Insurance crisis: Fire, floods and the growing fight for billions in payouts
Nairobi, Sept. 15 -- After a blending silo collapsed at Mombasa Cement's plant on August 1, 2011, the firm lodged a compensation claim for Sh1.64 billion with its underwriter, Kenindia Insurance, which declined to pay up.
It took 15 years in the courts for Mombasa Cement to get a win, which saw the compensation balloon to Sh4.2 billion.
For Britind Industries, its premises were burned down by a fire on December 31, 2015. It took 10 years in the courts, battling unproven arson allegations by APA Insurance, to get a win and orders to receive Sh58.6 million from the underwriter.
Blantyre Steel Ltd, on its part, spent seven years in court to get its insurance payout, following flooding at its premises in 2019.
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