PCF Mtaani: Push on to drive insurance uptake
In a bid to restore trust and confidence in the insurance sector, the Policyholders’ Repayment Fund (PCF) has launched a new marketing campaign, “PCF Mtaani,” in Mombasa County.
The campaign aims to educate the public about PCF’s mandate and features, ultimately fostering a sense of self-assurance within the coverage sector.
PCF’s goal is to encourage the public to come forward and lodge their claims, particularly those who had claims with Resolution Insurance Company Limited and Standard Assurance Company, both of which are currently under statutory management and liquidation, respectively.
The maximum compensation amount per claim is KES250,000 as currently gazetted.
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Direct beneficiaries
The five-day marketing campaign will traverse all counties, targeting direct beneficiaries and stakeholders such as insurance agents, boda boda riders, matatu owners, DCCs/Chiefs, business networks, Kuppet, Knut, women, youth, religious groups, and cooperatives.
The aim is to sensitize them about PCF’s role and encourage them to lodge their claims for coverage compensation.
PCF views this campaign as a strategic move to enhance awareness of its mandate and functions while urging the public to seek compensation for their claims.
This initiative follows the Fund’s release of compensation for policyholders of collapsed insurers on 10th March, 2021, following a modification to the coverage Act in 2019.
Before this change, compensation for policyholders and claimants only began once a collapsed or liquidated insurer had completed the legal process.
However, due to delays in the court system, policyholders were unable to lodge compensation claims, leaving them without any reprieve.
To address this issue, PCF spearheaded the amendment of the coverage Act, replacing the requirement for insurers to be fully tied up in court with a requirement for insurers to be placed under statutory management or have their licenses revoked for compensation to begin.
As of 31st December, 2023, PCF has made significant progress in compensating claimants of insurers under statutory management and liquidation. For instance, 744 claimants of Resolution Insurance Company Limited have been compensated with Kes86.37 million, 45 claimants of Concord Insurance Company Ltd have been compensated with Kes9.02 million, and 10 claimants of Standard Assurance Company Limited have been compensated with Kes2.197 million.
Mombasa County is the fifth county where PCF is engaging with stakeholders since the launch of the PCF Mtaani sensitization engagements forum.
The campaign is scheduled to be conducted in all 47 counties, with the next sensitization engagement planned for Garissa County.
PCF’s sensitization engagements aim to enhance the public’s knowledge and understanding of PCF, which provides a last-resort protection scheme for policyholders and claimants when insurance companies collapse.
Through these efforts, PCF seeks to instill confidence in insurance policyholders and claimants, ensuring they receive the compensation they deserve.
PCF’s upcoming engagement schedule in Mombasa from 26th February to 1st March, 2024, includes sessions with media, boda bodas, matatu operators, insurance dealers, and other stakeholders such as DCCs/Chiefs, KNNCI, KUPPET, KNUT, women, youth, PWDs, and religious groups.
