Retailer gets Ksh 62M insurance settlement for political violence
Naivasha-based retailer Powerstar Supermarket has received Ksh 62.16 million for damages it incurred as a result of political violence in the area in May this year. The payment by Fidelity Insurance was facilitated by Minet Kenya which serves as the supermarket’s insurance broker and risk advisor. “The outcome highlights a frequently overlooked aspect of business risk […] The post Retailer gets…
Powerstar Supermarket, a Naivasha-based retailer, has been awarded Ksh 62.16 million by Fidelity Insurance for damages sustained due to political violence in May. The settlement was made possible by Minet Kenya, serving as the supermarket's insurance broker and risk advisor. Eric Rugo, the Risk Solutions Director at Minet Kenya, emphasized that the outcome sheds light on an often overlooked aspect of business risk management.
The May incident resulted in the complete destruction of the supermarket's premises, causing significant property damage and merchandise loss. The full extent of the damage was deemed a total loss, placing a heavy financial burden on the business and making the recovery of insured losses a crucial step towards rebuilding. Rugo highlighted that while having adequate insurance coverage is essential for safeguarding business assets, the effectiveness of that protection hinges on the efficiency of claim management when a loss occurs.
Written by urgent.news from KBC's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
