Barclays Bank of Kenya has launched a marine insurance program which will cover the risk of loss of goods while on transit from overseas.
The scheme which will be offered through its subsidiary, Barclays Bank Insurance Agency (BBIA), in partnership with First Assurance will cover loss or damage to ships in transit, cargo, as well as other risks involved in the transfer of goods from their point of origin to their final destination.
The launch of marine insurance marks a significant milestone in a journey that started two years ago when Barclays Bank of Kenya and its parent company, Barclays Africa Group Limited, were granted Bancassurance licenses, allowing the sale of insurance products through the bank’s outlets.
The license also paved way for the acquisition of First Assurance by Barclays Africa Group, further expanding the Barclays footprint in Kenya.
“This development clearly demonstrates that our strategic partnership with First Assurance is already bearing fruits. Working together, we will continue to develop cutting edge financial solutions that address the needs of our customers across the entire value chain,” said James Agin, Barclays Bank of Kenya Director for Corporate and Investment Banking.
Barclays Kenya and First Assurance will work with the Kenya Trade Network Agency, the state body mandated to facilitate cross-border trade, which will provide an online platform where traders can buy marine insurance policies.
Few weeks ago, the government forced all importers to insure goods with registered marine insurance companies in Kenya.