Market News

UAP targets importers with marine portal

The UAP Old Mutual Group has launched an automated marine cargo insurance certificate service that allows importers to self-serve and generate documents required by state agencies to clear goods under the revised Insurance Act.

The insurer, among the 35 local players angling for new marine insurance business from importers, says the new product is aimed at easing the process of acquiring a marine cargo insurance certificate for importers and customers.

Group managing director general insurance James Wambugu said the solutions available from the online portal include services like generating quotes, a payment gateway and a link to Kentrade, which offers the single window trading solution alongside other state agencies.

“We are determined to offer clients the best value proposition in marine cargo insurance in Kenya and East Africa” Mr Wambugu said. Ken Mwige, secretary general, Intergovernmental Standing Committee on Shipping, said that Kenya imports Sh1.6 trillion worth of goods annually and has been forfeiting about Sh21 billion annually in insurance revenue to foreign insurers.

The coming into effect of the amended insurance Act which compels insurers to procure locally has ignited optimism in the insurance industry.