New Marine Cargo Insurance rule on Import Cargo to curb expatriation of $4.89Billions from East African economies

Nairobi, Kenya | November 21, 2016

The East African economies have been losing billions of dollars annually in form of Marine Cargo Insurance (MCI) premiums, which are being repatriated to foreign insurance underwriters. The regional shipping body Intergovernmental Standing Committee on Shipping (ISCOS) has attributed this trend to lack of proper knowledge by shippers and poor implementation of the existing state laws.

Cargo being loaded on board a marine vessel (RORO)

Kenya and Uganda have been losing More than $170M and $90M respectively to foreign insurance firms in form of Insurance premiums.

In the region, Kenya is setting up pace following the Kenya National Treasury’s directive to cargo importers requiring that all imports to Kenya be insured by Kenyan underwriters’ insurers with effect from..........Click HERE for Further reading 

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