NAIROBI, Kenya- The Policyholders Compensation Fund (PCF) is keeping a tight grip on Xplico Insurance Company Limited, extending its statutory management for another three months.
Originally set in motion in December 2023, the oversight will now continue until March 7, 2025, aiming to stabilize the troubled insurer and safeguard policyholders’ interests.
This move follows a High Court directive issued on December 10, 2024, reinforcing PCF’s role in managing Xplico’s restructuring.
Alongside the extension, the moratorium on payments to policyholders and creditors has also been prolonged—meaning claim payouts remain on hold through March 2025.
Xplico Insurance has been under statutory management since 2023, when the Insurance Regulatory Authority (IRA) intervened due to financial instability.
At the time, the IRA appointed PCF to take over operations, ensuring policyholders wouldn’t be left stranded.
Despite these measures, challenges persist. While PCF began partial compensations in mid-2024, the continued moratorium signals that deeper financial restructuring is still necessary.
The regulator insists the extension is crucial to reassess liabilities, restructure operations, and ultimately find a sustainable path forward.
What This Means for Policyholders
For Xplico’s policyholders and creditors, this extension means more waiting. The moratorium on payments—first imposed in December 2023—is now prolonged, delaying settlements yet again.
PCF, however, maintains this move is in the best interest of affected customers, allowing them to implement reforms without rushing payouts that could worsen the situation.
“PCF hereby extends the moratorium on payments… for three months with effect from December 2024 to March 7, 2025,” read part of the official statement.
While the extended oversight ensures Xplico won’t collapse outright, policyholders are left wondering when they’ll finally see their claims resolved.
Xplico’s future remains uncertain, but with PCF and IRA actively involved, there’s still a chance for recovery.
