By Nelson Mutwiri
The Policyholders Compensation Fund (PCF) has reassured Kenyans that policyholders affected by the collapse of insurance companies will receive their dues.
PCF is an entity established under the Insurance Act Cap 179 in 2007, to manage insurance companies that have been placed under statutory management.
The fund was created after the government identified the plight of policyholders left vulnerable by the closure of numerous insurance firms.
Speaking during a stakeholder engagement event in Meru County, PCF official Clifford Ochieng said over 30 insurance companies have collapsed in the country.
“When this happens, policyholders should be assured that they will be paid. As PCF, we are committed to ensuring all valid claims are fully paid,” said Ochieng.
Rosemary Kavili, director of communications from the fund, echoed these sentiments, emphasizing the government’s commitment to protecting Kenyans’ hard-earned premiums.
“We assure Kenyans that they will not lose their premiums. The compensation process has already commenced,” she said.
The first phase of the compensation will cover claims from policyholders of four defunct insurance companies including United Insurance Company, Blue Shield Insurance Company, Xplico Insurance Company, and Invesco Insurance Company.
The event in Meru County marked a week-long engagement with stakeholders in the insurance sector, as the PCF continues to push for accountability and support for affected policyholders.
