Insurance association in move to grow numbers
Posted Wednesday, October 23 2013 at 01:00
The Uganda Insurers’ Association in collaboration with the Insurance Institute of Uganda will this Friday hold an open-day to sensitise stakeholders as well charting channels through which the sector can be improved.
Speaking in Kampala yesterday, Ms Miriam Magala, the UIA chief executive officer, said Ugandans’ understanding of insurance matters needs to improve.
Mr Elvis Khisa, the chief executive officer of the Insurance Institute of Uganda, said at least 18 firms including those from the insurance sector, brokerage and loss assessors have confirmed attendance. Growing at 0.6 per cent, Uganda has the lowest rate of insurance penetration in East Africa compared to Kenya [2.4 per cent], Tanzania [1.7 per cent] and Rwanda [1 per cent].
The inaugural open-day that will eventually become annual, to provide a platform through which stakeholders will discuss different insurance aspects and compare available policies.
In the recent past, the sector has created a number of products that seek to appeal to people’s needs.
However, critics say there has been less enthusiasm to create policies that are critical to the economy, most especially agriculture.