State push for marine insurance goes adrift

The law compelling importers to insure cargo using local underwriters has failed to bear fruit, with insurers registering even fewer premiums in the first nine months of 2019.

The latest data from the Insurance Regulatory Authority shows that gross premiums under the marine and transit segment declined by 12.8 per cent to Sh2.5 billion in the third quarter compared Sh2.9 billion in the same period last year.