PCF in sensitisation drive to enlighten stakeholders on insurance compensation

Eldoret, Wednesday May 10,

KNA By Judy Too

The Policy holders’ Compensation Fund (PCF) has set up a sensitisation forum in Uasin Gishu County in a campaign to educate the public on its mandate and functions in order to increase the public’s confidence in the insurance sector.

Deputy Director PCF, Corporate Communications, Rosemary Kavili said, the campaign dubbed “PCF Mtaani” aims to raise awareness of PFC’s core mandate of providing compensation to claimants of an insurer that has been placed under Statutory Management or whose license has been cancelled.

The PCF is a state corporation under The National Treasury that was established through the Legal Notice No 105 of 2004 and commenced its operations in January 2005.

The decision to establish the Fund was informed by the collapse of several insurance companies before the year 2005.

“We call 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”, said Kavili.

She noted that the maximum amount for compensation is currently gazetted as Sh 250,000 per claim.

She added that as at December 31,2022, the status of compensation by PCF for insurers under Statutory Management and Liquidation amounted to Sh64.2 M with 477 claimants compensated.

The fund has compensated policy holders of Resolution Insurance Co Ltd where 426 claimants have so far been compensated with Sh53.9 million and 44 claimants of Concord Insurance Co Ltd received Sh8.7 million while seven claimants of Standard Assurance Co Ltd have been compensated Sh1.6 million.

The three-day campaign will target the media, Boda Boda Riders, Matatu owners and other stakeholders including the business community and teachers. 

Kavili further noted that 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.

Courtesy; K.N.A