Gikomba Fire Victims Compensated

Late June this year many business owners faced a great loss as fire burnt down goods worth millions to ashes, among the victims was Family bank whose branch was extensively damaged. The fire is said to have affected over 70% of the traders.

Kenya Orient Insurance has compensated the loss with Sh116 million to business and to small scale traders who were affected by the fire tragedy.

Claimants who contribute between Sh 1,000 and Sh 10,000 received amounts ranging from Sh 200,000 to Sh4.2 Million as Family bank received Sh25.5 million.

Mr Muindi Muema, the managing director at Kenya Orient Insurance, said that today was a testament to the promises they give, he went ahead and mentioned that their company provides a safety net through their policies and they are paying back so that business can continue running like normal for these traders.

The cause of the fire was yet to be established but all those who had their businesses insured are now compensated.

Kenya Insurance regulatory Authority is considering coming up with a set of guidelines that will ensure Small and medium enterprise businesses take covers with much lower premiums.