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Westgate terrorists milks insurer billions

26 September 2013, 23:21

Nairobi - Loyd's market, the insurer of Westgate Shopping Mall, faces a KES 6.6 billion bill in compensation following weekend terrorist attack that killed over 60 people and left more than 200 serious injured.

The insurance company is expected to meet the damages of financial institutions such as Barclays Bank, Nakumatt Supermarkets, jewellery shops, high-end cosmetic shops, bookstores, restaurants, and boutiques housed at the Westage Mall that lost property amounting to billions of shillings.

The company Intelligence executive at Chaucer Syndicate Limited, Robert George, confirmed the insurance contract.

However, he declined to disclose details of the deal. "I can confirm that we (Chaucer) did lead the insurance of the centre in Kenya (Westland),"
George said on a mail and telephone interview from London.

Chaucer Syndicate Limited is the lead firm under which Westgate complex was insured.

According to the insurance pact, Westgate is insured against political aggression the same category in which acts of terrorism falls.

Lloyd's market is recognized globally as an insurance provider with nearly 90 insurers underwriting the business and accepting risks on a competitive and shared basis.

- CAJ News


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