A source told us that trouble started soon after a Moroccan conglomerate, Holmarcom Group through its holding company “Holmarcom Insurance Activities” acquired a majority stake in Monarch Insurance in March 2021
A report by the Insurance Regulatory Authority has named Monarch Insurance as one of the leading companies with high customer complaints. Insurance industry players, who spoke to The Weekly Vision on condition of anonymity for fear of victimization, opined that Monarch could soon be going under. It has been noted that over the years, the company has faced endless complaints from frustrated clients.
Some of the clients claim that Monarch insurance no longer issues payouts promptly and is always giving the claimants endless empty promises, ignoring calls and emails from their clients.
Investigations reveal that several prominent garages in the country have of late been avoiding doing business with Monarch. Last year, the company played hide and seek with claimants hiding behind Covid-19 pretending that staff were working from home and as a result, there was backlog.
A source told us that trouble started soon after a Moroccan conglomerate, Holmarcom Group through its holding company “Holmarcom Insurance Activities” acquired a majority stake in Monarch Insurance in March 2021.
But what is worrying more is that the claimants have lodged complaints with the Insurance Regulatory Authority (IRA) but no remedial action has been taken. The only answer from IRA has been that they will investigate. Some claimants now say that Monarch has pocketed IRA top officials.
