The Policyholders Compensation Fund (PCF) has commenced the process of compensating policyholders and claimants of Trident Insurance Company Limited, which is currently under statutory management.
In a notice dated April 14, the Fund asked policyholders and claimants to submit their claims through the PCF online portal.
“Notice is hereby given that Policyholders Compensation Fund, in exercise of the powers conferred under Section 179 of the Insurance Act and the Insurance (Policyholders Compensation Fund) Regulations 2010, has commenced payment of compensation to policyholders and claimants of Trident Insurance Company Limited (under Statutory Management),” read part of the notice.
Compensation of Policyholders Begins
Applicants will be required to visit www.pcf.go.ke, register an account, and complete the required claim forms while attaching the necessary supporting documents.
Upon successful submission, applicants will receive a claim number via email.
The portal opens on April 14, 2026, with claimants given up to two years from the date of the notice to file their claims.
The Fund further noted that all claims will undergo verification and approval procedures prior to payment, with compensation capped at Ksh500,000 per claim, in line with statutory limits.
The exercise is being carried out under the provisions of the Insurance Act and the Insurance (Policyholders Compensation Fund) Regulations, 2010, following the insurer’s placement under statutory management.
Also Read: Policyholders and Creditors of Three Insurance Firms Face Six-Month Payout Freeze
IRA Places Trident Insurance Under Statutory Management
This follows the Insurance Regulatory Authority (IRA) move to place Trident Insurance Company Limited under statutory management on March 10, 2026.
The Authority said it had appointed the Policyholders Compensation Fund (PCF) as the statutory manager of the insurer, granting it leave to take over the insurer’s operations under the legal framework governing the sector.
The Insurance Regulatory Authority of Kenya further announced that Trident Insurance Company Limited will no longer be authorized to enter into any new insurance contracts from March 11, 2026.
Policyholders were advised to immediately seek alternative insurance coverage from other licensed insurers to avoid exposure following the suspension of new business.
The Authority noted that the Policyholders Compensation Fund will compensate affected claimants in accordance with the Insurance Act, thereby safeguarding policyholders’ interests.
Also Read: IRA Bars Three Insurance Companies from Issuing Further Contracts, Holders to Seek Alternatives
Payouts to Policyholders Capped at Ksh500,000
According to a Gazette Notice dated January 9, policyholders affected by the collapse of insurance companies are entitled to a maximum payout of KSh500,000 per claim.
The cap, which was raised from KSh 250,000 to KSh 500,000, was approved by the PCF Board of Trustees in consultation with the Cabinet Secretary for the National Treasury.
It applies to insurers placed under statutory management or whose licenses have been canceled under the Insurance Act.
“pursuant to section 179 of the Insurance Act and regulation 12 of the Insurance (Policyholders Compensation Fund) Regulations, 2010, the Board of Trustees of the Policyholders Compensation Fund, in consultation with the Cabinet Secretary, National Treasury, has approved that the maximum amount payable as compensation on any one claim, for all classes of insurance, shall be Kenya Shilling Five Hundred Thousand (KSh. 500,000),” the notice read.
