In a recent development, Britam Holdings Ltd, Kenya's largest listed insurer, has paid out claims totaling KSh 15 million to 300 vulnerable households in Kenya's coastal county of Tana River. The payments were made under the Index-Based Flood Insurance (IBFI) policy, which aims to protect small-scale farmers in flood-prone areas. The IBFI policy, launched in May 2023 in partnership with Swiss Re and Oxfam, has been successful in providing financial support to those affected by floods.
Britam's 2023 Sustainability Report highlighted the success of the Britam Mafuriko flood insurance product, which insured 300 families and disbursed KSh 15 million in claims. The claims were processed within 48 hours due to the recent El Nino rains. This quick processing time demonstrates Britam's commitment to providing timely assistance to its policyholders in times of need.
Britam has also been offering index-based livestock insurance, benefiting over 2,800 pastoralists in drought-prone counties, as well as index-based crop insurance, covering over 7,500 smallholder farmers. These initiatives aim to support farmers and pastoralists in Kenya by providing them with financial protection against various risks.
Flood-related insurance claims in Kenya have faced challenges in settling claims tied to heavy rains and flooding, with only 5% of claims settled for damaged farms, houses, industries, and office blocks. However, Britam's successful payout of KSh 15 million to flood victims in Tana River county is a positive step towards addressing this issue and providing much-needed support to those affected by floods.
This recent development highlights Britam's commitment to its policyholders and its efforts to contribute to the well-being of the communities it serves. By providing reliable insurance products and efficient claims processing, Britam is playing a crucial role in supporting the resilience and financial stability of individuals and communities in Kenya. [47006bc7]