The State should therefore determine the reasons policyholders are not showing up to claim the cash, which is by no means little especially in light of the Covid-19 pandemic that has ravaged livelihoods.
PCF should not be quick to transfer this money to the liquidator as it has said it will if the people do not come forward for the payout
Thousands of policyholders in the collapsed Concord Insurance have reportedly failed to collect their compensation, with only 30 out of 2,949 showing up for the Sh250,000 payout.
Because of the low number of takers, the Policyholders Compensation Fund (PCF) has extended the time for the payout in the hope that more people will come out and claim their dues.
Why has such an overwhelming number of people failed to collect their pay? Concord Insurance collapsed eight years ago. It is therefore possible that some people may not be aware of the compensation scheme. It is also possible that some of the claimants lost hope of ever getting paid. Others may have died.
The State should therefore determine the reasons policyholders are not showing up to claim the cash, which is by no means little especially in light of the Covid-19 pandemic that has ravaged livelihoods.
PCF should not be quick to transfer this money to the liquidator as it has said it will if the people do not come forward for the payout
While extending the time for making the claims is wise, PCF should also create public awareness campaign on the payout.
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Note: The results are not exact but very close to the actual.
