Finance minister Maria Kiwanuka has told players in the insurance sector to strategically invest more in the coverage of emerging risk sectors such as oil, gas, agriculture and infrastructure.
Speaking last week in Kampala at the Insurance Institute of Uganda (IIU) International Conference to mark 50 years of existence, Ms Kiwanuka said: “2014 and beyond brings various opportunities to the Insurance sector:-Oil exploration and mining (including infrastructural development), public investment in infrastructure, the modernisation of agricultural practices and the resurgence of the East African Community.”
Ms Kiwanuka also said Uganda has fewer professional insurers compared to other countries and having IIU at the forefront of training professionals will help overcome this challenge.
“The Ministry of Finance realises the importance of having skilled and qualified manpower to manage the country’s resources and risks. This is key in the economic development of any nation,” Ms Kiwanuka said.
The IIU Governing Council chairman, Mr Geoffrey Kihuguru said with Uganda’s economy growing steadily over the years, the IIU international conference has prepared and equipped the insurance industry players with skills on how they can better tap into various opportunities such as oil exploration and mining, infrastructural development, public investment in infrastructure, the modernisation of agricultural practices and the resurgence of the East African community.
The one-day conference attracted more than 150 delegates from Tanzania, Rwanda, Burundi, Southern Sudan, South Africa, Zimbabwe, Malawi, and United Kingdom.