New regulations for marine cargo insurance

As of January 1, 2017, any goods imported to Kenya by land, sea or air shall be insured with a local insurance company. This new regulation has been designed to retain part of the premiums in Kenya.

The authorities have been committed to developing the insurance industry by initiating new measures, thus, hoping to reap part of the 21 billion KES (209 million USD) in annual premiums underwritten with foreign marine insurers. In 2015, the marine premiums generated locally amounted to just 2.9 billion KES (28.8 million USD).

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