NAIROBI, KENYA: The Policyholders Compensation Fund (PCF) has begun a Sh392 million payout to policyholders of collapsed Concord Insurance. Since its founding in 2004, this marks the first time that the Fund is compensating policy holders’ claims for insolvent insurance firms. Total claims against Concorde Insurance, which is in liquidation, stood at Sh467 million with the number of claimants at Sh1572. Read More“In undertaking this process, the Fund will first compensate the policyholder claims of Concord Insurance Co. Ltd and subsequently undertake compensation of claimants of the other insurers,” he said. Its primary purpose is to protect policyholders of insolvent insurance companies by compensating them”, he said.

Source: Standard Digital March 10, 2021 07:52 UTC