, NAIROBI, Kenya, Sep 8 – Kenya Orient Insurance has paid Sh99 million in insurance claims settlement for traders whose businesses were destroyed by fire at the Gikomba Market.
Seventy five businesses received cheques of between Sh750,000 and Sh4.2 million each firmly putting them back in business and renewing employment opportunities for hundreds of affected employees.
Among the affected businesses was the premise hosting a Family Bank branch which was burnt extensively.
The claim for Family Bank in regard to the branch is worth Sh25.5 million in respect of the fire and money lost in the incident. This loss has also been fully settled.
“At Kenya Orient Insurance, we keep our promise and today is another testament to that. We provided these businesses a safety net through our Orient Business policy and today we are delighted to be paying them so that they can get back into business,” said Kenya Orient CEO Muema Muindi.
The businesses were insured by ‘Orient Business’ insurance policy, covering businesses against stocks, business related tools and property against the risk of fire and lighting, burglary and all risks and also covers political risk and terrorism amongst others.
“Most of the goods belonging to the traders in their stores were consumed to ashes by the inferno. The customers who bank with Family bank had taken out loans with their business and goods as collateral and these were in turn insured by Kenya Orient. We have worked hand in hand to ensure that all these claims are processed fast and paid,” added Muindi.
Thousands of traders at Gikomba market counted massive losses in June 2015 after a fire razed more than half of the market.