Local firms upbeat on ability to provide marine insurance

Local underwriters have expressed optimism over their capacity to provide marine insurance policies to shippers covering high profile sea risks.

Kenya Orient Insurance yesterday launched an online marine insurance portal, placing itself strategically to reap from the new law which is expected to boost the value of marine insurance premiums handled by Kenyan companies to more than Sh20 billion up from Sh2.9 billion in 2015.

Managing director Muema Muindi said their new product, Orient Marine Cargo, will provide an efficient platform for importers and logistics firms to manage cargo risks from the point of origin to the final destination.

“This product will ease the safety concerns of importers, manufacturers and logistics providers, appreciating the importance of swift response and efficient service in providing marine insurance coverage, handling claims and complete financial protection for goods in transit,” he said.

According to Section 20 of the Insurance Act — which restricts foreign procurement of marine insurance — shipping lines, importers and logistics firms will have to source policies locally from January next year.

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