The Informer
  • HOME
  • NEWS
  • POLITICS
  • CRIME WATCH
  • LIFESTYLE
  • VIDEOS
  • GRAPEVINE
  • MORE
    • BUSINESS
    • SPORTS
    • SPECIAL REVIEW
    • OPINION
    • WORLD NEWS
    • CONTACT US
No Result
View All Result
Advertisement
  • HOME
  • NEWS
  • POLITICS
  • CRIME WATCH
  • LIFESTYLE
  • VIDEOS
  • GRAPEVINE
  • MORE
    • BUSINESS
    • SPORTS
    • SPECIAL REVIEW
    • OPINION
    • WORLD NEWS
    • CONTACT US
No Result
View All Result
The Informer
No Result
View All Result
Home Business

NIC Bank sensitizes public on implications of marine insurance law

by The Informer
January 26, 2017
in Business, News
Reading Time: 2min read
NIC Bank sensitizes public on implications of marine insurance law
Share on FacebookShare on TwitterShare on WhatsappShare on LinkedInShare via Email

NIC Bank today hosted a marine insurance seminar to sensitize its customers and the broader public about the opportunities presented by the recently enacted Section 20 of the Insurance Act.

The seminar, which was graced by NIC customers and key stakeholders in the industry, including IRA, Old Mutual UAP Insurance, Kentrade, Mitchell Cotts and Oceanic Marine Surveyors was aimed at demystifying the Act.

Section 20 of the Insurance Act came into full effect on January 1 2017, compelling importers to purchase marine cargo insurance exclusively from local insurance companies.

Speaking at the event, NIC Bank Executive Director, Alan Dodd, noted that the bank’s Bancassurance subsidiary, NIC Insurance Agents, had collaborated with leading underwriters in the insurance industry to provide affordable Marine Insurance packages to its customers.

“We cover risks associated with importation of goods such as fire & explosion, theft & robbery, vehicle collision, overturning & accidents, water damage, war related perils, road/rail risks as well as strikes, terrorism & political violence,” said Mr. Dodd.

RelatedStories

KNHCR call upon IEBC to promote human rights ahead of August polls

Alexandria Cancer Hospital, PSM Pharmaceuticals embroiled in Sh3.8million debt row

Before the new provision in the Insurance Act came into effect, about 90 per cent of cargo import insurance was being handled by foreign firms. The Act has now secured this market for local players, a move that has been warmly received by local underwriters.

Most customers, however, are yet to fully understand what the new Act means for them, especially those importers that will now have to switch from foreign underwriters to local players. “Today’s seminar was aimed at unpacking this Act for our customers,” noted Mr. Dodd.

“Sensitization is a key part of empowering our customers to make the right decisions,” he added. Trade volumes in Kenya continue to grow on the back of heightened demand for consumer goods from the middle class and the growing attractiveness of Kenya as an investment hub.

The value of Kenya’s imports are expected to rise from Sh1.57 trillion in 2015 to between Sh2 trillion and 2.2 trillion in 2020. “The projected surge in import volumes in coming years underscores opportunity in marine insurance for local underwriters.

“We therefore need to ensure that our customers are well apprised and get the best value through our convenient Bancassurance platforms,” concluded Dodd.

The Informer

Previous Post

CCM threatens to move to court citing interference of members registration

Next Post

Learning in universities paralyzed as lecturers strike

More Stories

Detectives seize 31 boxes of fake gold bars hidden at Swissport Cargo Services’ strong room at JKIA
Crime Watch

American investor conned Sh3million in 5Kg gold scamming syndicate

June 30, 2022
Photo/ Courtesy
Crime Watch

Notorious paedophile suspect extradited to UK to face charges

June 30, 2022
Photo/ Courtesy
Crime Watch

Trail of death at JKUAT as another Fourth year student commit suicide over failure to graduate

June 30, 2022
Next Post
Lecturers reject 3% basic salary increment offer

Learning in universities paralyzed as lecturers strike

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Kabogo quits Kenya Kwanza Alliance, joins Odinga’s-led Azimio One Kenya Coalition

Kabogo quits Kenya Kwanza Alliance, joins Odinga’s-led Azimio One Kenya Coalition

June 25, 2022
How Joho firm pushed out 40 companies to exclusively handle S. Sudan cargo

How Joho firm pushed out 40 companies to exclusively handle S. Sudan cargo

June 26, 2022
Photo/ Courtesy

Mysterious lifestyle of four friends found murdered in Kijabe forest

June 22, 2022
Photo/ Courtesy

Treasury CAS Gaichuhie loses Sh4million jewelry to house help in heist

June 23, 2022
Photo/ Courtesy

New twist in Kijabe forest murders as lady claim Obare conned her Sh100,000

June 23, 2022
Photo/ Courtesy

KNHCR call upon IEBC to promote human rights ahead of August polls

June 30, 2022
Alexandria Cancer Hospital, PSM Pharmaceuticals embroiled in Sh3.8million debt row

Alexandria Cancer Hospital, PSM Pharmaceuticals embroiled in Sh3.8million debt row

June 30, 2022
Detectives seize 31 boxes of fake gold bars hidden at Swissport Cargo Services’ strong room at JKIA

American investor conned Sh3million in 5Kg gold scamming syndicate

June 30, 2022
Photo/ Courtesy

Notorious paedophile suspect extradited to UK to face charges

June 30, 2022
Photo/ Courtesy

Trail of death at JKUAT as another Fourth year student commit suicide over failure to graduate

June 30, 2022

Top Stories

Photo/ Courtesy

KNHCR call upon IEBC to promote human rights ahead of August polls

by Eunice Wawuda
June 30, 2022
0

Alexandria Cancer Hospital, PSM Pharmaceuticals embroiled in Sh3.8million debt row

Alexandria Cancer Hospital, PSM Pharmaceuticals embroiled in Sh3.8million debt row

by Ignatius Ouma
June 30, 2022
0

World News

Detectives seize 31 boxes of fake gold bars hidden at Swissport Cargo Services’ strong room at JKIA

American investor conned Sh3million in 5Kg gold scamming syndicate

by Njoki Maina
June 30, 2022
0

Photo/ Courtesy

R. Kelly sentenced to 30 years in prison for sex abuse

by Wilberforce Kigen
June 30, 2022
0

Opinion

Digital world should gear toward promoting the common good

Digital world should gear toward promoting the common good

by The Informer
April 22, 2022
0

The urgency to redeem Nairobi is absolute

The urgency to redeem Nairobi is absolute

by The Informer
March 26, 2022
0

  • Contact Us

© 2022 | The Informer - All Rights Reserved theinformer.co.ke

No Result
View All Result
  • HOME
  • NEWS
  • POLITICS
  • CRIME WATCH
  • LIFESTYLE
  • VIDEOS
  • GRAPEVINE
  • MORE
    • BUSINESS
    • SPORTS
    • SPECIAL REVIEW
    • OPINION
    • WORLD NEWS
    • CONTACT US

© 2022 | The Informer - All Rights Reserved theinformer.co.ke

error: Content is protected !!