Some insurers will do very well
while some
c/p ...
Major Occurrences Affecting the IndustryJKIA's international arrivals section was destroyed in a fire incident on 7th August 2013. APA Insurance Company is the insurer for Kenya Airports Authority (KAA). According to Kenya Re, who is the reinsurer, initial estimates and second investigations indicate that the claim could be KES 2.5 billion. APA Insurance has already settled a claim for Micro-City Computers, a company contracted to put up CCTV cameras at the Jomo Kenyatta International Airport (JKIA) at a sum of KES 19.9 million.
Westgate shopping mall was attacked by terrorists on 21st September 2013. The shopping mall is insured by the London Lloyd’s market (UK). The total sum insured for property damage and business interruption is understood to be approximately KES 6.7 billion.
Association of Kenyan Insurers (AKI) is in the process of collating all the claims data with the aim of establishing the full and final financial cost to insurers. Experts are speculating that the attack could carry a bill way over KES 10 billion in total. Although claims are trickling in slowly, several local insurers have already paid substantial claim amounts relating to the attack.
Local insurance companies, including Intra Africa Assurance Company, AMACO Insurance Company and UAP Holdings, have all seen an increase in the uptake of terrorism cover.