By Jeremy Ogolla
Kenyan insurers have increased their technical and resource capacity to tap marine cargo insurance that has now been reserved to local firms from next year.
Aon Kenya Insurance Deputy Managing Director Sammy Muthui says since the directive was made in June this year insurance firms have been readying for a pie of the 30 billion shillings annually business that will also help the industry create jobs.
In recent years, Kenyan insurers had been lobbying the government to compel cargo importers to buy marine covers locally in efforts to grow the industry.
This was granted in June this year, when National Treasury Cabinet Secretary Henry Rotich announced the directive that from January next year, importers are bound to insure their cargo locally.
Currently, the industry is projected to be drawing 2.5 billion shillings in premiums from marine insurance business, which is bound to drastically grow once the directive is implemented.
Since June when the directive was announced most local insurers have been improving their technical and capital capacities to tap marine insurance opportunities with some firms setting up portals to handle that line of business.
He was speaking during the launch of Aon youth talents which is an outreach programme to empower the youth and those living with disabilities to engage in business.
Aon Kenya says it will leverage on its global experience in marine insurance business to benefit Kenya.