Nakumatt gets KES 1 billion for Westgate terror attack
10 January 2014, 14:22
Nairobi - Mayfair Insurance Company has paid KES 600 million to Nakumatt Holdings for the losses it incurred after the Westgate terror attack in September last year.
This insurance settlement brings the total claims paid out to Nakumatt Holdings to KES 1 billion so far.
Mayfair Insurance Company Managing Director, Tushar Shah, said the settlement did not fully settle Nakumatt’s claim according to Shah.
“Mayfair will continue making more settlements as time proceeds until the whole settlement estimated at KES 2 billion is made,” said Shah.
The settlement makes it one of the biggest settlements in the insurance history of Kenya and in terrorism-caused claims.
Shah said the uptake of terrorism cover had since been on the rise due to insurgents targeting businesses in the country.
The official said if the current trend of terror attacks continued, there will be an increase in uptake of the product in 2014 and therefore attract a hike in premiums.
There have been two terror attacks in Kenya recently. These have occurred in Kwale and Eastleigh.
Scores were killed last year when terrorists laid siege to the upmarket Westgate Mall in Nairobi.
– CAJ News