Maritime insurance curriculum launched in Kenya

By Philip Mwakio

The College of Insurance has partnered with maritime regulator, the Kenya Maritime Authority to develop the marine insurance curriculum, which will be used in the training of international traders.

"It affords protection against fortuitous losses and enables all those engaged in international commerce to venture their funds more freely than would otherwise be possible and thus greatly to expand the scope of their operations,’’ said the Director of the Insurance College, Ben Kajwang’.

According to Mr Kajwang’, the new curriculum which see its first batch gain admission in November.

They will train on underwriting, banking, imports and exports clearing and forwarding and shipping.

"Any transit by ship exposes the ship to various perils of the sea. They include pirate attacks, theft, fire, short delivery and impact damage during loading or discharge,’’ he said.

KMA Commercial Shipping Manager, John Omingo said that the introduction of the new curriculum was timely as it would help bring to the fore the knowledge of maritime insurance to Kenyans.

INSURANCE PENETRATION

"Volume of freight handled through the main port of entrance in Mombasa keep on growing yearly thus making it ideal for insurance coverage locally. It is unfortunate that inbound good and cargo are insured outside the country,’’ he said.

"It is hoped that once fully implemented, the impact of this programme will boost the Kenyan economy by inspiring confidence for those engaged in overseas trade to venture their capital more freely and further enhance the insurance penetration levels as it is currently estimated that in excess of $1 billion is lost every year on uninsured,’’ Kajwang said.

The College of Insurance is the only college in East and Central Africa that trains in Insurance courses.