NAIROBI (Xinhua) --
Kenya’s new maritime insurance law will save the
country 250 million U.S. dollars annually, the insurance
regulator said on Tuesday.
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
Data from the Kenya National Bureau of Statistics indicates
that the country imported goods worth 15.7 billion dollars in
The CEO said that 90 percent of these imports are insured
with offshore insurers despite Kenya having a strong and vibrant
IRA said that after the operationalization of the law, marine
cargo insurance will emerge as a significant industry.