Kenya Trade Network Agency(KenTrade) has embarked on a sensitization programme targeting insurance companies aiming at onboarding them in the Trade Facilitation Program(TFP) in a bid to enhance efficiency in maritime trade.
The Trade Facilitation Platform, an upgrade from the initial TradeNet System aims at improving user experience for kenyan businesses seeking services from KenTrade.
KenTrade ICT Director Anne Waweru has said the system will improve the standards of service delivery and reduce cost of doing business in the maritime sector by enabling faster submission of Maritime Cargo Insurance to regulators and faster processing of claims.
“This forum hopes to sensitise the maritime and insurance industry players on our role in facilitating trade in the country while emphasising on the Trade Facilitation Platform which incorporates insurance services through the Maritime Single Window System,” Waweru said.
ALSO READ: Ruto pledges to introduce a wealth tax on tycoons to raise cash for national budget
Since the TradeNet System was upgraded, only six insurance companies are fully integrated with the Trade Facilitation Platform. The six include Heritage Insurance, Mayfair Insurance, GA Insurance, Jubilee Insurance,Occidental Insurance , as well as APA Insurance.
“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,” she added.
The Agency figures indicate that Kenya’s marine cargo cover insurance is estimated at Sh96 billion ($800 million) annually.
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 (metric tones) in 2020 to 27,332 (metric tones) in 2021.
SOURCE: Capital business