Insurance firms expect to earn about Sh20 billion from marine insurance when the rule for imports become effective in January in line with section 20 of the insurance Act, the Insurance Regulatory Authority has said.
“We are doing about Sh2 billion in marine insurance. The directive is expected to grow the portfolio to Sh20 billion,” IRA technical division chief manager Agnes Ndirangu yesterday said
during the launch of an online marine insurance portal by Kenya Orient Insurance.
The portal will enable importers and logistics firms to manage cargo risks from point of origin to the final destination, Kenya Orient managing director Muema Muindi said.
“This product will ease the safety concerns of importers, manufacturers and logistics providers. We appreciate the importance of swift response and efficient service in providing marine insurance coverage, handling claims and complete financial protection for goods in transit.”
