The government plans to double the maximum compensation to policyholders of collapsed insurance companies to Sh500,000 per claim in a move to shield customers from losses.
The National Financial Inclusion Strategy (NFIS) for 2025-28, which has been prepared by key State players in the financial sector, including the Insurance Regulatory Authority (IRA) and Central Bank of Kenya, says raising the ceiling from the current Sh250,000 will help promote stability.
