Loses Office Furniture Over Ksh15 Million Debt

[PHOTO/ COURTESY]

Africa Merchant Assurance Company (Amaco) Insurance yesterday lost its office furniture to auctioneers over a Ksh15 million debt it owes to Mama Rael Medical Clinic.

The clinic was raided by Dollar Auctioneers, who acted on behalf of the the clinic in a bid to recover the money for unpaid claims.

According to reports by a local daily, Amaco general claims manager said that the company had agreed to pay Ksh1 million this week.

Read: Five Arrested For Allegedly Digging Tunnel, Stealing Ksh1.5 Million From Micro-finance Firm In Kitui

“This matter is giving us a headache. We will have another meeting next week Monday to agree on how the remaining Ksh14 million will be paid in installments,” said the claims manager Mr Ken Kiprop.

This is despite Amaco collecting over Ksh2.1 billion in terms of customer premiums last year, which is enough to pay such claims at a go.

The auctioneers have vowed to keep the furniture until Amaco clears the debt.

Read: Urithi Housing Co-operative Society Attempts to Explain About Projects Alleged To Be Up For Sale

“They have to pay the auctioneers fee, which runs to Ksh500,000 before they can be allowed access to the office furniture,” said Henry Karauka from Karauka and Company Advocates.

Amaco had insured the clinic against general damages, when the contractor constructing the clinic left works halfway, prompting a claim from Benjamin Ikirima, a US-based health expert who owns the clinic.

Amaco reported a Ksh75 million profit in 2018 with claims dropping by five percent from Ksh1.4 billion in 2017 to Ksh1.3 billion in 2018.

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Francis Muli

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.
Email: mulifranc2@gmail.com

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