Policyholders’ Compensation Fund (PCF) on Monday called on policyholders whose insurance companies folded or had their licenses cancelled to come forward and claim their dues.
Deputy Director, of PCF Corporate Communications, Rosemary Kavili said Kenya has a good number of insurance companies that have collapsed, gone under or whose licenses were cancelled.
She said the fund was compensating policyholders from two companies namely Resolution Insurance Company and Standard Assurance Company.
Kavili said prior to the current payments, PCF was compensating for Concord Insurance Company adding that the two-year window within which it was supposed to pay the claimants lapsed.
She called for people who had policies with Resolution and Standard Assurance companies to come forward and launch their claims because the fund was dealing with issues.
“PCF has so far compensated more than Sh82 million to about 700 claimants with Resolution Insurance Company and another Sh1.95 million to nine claimants from Standard Assurance Company,” she said.
She added that PCF had also compensated 45 claimants of Concord a total of Sh9 million and appealed to policyholders who did not know about the compensation fund to claim their dues.
Speaking after conducting a half-day training for journalists in Nakuru, Kavili said the fund launched compensation for policyholders of collapsed insurers on March 10, 2021, following an amendment to the Insurance Act in 2019.
She said PCF was in Nakuru for a five-day sensitisation forum with different groups, among them, media practitioners, insurance agents, Boda Boda riders, Public Service Vehicles operators and other stakeholders who include Kenya National Union of Teachers’ union officials and government administrators.
"Also included in the sensitisation campaign dubbed PCF Mtaani are youth leaders, women and representatives of People Living with Disabilities (PLWD),” she said.
Kavili said Nakuru was the third county to host the engagement forums which are being rolled out to all the 47 counties in a bid to reach as many people as possible.
“The campaign is meant to enhance PCF’s visibility and educate the public about its mandate so that they can launch their claims in case they have any,” she added.
Kavili said the move was part of the strategic plan to increase the level of awareness of the PCF’s mandate and functions as well as calling members of the public to come forward and lodge their claims for insurance compensation.
She said the maximum amount for compensation was currently gazetted as Sh250,000 per claim.
“Ultimately, the sensitisation engagement forums seek to enhance the public’s understanding and knowledge about PCF which provides a last-resort protection scheme for policyholders and claimants when insurance companies collapse as well as give confidence to insurance policyholders and claimants,” she affirmed.
