MERU, Kenya, Dec 9 – The Policyholders Compensation Fund (PCF) has disbursed Sh116 million to 890 claimants from collapsed insurance firms, including Resolution Insurance, Concord Insurance, Standard Assurance, Blue Shield, United Insurance, and Xplico Insurance.
The compensation, capped at Sh250,000 per claimant, follows amendments to the Insurance Act in 2019, which allowed payouts to commence once insurers are placed under statutory management or have their licenses revoked, eliminating the need for full liquidation.
“The amendment has enabled policyholders to access compensation promptly, avoiding prolonged court processes,” said PCF Deputy Director of Corporate Communications, Rosemary Kavili, during a sensitization forum in Meru County.
The Meru forum, part of the “PCF Mtaani” campaign, targets boda boda riders, matatu owners, and cooperatives to rebuild public confidence in the insurance sector.
Meru County Boda Boda Chairman John Barasa acknowledged the campaign’s impact, saying, “The assurance of compensation has renewed our trust in insurance companies.”
