Insurers bet on new marine law to raise industry uptake

Association of Insurance Brokers of Kenya Chairman Nelson Omolo congratulates (left)Godfrey Kiptum on his appointment as Acting CEO/Commissioner of Insurance regulatory Authority during a courtesy call by the association to IRA. The visit provided a forum for the Brokers to discuss issues affecting them for possible resolution by the regulator.

The insurance sector hopes to increase its penetration by raking in more premiums from the new marine cargo insurance segment. 

Insurance Regulatory Authority Acting Chief Executive Godfrey Kiptum said the sector has already realised Sh70 billion in premiums from the segment since the marine insurance law came into effect in January and is poised for further growth.