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Kenya's new maritime insurance law to save country 250 mln USD annually

Xinhua, September 27, 2016 Adjust font size:

Kenya's new maritime insurance law will save the country 250 million U.S. dollars annually, the insurance regulator said on Tuesday.

Insurance Regulatory Authority (IRA) CEO Sammy Makove told a media briefing in Nairobi that the law requires that all importers of goods into Kenya get insurance from companies registered in the country.

"Currently Kenyan's importers are exporting millions of dollars typically in hard currencies to foreign offshore insurance companies and industries," Makove said.

The new law which comes into effect from January 1, 2017 will be enforced by the Custom Services Department of the Kenya Revenue Authority.

Data from the Kenya National Bureau of Statistics indicates that the country imported goods worth 15.7 billion dollars in 2015.

The CEO said that 90 percent of these imports are insured with offshore insurers despite Kenya having a strong and vibrant insurance industry.

IRA said that after the operationalization of the law, marine cargo insurance will emerge as a significant industry. Endit