This archive report was first published on 7 August 2019.
On August 7, 1998, a devastating attack shook the world, and today, we remember the victims. In recent years, the 9/11 terror attack stands out as one of the worst, resulting in an estimated 2,996 deaths and 6,000 injuries.
With estimated losses valued at $3 trillion, the economic impact is staggering. Locally, the Westgate Mall attack in 2013 resulted in a total cover loss cost of $76 million (Ksh7.6 billion).
Insurance companies offer compensation for loss or damage to property, or loss of life, resulting from terrorist activities or political violence through political violence and terrorism insurance covers.
These covers can be purchased as an extension of a primary policy or as a standalone cover. It's essential for customers to check with their insurers to ensure they are covered from terrorist acts and political violence.
Businesses, property, construction, motor vehicles, and medical cover can all be catered for under the political violence and terror covers. Understanding insurance policies is critical to avoiding losses when unfortunate events strike.
Industry experts, like Alice Mwai, Managing Director of Resolution Insurance Kenya, play a vital role in educating Kenyans about the importance of insurance and the various policies available.
