KenTrade targets insurance companies to enhance maritime trade

Friday, September 30th, 2022 11:00 | By
KenTrade targets insurance companies to enhance maritime trade

Kenya Trade Network Agency (KenTrade) has embarked on a sensitization strategy aimed at integrating insurance companies on the upgraded Trade Facilitation Platform (TFP) in a bid to enhance efficiency in maritime trade.

Anne Waweru, KenTrade ICT director said the integration of insurance companies’ systems with TFP will ensure a seamless submission of the marine cargo certificate to regulatory agencies. It will also ensure faster processing of documents and claims thus leading to a reduction in the cost of doing business and a subsequent improvement in the standards of service delivery.

Waweru disclosed that the Trade Facilitation Platform was a result of upgrading the TradeNet System in a bid to increase efficiency.

“It is a superior platform that provides a better user experience as it is based on modern technologies and incorporates best international practices and standards,” she added in a statement. Since the TradeNet System was upgraded, six insurance companies are fully integrated with Trade Facilitation Platform.

The six insurance companies already integrated into the TFP include GA Insurance, Heritage Insurance, Jubilee Insurance, APA Insurance, Mayfair Insurance as well as Occidental Insurance.

Premium rates

“It is expected that with an increase in the uptake of marine cargo insurance, the premium rates may reduce to the benefit of importers. Importers, especially those with high volumes, are able to negotiate for discounts on insurance rates with local underwriters in a language they understand,” Waweru added.

The agency figures indicate that Kenya’s marine cargo cover insurance is estimated at Sh96 billion ($800 million) annually.

The latest data from the recently launched KenTrade Business Intelligence (BI) tool shows there has been a 1.58 per cent decrease in the import levels of cargo received at the ports from 27,770 tonnes in 2020 to 27,332 tonnes in 2021. Export in volume has gone up from 4,205 tonnes in 2020 to 4,612 tonnes) in 2021

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