Government to make marine cargo insurance compulsory

By Moses Ndhaye

The Insurance Regulatory Authority says effective January 1st 2020, it will be compulsory for all importers to pay Marine cargo insurance locally.

The authority’s chief executive officer Alhaj Kaddunabbi Lubega says government is implementing the law in a bid to curb the loss of millions of dollars to foreign insurance companies.

Mr. Kaddunabbi adds that the Insurance Act stipulates that all imports, other than domestic goods, must be insured locally and therefore this will help government to increase insurance uptake in the trade sector.