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A ship at the Lamu Port. Interconnectivity in global trade means disruptions in one region can quickly affect businesses elsewhere. [File, Standard]
As Kenya’s international trade volumes continue to grow and investments in the blue economy gather pace, industry experts are warning that businesses are exposing themselves to significant financial losses by failing to adequately insure cargo moving through global supply chains.
Despite Kenya importing goods worth more than Sh2.7 trillion annually, marine insurance penetration remains relatively low, creating what industry players describe as a major protection gap in the country’s trade ecosystem.
Speaking during a marine insurance forum in Nairobi, Britam General Insurance CEO James Mbithi said many businesses still underestimate the financial impact of disruptions along global supply chains.
