Naivasha-based retailer Powerstar Supermarket has received Ksh 62.16 million for damages it incurred as a result of political violence in the area in May this year.
The payment by Fidelity Insurance was facilitated by Minet Kenya which serves as the supermarket’s insurance broker and risk advisor.
“The outcome highlights a frequently overlooked aspect of business risk management,” said Eric Rugo, Minet Kenya Risk Solutions Director.
The May incident left the supermarket’s premises completely razed, resulting in extensive property damage and the loss of merchandise.
The scale of the destruction was assessed as a total loss, placing considerable financial pressure on the business and making the recovery of its insured losses a critical step towards rebuilding.
“While securing appropriate insurance cover is fundamental to protecting business assets, the value of that protection ultimately depends on how effectively a claim can be managed when a loss occurs,” added Rugo.
