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Policyholders compensation fund has Sh19.1 billion in capital


KISUMU, Kenya, Dec 4 – The Policyholders Compensation Fund (PCF) has a fund size of Sh19.1 billion to help in payment of claimants of an insurer that has been put under statutory management.

Rosemary Kavili, head of corporate communications at PCF, said a number of insurance companies that went under have been supported through the fund.

Already, the fund has disbursed Sh93.18 million for insurers under statutory management and liquidation as of 30th June 2023

Kavili said Resolution Insurance Company had its 724 claimants so far compensated, amounting to Sh82.21 million.

Concord Insurance Company, had its 24 claimants compensated amounting to Sh. 9.02 million while Standard Assurance Company had 9 claimants paid Sh. 1.95 million.

Kavili who spoke in Kisumu on Monday during a media sensitization on the fund said they had lined upon a number of public engagement to increase Concord Insurance Company, had its 24 claimants compensated amounting to Sh. 9.02 million while Standard Assurance Company had 9 claimants paid Sh. 1.95 million.

Kavili who spoke in Kisumu on Monday during a media sensitization on the fund said they had lined upon a number of public engagement to increase visibility of the fund.

“I want to appeal to members of the public who had insurance policy with these insurances under statutory management to step up and claim compensation,” she said.

The Fund, she said, will pitch base in Kisumu for a whole week meeting different stakeholders ranging from boda boda riders, matatu operators, administrators to union officials to sensitize them on the mandate of the PCF.

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However, PCF has a payment of Sh. 250,000 to each claimant with a view that the balance will be settled if the insurance company is liquidated or put under receivership.

During the forum, it was noted that most insurance companies collapse due to under-pricing of insurance product, poor corporate governance practices and economic downturns and global shocks amongst others.





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