AAR unveils online e-portal for marine cargo insurance

AAR Insurance yesterday launched an online marine cargo insurance portal, as the insurer hopes to tap into the over Sh23billion marine business expected to flow into the sector.

Speaking last week during the product’s launch, AAR managing Director Caroline Munene said the firm would begin offering covers from Sh2, 500 to Sh400million while targeting imports in petroleum, manufacturing and agricultural inputs, electronics pharmaceuticals machinery and textiles.

The firm joins a long list of other local insurers that have since launched own e-platforms following a government directive that makes it compulsory for all imports to be insured locally.

The law came to effect this month, allowing players to increase stakes in marine cargo insurance, kicking off a scramble for the anticipated boom among Kenya’s insurance firms.

So far Jubilee, APA insurance, Kenya Orient, Old Mutual, Britam, Kenindia among other players have launched their marine cargo online portals.

The law (marine cargo insurance policy) requires all imports to be covered locally, making it easy for importers to make claims, a departure from the past when they had to lodge claims with oversees underwriters.