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Insurance crisis: Fire, floods and the growing fight for billions in payouts

When you pay your insurance premium, you are buying a promise. A promise that when disaster strikes, someone will be there to help you rebuild.

Photo credit: Shutterstock

By  Brian Wasuna

Business Reporter

Nation Media Group

After a blending silo collapsed at Mombasa Cement’s plant on August 1, 2011, the firm lodged a compensation claim for Sh1.64 billion with its underwriter, Kenindia Insurance, which declined to pay up.

It took 15 years in the courts for Mombasa Cement to get a win, which saw the compensation balloon to Sh4.2 billion.

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