New Invesco to settle genuine claims within six months

By James Anyanzwa

Motorvehicle underwriter Invesco Assurance Company has been re-launched with a pledge to pay-off outstanding debts within six months.

Mr Geoffrey Njenga, the company’s new managing director said his immediate priority is to inspect and settle genuine claims.

"In the next six months, we are going to make a major inroad in the payment of claims. The process of reviewing claims has started," said Njenga in Nairobi yesterday.

"We seek the indulgence of people of goodwill, especially the legal fraternity and those with claims to give us a chance to review and ensure only genuine claims are payable."

Invesco is indebted to the tune of Sh600 million of which Mr Njenga said about 50 per cent were fraudulent. He said the PSV sector has been destroyed by bogus and deceitful claims. Mr Njenga had been a statutory manager for Invesco since February 2008.

Ffew resources

The company was put under statutory management for failing to compensate its insured and pay debts.

"The biggest problem with Invesco was that it had very little in terms of resources," said Njenga.The new Invesco has been licensed as a general insurance company giving it the window to underwrite all classes of general insurance businesses including fire and theft.

Mr Simon Kimutai, the national chairman of the Matatu Owners Association and the new Invesco’s chairman said a team of professional experts would run the company with high professional standards and ethics.