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KCB Insurance has positioned itself to play a significant role in the provision of marine insurance solutions to the Kenyan importers and exporters following a government directive that came into force early this year. The Treasury Cabinet Secretary, Mr Henry Rotich, in his 2016-17 budget speech directed full enforcement of Section 20 of the Insurance Act, which requires all importers to demonstrate procurement of marine insurance from local insurers before cargo clearance, a requirement that was often ignored.
KCB Insurance, the arm of KCB Group that offers insurance and risk management services to its customers since 2010 now hopes to tap more business from the over Kshs. 20 billion a year market the country has been ceding to foreign insurers in form of premiums.
The Bank, which is undoubtedly the leader in trade finance to importers in Kenya and the region- providing all-inclusive solutions that include lending to facilitate trade across international borders and securing insurance for all logistics needs see this latest move as a huge boost to the country’s insurance industry, economic growth in general and creation of new jobs.
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