Insurers to reap Sh3.5b from marine sector

Insurance brokers expect to reap an estimated Sh3.5 billion in commission from a recent directive that marine covers be partly sourced locally.

The directive by Treasury CS Henry Rotich said KRA will be the watchdog of the new directive. The entire industry is expected to earn Sh20 billion in gross premium, with brokers taking away an estimated Sh3.5billion in commission. Previously, the insurance was arranged through overseas underwriters.

he Association of Insurance Brokers of Kenya has also lauded the move to cap interest rates charged by commercial Banks, citing that the expected uptake of credit could encourage more Kenyans to take up insurance policies.

“We are still waiting to see the full impact of capping interest rates,” Omolo said.