Kenyan firm Resolution Insurance has launched a comprehensive marine insurance cover ‘Resolution Marine Cargo’ in what’s aimed to offer affordable on sea transit policy into the market.
Speaking during a launch event in Mombasa this week, Resolution Insurance Group Chief Executive Officer, Peter Nduati, said the launch is in line with the insurer’s business strategy on financial inclusion and deepening insurance penetration in the country.
“Resolution marine insurance will ease safety concerns of importers, manufacturers and logistics providers. As we continue to grow, we understand that the needs of our customers also continue to become diverse. It is therefore our delight that we continue meeting our client’s needs and giving them convenience.”
Mr. Nduati said the cover can be purchased via a portal accessible on their website. Some of its features include a comprehensive policy that insures goods against loss or damage, catering for legal liabilities for general average and rescue where applicable whilst on transit by means of the specified conveyances (sea, air or land) within the geographical limits and the conditions specified in the policy.
The move comes at a time when a new law compelling importers to buy policy from local players came into effect in January 2017. The directive is seen as one meant to boost the insurance penetration in the country which currently stands at only 3 per cent. The government has also most recently encouraged Kenyans to participate more in economic marine activities, such as deep sea fishing, in a clear effort to diversify and adequately exploit economic opportunities.
Kenya Maritime Authority Acting Director General Cosmas Cherop commended Resolution Insurance for demonstrating their willingness to tap into the rich marine industry adding that they are working to support the new product and ensure that the new Resolution Marine Cargo serves its intended purpose.
| The article has excerpts from a Press Release permitted for use on OYGK Magazine