2H 2013 costs include JKIA but there is much more than just the fire. There are costs of loss of business, etc which will add up fast as the claims come through.
APA [per a newspaper report] is the primary insurer but KenRe would be affected as the primary reinsurer in Kenya. If the other businesses e.g. newsagents, banks,airtel, safaricom, etc claim damages for lost business [often higher than the physical loss] then the bill will grow fast.
Safaricom had a very busy stall at JKIA. That's all it was. A stall. But the sales they made of kabambe phones, dongles & airtime must make it a high revenue location. The same with Airtel. These are not folks who buy 100/- scratchcards. These are customers who buy high-value cards, etc.
The duty-free shops, etc are also high volume & high value businesses. Don't forget Java.
A sensible business would have insurance which includes 'loss of business' & the penultimate insurer is KenyaRe.
It will take time for the losses to be quantified, assessed & negotiated. This means the payouts will stretch into 2014 or even 2015. Others like Jubilee may be affected if APA had syndicated the cover OR used reinsurers in which Jubilee has an ownership stake.
Let the payouts begin!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett