The Insurance Regulatory Authority (IRA) and Kenya Revenue Authority (KRA) have since 14 February 2025 been enforcing the law requiring Kenyan importers to obtain marine cargo insurance from local insurers.
The authorities do this by requiring digital marine insurance policies to be issued by insurers, which are submitted to cargo clearing agents at ports of entry.
A joint statement issued in January 2025 by the IRA and KRA, said, “The move will streamline the process and ensure that all cargo insurance policies meet the legal requirements.”
The localisation of marine insurance in Kenya is provided for by a number of changes in the law since 2017 that were not complied with fully.
The latest enforcement push by the authorities is expected to boost the revenues of local insurers who used to account of less than 5% of marine insurance premiums.