In September 21, 2013, Al-Shabaab terrorists stormed into the upscale mall located in Westlands, killing more than 70 people, and injuring hundreds of others.
The mall owners and their tenants were been paid Sh5 billion ($50 million) insurance compensation by African Trade Insurance Agency (ATI).
ATI said nearly 86 per cent of the money or Sh4.3 billion was paid to Sony Holdings Limited, the owners of the Westgate that was heavily damaged in the terror attack.
The remaining Sh700 million ($7m) went to compensating small businesses that were located at the mall and individuals who suffered material loss as a result of being in the building at the time of the attack.
ATI paid the massive amount of money to different insurance companies for onward payment to their clients.
“Kenya has so far been very good to us, the only major claim we paid was the Westgate Mall where we spent a big chunk of close to $50 million,” said ATI chief executive George Otieno yesterday.
Mr Otieno said about 30 small businesses and 15 vehicle owners also benefited from the payout.
“The few number of motorists compensated was due to the fact that most had not extended their cover to terrorism,” said ATI’s head of claims and recoveries, Lucy Machel Ondiek.
That means all vehicles that were insured against theft or fire but not terrorism were not paid for even if they were burnt at the ill-fated shopping mall.
The shopping mall was insured by Lloyd’s of London, ATI and the Kenindia Insurance.
In September 21, 2013, Al-Shabaab terrorists stormed into the upscale mall located in Westlands and frequented by Kenya’s expatriate community and Nairobi’s middle class, killing more than 70 people, and injuring hundreds of others.
They detonated improvised explosive devices destroying property worth millions of shillings.
Kenyan troops were locked in a fierce firefight with the gunmen in a siege that lasted for three days further exacerbating property destruction.
In late 2013, a report by the sector regulator, the Insurance Regulatory Authority (IRA), indicated that the mall was insured for Sh6.7 billion, covering property damage and business interruption.
Westgate Mall hosted more than 50 businesses, including Nakumatt Supermarkets, the anchor tenant, several banks including Barclays , DTB and CFC , restaurants, and clothes and jewellery shops.
The mall was later reopened in 2015 after extensive renovations and equipped with high security features such as installed x-ray machines, explosive detectors and bullet-proof guard towers.