Amaco Insurance, a company connected to President William Ruto, has greatly improved its position in Kenya’s Public Service Vehicle (PSV) insurance market. It now holds a 37.5% market share, according to recent reports.
This is a notable increase, more than doubling its presence and creating tough competition for Directline Insurance, which is owned by SK Macharia. Directline’s market share has fallen to 48%.
This change is happening after Directline faced shareholder disagreements and regulatory issues, which have weakened its control over the PSV insurance market.
Experts say that Amaco’s fast growth is due to its strategic plans and competitive pricing, taking advantage of the problems at Direct Line.
Observers believe that this growing competition could change the PSV insurance market, affecting both operators and policyholders.
Together, Amaco and Directline now make up 85.5% of the PSV insurance market. Amaco’s recent increase in numbers is likely to lead to more competition in this sector.
