At a time when acts of terror are becoming more frequent all over the world, it is important to stay vigilant and protect what we value using insurance at all times. This will help curb losses caused by unfortunate events such as the attack that took place on the 15th of January 2019 at the 14 Riverside office park or the August 7, 1998, attack which is being commemorated today.
Acts of terrorism can be traced back to the 1st Century AD when the Hebrew’s attacked the Romans using daggers protesting Jerusalem’s destruction. We could classify the 9/11 terror attack as the worst attack in recent years, causing an estimated 2,996 deaths and 6,000 Injuries.
Economically the loss value is estimated to stand at a total of $3 trillion while causing a loss of $31.7 billion. Back at home, during the Westgate Mall attack, it is estimated that the total cover loss cost stood at $76 million (Ksh7.6 billion).
Protecting what we value and love most from acts of terror or violence is key to ensuring that our loved ones and assets remain safe in the unfortunate event of unexpected terror. Insurers locally and internationally are working round the clock to ensure that in the event of an attack, victims are compensated appropriately.
Insurance companies offer compensation to the insured for loss and or damage to property or loss of life as a result of terrorist activities or political violence through political violence and terrorism insurance covers.
These covers can either be bought as an extension of the primary or as a standalone cover. Hence it is important for customers to check in with their insurers to ensure they are covered from terrorist acts and political violence.
Your businesses, property, construction, motor vehicles and your medical cover can all be catered for under the political violence and terror covers. It is critical for more Kenyans to understand what their insurance policies entail to avoid going into losses when the unfortunate events strike.
Those in the insurance industry should also continuously educate Kenyans to help more people understand the importance of insurance and the nitty-gritty of the various insurance policies.
Alice Mwai is the Managing Director of Resolution Insurance Kenya.