Royal media boss SK Macharia’s Directline Assurance, which holds 60.79% of the Kenyan PSV insurance market, ceases operations. According to Citizen News, all employees have been terminated.
SK Macharia has closed Directline Assurance, and sources indicate that the next thing is a mass layoff of Citizen TV staff.
The largest general insurance company in Kenya, which holds the majority of vehicles, closes down, with critics pointing fingers at the rising costs of doing business in the country.
Sources claim that Directline Insurance was unable to locate their nationwide campaign on property insurance. The company was also unable to cover all its taxes, client claims, and the increased taxes incurred by employees.
The company faced numerous challenges, such as increased taxes and an unfavourable business environment.
Citizens report that Directline Assurance, which controls more than 60% of the Kenyan PSV insurance market, has ceased operations and terminated all staff across the country.
Directline has gone under with peoples money and having not paid hundreds of garages handling their services.
Sources also indicate that there is trouble in Viusasa as restructuring hits the travelling firm. The company plans to lay off some of its staff.