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Data collected by Association of Kenya Insurers shows that local Marine Cargo Insurance premium has grown by 57% in the first quarter of 2017. Premiums collected hit Ksh550million compared to Ksh350million during the same period last year.
Eighteen marine cargo insurance underwriters recorded premiums of Ksh10 million and above. The highest was Kshs70.97 million.
The growth in percentage looks impressive but in absolute numbers this premium volume falls below the expectations. Going by import numbers, the premiums written in the three months under review should be in the range of Ksh3billion and above.
We however, appreciate that this is a recent change and that in a short while we should be able to witness much faster growth after all importers embrace the new requirement and insurers price marine cargo insurance properly.
Other headwinds that local marine cargo insurance is facing includes the use of an online portal by importers to acquire the cover. This posed a challenge as insurance companies had not developed such portals. But this is turning around as more companies adopt technology to transact marine cargo insurance.
AKI is still working with the key stakeholders including KenTrade, Insurance Regulatory Authority and Kenya Revenue Authority to address other challenges being faced.