The Mombasa startup resorts to anger in impulse for the 18m of KSH compensation of the insurance company: “It has been delayed”

• A new Mombasa -based company has written to the Insurance Regulatory Authority (IRA) complaining about the delay in the payment of its insurance claim
• Savy Company found fire in its offices in August 2024, but despite having a valid insurance policy, it has not yet been paid
• The matter has also been assumed by human rights activists in Mombasa who have threatened to march to the insurance company offices

Mombasa: A section of human rights defenders based in Mombasa has asked the Insurance Regulatory Authority (IRA) to accelerate research on the alleged breach of an insurance claim of an international insurance company to a new local company.

Savy Company, a web and software development startup, had filed a complaint for delays in the settlement of its claim after a fire incident in its offices in the Mombasa shopping center building.

When was Fire reported at the Savy Company offices?

The incident occurred on August 4, 2024, which caused damage to the company’s team.

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According to the company, despite having a valid general insurance policy that covers fires and other unforeseen events, it has not received payment for its insurer’s claim.

The delay led him to seek the intervention of anger. They have also sought the help of human rights defenders in promoting the payment of the Ksh 18 million claim to cover the losses.

Michael Magak, a human rights activist in Mombasa, confirmed that they had received a complaint from Savy Company.

“Our research revealed that the company had completely paid premiums at the time of the fire,” Magak said.

According to activists, although the company provides evidence to the insurer, the claim remains unpaid.

In addition, they noticed that an expert report determined that an electrical failure had caused the fire, exonerating the guilt policy.

“The business was a vital source of income for the owner, staff and customers. His livelihoods have been interrupted, and the director’s family is homeless. We condemn the actions of the insurance company, “Magak said.

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Activists now wish IRA make sure the complaint is resolved as soon as possible to relieve the financial challenges that the company’s owner and its employees are currently facing.

They also announced plans to march to the offices of the insurance company in demand for the payment of the claim.

The activists expressed concern about the delays in the payment of the claims of many insurance companies to their insured, especially after accidents.

They now advise the publication of judicial cases involving dishonest insurance companies to discourage Kenyans from obtaining policies with them.

How much were IRA insurers in 2024?

Previously, Tuko.co.ke reported that the anger had fined with 17 insurance companies and 15 ksh runners 31.7 million to operate against the established regulatory requirements.

The companies were marked by the regulator to operate with inadequate capital relations during the financial year 2023/2024.

The law requires that insurance companies and runners must operate at a capital ratio of 100 percent all the time.

Mercy Nyambura Guthua Crepe, journalist and copies editor at Tuko.co.KE

Source: Tuko.co.KE