In­sur­ers an­gle for Sh20 bil­lion spoils from ma­rine goods

The Star (Kenya) - - News -

In­sur­ance firms ex­pect to earn about Sh20 bil­lion from ma­rine in­sur­ance when the law 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, and han­dling claims for goods in tran­sit.”

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