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Kenya Reinsurance to pay out after JKIA fire

14 August 2013, 12:47

Nairobi - Kenya Reinsurance Corporation said it will be able to compensate some insurers after the JKIA fire, as its half-year pre-tax profit is up by 13 percent.

Managing Director Jadiah Mwarania said the company is ready to pay insurance firms for the fire damage that gutted east Africa's busiest airport last Wednesday, but he did not know how much that would hurt future profits.

"We are still evaluating the cost of the damage and when that is determined I'm sure we will be involved," Mwarania said at an investor briefing in Nairobi. "We will be ready to fully compensate them."

The early morning blaze destroyed the Jomo Kenyatta International Airport arrivals building, forcing the airport to close temporarily, causing delays and incurring costs for airlines.

The reinsurer said half-year pretax profit swelled to 1.6 billion shillings ($18 million) as gross premiums increased 20 percent to 4 billion shillings in the six month to end of June. Investment income also rose by a quarter to 1.2 billion.

Its net claims incurred remained flat at 1.6 billion shillings.

- Reuters

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