Business highlights August 21 2017

Business highlights August 21 2017

Ketraco to upgrade Nairobi-Athi River power line for Ksh10 billion

The Kenya Electricity Transmission Company (Ketraco) is set to upgrade power transmission lines from Athi River to Nairobi at a cost of Ksh10 billion.

The power transmission firm has said that the upgrade is aimed at enhancing power transmission and stability to the Export Processing Zone (EPZ) cement and steel companies as well as learning institutions in Athi River.

The project is being financed by the Government of Kenya, the French Development Agency (AFD) and the European Investment Bank (EIB).

(Ketraco) Managing Director Fernandes Barasa said the upgrade would boost firms operating in Athi River that engage in manufacturing and processing of products such as garments, cotton yarn, pharmaceuticals and sisal dart boards.

AAR tops claims settlement list

AAR Insurance has been ranked as the best insurer in Kenya in terms of settling claims in the non-liability general insurance category.

Statistics from the Insurance Regulatory Authority (IRA) for the half year ended June 2017 indicate that the underwriter settled 86.3% of the 256,661 claims it handled in the period under review.

AAR Insurance rejected 1,178 claims within the same period.

The firm said that the improved performance was as a result of using the more efficient IT system installed in 2014 and re-engineered last year to improve processes.

AAR Insurance managing director Caroline Munene said the company was leveraging on technology to improve its efficiency in claim settlement.

Ksh3.5 billion vessel to enhance sea patrol on Kenyan coast

Kenya has secured a new offshore patrol vessel to bolster the fight against illegal fishing at the Indian Ocean, to the tune of Ksh3.5 billion.

MV Doria, build by Banglsdeshi shipbuilder Western Marine Shipyard (WMS), was received by Kenya’s Ministry of Fisheries, Livestock and Agriculture at the firm’s facilities in Bangladesh and is expected to sail into the country at the end of this month.

‘’The ship will ensure security at the maritime boundary of Kenyan coastal boundary and will be fully manned by civilian crew who have already been recruited,’’ Fisheries Principal Secretary Micheni Ntiba said.

 

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