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Nakumatt compensated for Westgate loss

22 October 2013, 10:05

Nairobi - Leading retail chain, Nakumatt, has received partial compensation amounting to KES 2 billion more than ($2 million) for losses it suffered during last month’s terror attack at the upmarket Westgate Shopping Centre in Nairobi.

Mayfair Insurance said it had made the partial settlement to cater for the terrorism cover Nakumatt had taken earlier through Ms Tee Vee Insurance Brokers.

The insurer further added that the partial payments were meant to help Nakumatt attain “a speedy recovery.”

“Our prime business is to serve the insured’s risk on underwritten covers hence the partial settlement to Nakumatt Holdings, who are currently suffering a loss of over KES 2 billion ($ 2, 298, 850) following the recent attack,” said Tushar Shah, Mayfair’s Managing Director.

The attacks left more than 60 people dead and scores injured.

The Al Shabaab claimed responsibility for the internationally-condemned onslaught.

Nakumatt’s compensation is expected to trigger compensations to other firms and individuals who were victims to the Westgate tragedy.

The attack and subsequent insurance compensations are expected to create a surge in the number of business premises taking the anti-terrorism insurance cover.

Shah further requested all insurers to consider settling claims that will arise from the tragedy on a goodwill basis since most of the traders there had not taken terrorism cover.

Meanwhile, Nakumatt Holdings plans to open up ten other branches to cover up for the loss it suffered in the terror attack and recover its business.

Officials said this would enable the grocery chain accommodate staff who were rendered jobless in the wake of the tragedy.

– CAJ News


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