APA INSURANCE COMPENSATES BUSINESS OWNERS WITH OVER KSH 1.2 MILLION AFTER TOI MARKET FIRE

Left to right – Bryan Nyutu, General Manager, Turaco Kenya, with Rose Adhiambo, Toi Market Trader, Barbara Asumadu, CEO Musoni MicroFinance, Beatrice Mageto, Toi Market Trader and Ashok Shah, APA Apollo Group CEO.

APA Insurance, in partnership with Musoni Microfinance and leading insurtech Turaco paid over Ksh1.2 million to 12 business owners who were affected by the devastating fire that swept through Toi Market on 11 June 2023.

“APA Insurance, as the underwriter through Turaco has worked to ensure a fast claim payout within the last month to enable the Musoni traders to embark on to rebuild their businesses,” said Ashok Shah, Group CEO, APA Apollo Group. “This insurance provision has provided them with a much-needed lifeline, cushioning the financial burdens as they endeavor to rebuild their businesses from the ashes. Thanks to APA Insurance partnerships with Musoni Microfinance and leading insurtech Turaco, the market traders have found solace.”

The devastating fire that engulfed Toi Market in June 2023 dealt a severe blow to over 2,500 traders, leaving them grappling with losses amounting to millions of shillings. The destruction of their stalls and livelihoods brought about immense uncertainty. Traders in bustling second-hand markets, such as Toi Market, face heightened risks of fire incidents, often exacerbated by land disputes and other factors.

“This unique credit-linked insurance cover has emerged as a crucial safety net, preventing the traders from drowning in overwhelming debt during this period of adversity. By offering financial protection, it has not only safeguarded their economic well-being but has also instilled a renewed sense of hope and resilience within the trading community,” added Shah.

With a team of dedicated professionals, innovative solutions and a deep-rooted sense of responsibility, APA Insurance continues to set new standards in the insurance industry. Their goal is not just to sell policies but to build meaningful relationships with their customers and communities, fostering a sense of trust and reliability.