AAR Launches online Marine Insurance Cover

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AAR MD Caroline Munene (left) ,AAR Group chairman Kiprono Kitony center among other top managers of the company pose for a photo after the launch of the AAR online marine insurance cover in Nairobi on 19th Jan 2017/PHOTO UPESI NEWS

BY UPESINEWS BUSINESS REPORTER,NAIROBI,19TH JAN,2017-AAR Insurance has launched an online marine cargo insurance seeking to grow its revenue from this lucrative segment that was boosted by a government directive last year that all goods coming into the country must be locally insured. The insurer, one of the largest  in the country, aims to tap into the sustained growth of trade  and infrastructure as Kenya positions  herself as  the regional economic hub.

AAR Managing Director Caroline Munene says the firm is offering  covers for as low as ksh  2,500 up to  ksh 400 million. Kenya’s main imports are petroleum, manufacturing and agricultural imputs,electronics ,pharmaceuticals, machinery and textiles.   ‘’We are targeting importers,exporters,clearing agents and shippers as we aim at diversifying our revenue base.We are offering Institute  of cargo clauses {ICC} A and B&C as well as an open policy.Following the directive by government we expect to see significant growth in this line of business, ‘said  Ms Munene.

She added  that the cover is restricted to fire, explosion,overturning,collision,sinking  and loss of vessel among others.  The cover can be accessed online through https://aar.marineinsurance .co.ke/login.This makes it easier for users to purchase the policy at their convenience from anywhere at any time.

‘’we  want  to give our client the ease and convenience of insuring their goods from wherever they are.Global trade is real time and round the clock hence the need for such a portal, ‘explained Ms Munene.

 

Marine cargo insurance protects goods from the risk of loss, damage ,pilferage and theft during transit by sea, land and air from the port of origin to the final destination. There has been low uptake locally due to perceived high cost, ignorance and owing to the fact that most importers rely on the seller in the foreign market  to insure the goods.In most cases however the cargo is insured up to the port of landing  thus exposed to risk during inland transit to the final warehouse.

Speaking at the same event ARR chairman Kiprono Kitony called upon business owners to take advantage of the current conducive environment to do business which is related to cargo marine insurance owing to the increased demands that is likely to be experienced in the near future. He says that the current times are equally challenging as many companies are cutting job opportunities and laying off staff though there is hope if various business ventures are started especially depening on existing opportunities.

On his part the shippers council of Eastern Africa Gilbert Langat called upon the insurance policy business sector to ensure there is a single portal for all the marine cargo insurance needs in order to have a smooth running and to make it convenient for customers who may be forced to walk from  one company to the other in search for the same.

 

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