After more than a decade of administrative wrangling, a new law that makes it compulsory for all imports to be insured locally came to effect this month, allowing players to increase stakes in marine cargo insurance, the move has kicked off a scramble for the anticipated boom among Kenya’s insurance firms.
Known as the Marine Cargo Insurance Policy, the law requires all imports to be covered locally, making it easy for importers to make claims. That is a departure from the past when importers had to lodge claims with oversees underwriters.
Industry regulator, Insurance Regulatory Authority (IRA) had assured investors in the import and export trade that it has capacity to handle future potential boom in the marine cargo insurance.
About Sh20 billion could flow into the sector after the directive attracted a host of insurers including Jubilee Insurance, APA insurance, Kenya Orient, Old Mutual, Britam, Kenindia Insurance among others that have launched their marine cargo online portals. to allow their customers and intermediaries Customs department at KRA and IRA manage the policy seamlessly.
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