The Policyholders’ Compensation Fund (PCF) has set up a camp in Uasin Gishu County in a new campaign to educate the public on its mandate and functions in order to increase the public’s confidence in the insurance sector.
The campaign dubbed “PCF Mtaani” will traverse across counties with a target of calling upon the public to come forward and lodge their claims with PCF for those members of the public who had claims with Resolution Insurance Company (Under Statutory Management) and Standard Assurance Company (Under Liquidation).
The three-day campaign will see PCF meet with special interest groups that include media, Boda Boda Riders, Matatu owners and other stakeholders including the business community and teachers to sensitize them.
Deputy Director, of Corporate Communications, Rosemary Kavili said the move is 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 noted that the maximum amount for compensation is currently gazetted as Ksh250,000 per claim.
Status of compensation
As of 31st December 2022, the status of compensation by PCF for insurers under Statutory Management and Liquidation was as follows;
- Resolution Insurance Co. Ltd – four hundred and twenty-six (426) claimants have so far been compensated amounting to KShs. 53.9 million.
- Concord Insurance Co. Ltd – forty-four (44) claimants have so far been compensated amounting to KShs. 8.7 million.
- Standard Assurance Co. Ltd – seven (7) claimants have so far been compensated amounting to KShs. 1.6 million.
Uasin Gishu is the first County in which the PCF is engaging stakeholders as its pilot campaign with other sensitization engagements also scheduled in other counties.
The next sensitization engagements by PCF will be in Embu County.
Ultimately, the sensitization engagement forums seek to enhance the publics’ understanding and knowledge about PCF which provides a last-resort protection scheme for policyholders and claimants when insurance companies collapse as well as gives confidence to insurance policyholders and claimants.
