Kenya freight forwarders, in partnership with local insurance firms, have launched a domestic marine cargo insurance solution aimed at retaining insurance premiums within the country and reducing foreign exchange outflows.
The initiative, spearheaded by the Kenya International Freight and Warehousing Association (KIFWA), takes effect on July 1 in line with Section 16A of the Marine Insurance Act.
Under the requirement, all importers into Kenya must digitally obtain marine cargo insurance from locally licensed insurance companies before securing customs clearance.
Jimmy Mbogoh has more.
