Standard Assurance claimants to share Ksh.173 million payout

At least 690 policyholders with claims on the defunct Standard Assurance Company are expected to share Ksh.172.5 million in payouts from the Policyholders Compensation Fund (PCF).

On Thursday, PCF Managing Trustee William Masita announced the start of the payments while assuring future compensation to claimants in other insurers.

Each of the 690 claimants will receive payments to a maximum of Ksh.250,000.

The payments come just eight months after the first ever payout from the fund where Concord Insurance claimants shared out payments amounting to Ksh.236.5 million.

Masita has urged claimants to fill out pre-requisite forms and present respective supportive documents for payment clearance.

Future claims are expected to be paid to policyholders in other defunct underwriters including United Insurance and Blue-shield with claims on the pair so far estimated at Ksh.3.4 billion.

The PCF will however be required to wait for the windup of the two insurers before making the payments.

The activation of payments from the PCF is set to prove a lifeline to policyholders who lost billions of shillings from the collapse of insurance firms, many of which went under before 2002.