Little benefit to local firms in Kenya of new marine cargo rules

Insurance firms in Kenya say they have derived little benefit from the six-month old law which made it compulsory for importers to insure cargo with local underwriters, reports Kenya’s The Standard. CIC Group Chief Executive Tom Gitogo blamed the Kenya Revenue Authority for the slow growth in the marine insurance segment, claiming that the taxman had taken too long to come up with proper structures and systems to ensure that cargo importers complied.