Kakamega: Policyholders in insurance companies that have collapsed or been placed under statutory management have been urged to come forward and lodge their claims for compensation through the Policyholders Compensation Fund (PCF). This call to action is part of the government’s efforts to restore trust in the insurance sector.
According to Kenya News Agency, PCF, a state corporation under the Ministry of National Treasury and Economic Planning, is intensifying a nationwide outreach program dubbed ‘PCF Mashinani’. The Fund aims to protect insurance policyholders by providing compensation in the event of an insurer’s insolvency. It is currently providing financial relief to policyholders and claimants affected by the collapse or license cancellation of insurance companies.
During a campaign event in Kakamega town, Deputy Director of Corporate Affairs Rosemary Kavili addressed 100 boda boda cyclists and traffic police enforcement officers, revealing that the Fund has increased the minimum payout to Sh500,000 per claim from Sh250,000. Kavili stated that the Fund is compensating claims from policyholders and claimants of BlueShield Insurance Company Limited, United Insurance Company, Xplico Insurance Company, and Invesco Assurance Company, all of which are under liquidation.
The Fund, operational since January 2005, has disbursed Sh207.5 million in compensation to policyholders and claimants. Kavili emphasized that the nationwide initiative seeks to engage the public on the Fund’s operations, particularly its compensation mechanism for those affected by collapsed or troubled insurance companies. The campaign has so far reached 13 counties, with Kakamega being the latest to host the sensitization efforts.
Kavili encouraged individuals who have not yet lodged claims or received compensation to contact PCF directly. She also highlighted that claims can be submitted in person or through the Fund’s official online platform, www.pcf.go.ke, as part of efforts to restore confidence in the insurance sector.
Kakamega Central Deputy County Commissioner Titus Mulei welcomed the initiative, noting that it should reassure consumers, including matatu owners and boda boda cyclists, that they can receive compensation in the event of an insurer’s collapse. Peter Ochango, Chairman of boda boda operators, expressed that the PCF’s sensitization efforts will encourage operators to insure their motorcycles, ensuring compensation in cases of theft or accidents.
The Policyholders Compensation Fund is targeting various key sectors in its sensitization drive, including the local media, boda boda riders, matatu owners, insurance agents, teachers’ unions, women groups, the business community, and National Government Administration Officers (NGAO) during the five-day sensitization campaign in Kakamega County.
