KRA blamed for low marine cargo insurance uptake

KRA headquarters at Times Towers in Nairobi (Photo: Courtesy)

Six months after the coming into force of a law making it compulsory for importers to insure cargo with local underwriters, insurance firms say they have derived little benefit from it.

CIC Group Chief Executive Tom Gitogo (above) blamed Kenya Revenue Authority for the slow growth in the marine insurance segment, saying the taxman took too long to come up with proper structures and systems to ensure that cargo importers complied.