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Insurance brokers in Kenya, as well as insurance agencies, can negotiate terms requiring insurance coverage under credit terms, as happens in the banking industry. The article seems to go all out to malign the insurance agents’ names by saying they are the ones owing the billions.
This gives the impression there could be a hidden motive in the penning of the article. The Kenyan insurance sector is highly regulated, and a working regulator should ensure that such cases are unheard of with licensed insurance agents in Kenya.
According to the Insurance Act Cap 487 Section 156 talks about insurance premiums and the manner in which they are supposed to be remitted to the insurer. Insurance brokers in Kenya are supposed to remit their premiums immediately after they receive the same from the client. Other intermediaries have a certain window within which they are supposed to remit the premiums and this …
In the years between 2000 and 2010, several insurance companies collapsed and the joke in the industry then was on those clients who were demanding to be served even as the doors were being shut for good.
But industry insiders, like yours truly, knew companies that were in the red and it was only a matter of time before they were shut down. Most insurance consumers did not have a clue as to what was going on. …
These associations offer some information and services for free although one needs to become a member and pay a fee to access their full range of information, resources and services. By becoming a member of the peak body one can give his/her business credibility as membership proves to customers that you have met strict criteria and have certain qualifications and experience.
That is why we have strict criteria on who can become a member of our organisation in an industry inundated with fraudsters from all corners. …
The Marine Insurance Act Cap 390 of the Laws of Kenya defines a contract of marine cargo insurance as a document whereby the insurer undertakes to indemnify the assured, in a manner and to the extent thereby agreed, against the losses incident to any movable property other than ship including money and other valuable securities.
Marine insurance however, does not offer any coverage in cases like loss or damage due to willful acts of negligence and misconduct, loss or damage due to delay, or loss or damage due to improper packing. Other incidents excluded from the cover are , financial default or insolvency of owners, charterers, managers, or operators of the vessel, loss or damage due to wire, strike, riot, and civil commotion, loss or damage arising from the use of nuclear fission, weapon, or any other radioactive force, one quarter of cargo in case of collision damage, damage caused …
It is common knowledge that for an economy to fully develop its insurance industry must be robust and dynamic to meet all the challenges in that economy. This includes but is not limited to developing products suited for the particular economy, and developing products fast. The industry must think on its feet.
Other factors also come into play and all these complement one another so as to achieve the overall growth target of the industry. One of the most important drivers of insurance penetration is the intermediaries comprising of agents and brokers. They are the vital link that connects the consumers of insurance products and the sellers of the same. Suffice to say that without this vital link in the industry the penetration of insurance would be minimal or negligible and the two point four three percent we boast about and the ranking of Kenya as among the top six …
Insurance industry to aggressively embrace technology and help expand access to insurance services…