More than 75 businesses will reopen in Gikomba market, which was destroyed by fire on June 23.
Kenya Orient Insurance has paid Sh90 million.
Insurance Regulatory Authority technical manager Agnes Ndirangu said the amount is the biggest-ever Kenyan insurance settlement for businesses.
She said the businesses will receive individual cheques of Sh750,000 to Sh4.2 million.
Ndirangu said Sh27 million fully settles the losses Family Bank incurred.
She said though there has been a challenge in establishing the cause of the fire, preliminary investigations showed it was an accident.
The money, being disbursed today, goes to only those who had bought premiums with the insurance and had a valid policy.
Businessman Josephat Muthama said insurance companies should educate the business community on the importance of taking insurance covers.
He said traders who did not have insurance have a hard time.
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