From the unpredictable nature of the open ocean to the logistical hurdles of land transit, importers face a gauntlet of potential financial pitfalls. Recognizing this, Kenyan regulators have taken a decisive step to modernize the sector, and Minet is leading the charge with a new digital solution.
Following a joint directive from the Insurance Regulatory Authority (IRA) and the Kenya Revenue Authority (KRA), all importers are now required to procure marine insurance via electronic platforms as of February 14, 2025.
This new directive builds upon the Finance Act of 2017, which amended the Marine Insurance Act (Cap 390) to make it mandatory for all imports into Kenya to be insured by locally licensed companies.
By keeping insurance at home, the law aims to:
- Guarantee efficiency in the event of claims.
- Boost the local economy by supporting Kenyan insurers.
- Streamline oversight through integrated electronic systems.
The journey of cargo, whether by sea, air, or land, is rarely a straight line. Goods are routinely exposed to fire, explosions, natural disasters, piracy, and collisions. In extreme cases, cargo may even be thrown overboard to save a vessel in peril.
To bridge the gap between risk and regulation, Minet has launched an online platform to allow importers to buy marine insurance quick fast.
Why importers should buy Marine insurance from Minet
| Feature | Benefit |
| Comprehensive Risk Assessment | Identifying vulnerabilities in the supply chain before a loss occurs. |
| Tailored Solutions | Customizing cover based on cargo type, transit mode, and specific routes. |
| Claims Advocacy | Acting as a technical expert to ensure fair and fast settlements with underwriters. |