KAMPALA. The insurance industry is targeting to license 5,000 more agents in the next three years in a bid to increase popularity of products in both life and non-life segments.
Insurance Regulatory Authority (IRA) chief executive officer Kadunabbi Lubega said efforts are being directed towards increasing insurance penetration through enhanced access and awareness.
According to IRA, insurance penetration in Uganda is still low at 0.86 per cent of the GDP as of 2014.
Speaking during the opening of ICEA Life Assurance Company Agency office in Kampala last week, Mr Lubega said there were 1,400 licensed insurance agents by the end of 2015, up from only 650 agents in 2012. He said he hoped to raise this number by about 5,000 more agents in a period of three years.
“As industry players, we have to be able to make insurance services readily available to all Ugandans and the industry has to be proactive in the way it carries out its operations,” he said.
“Over the last few years, we have witnessed an increase in the distribution channels, including Bancassurance, which we believe will improve access to insurance services across the country,” he said.
He also urged insurers to utilise other ‘dotcom’ avenues to educate and interest the public to take up insurance policies available on the market.
ICEA Life chief executive officer Jackson Muli said: “Traditionally, the uptake of life products has been slow due to low understanding of life products. But since the separation of life and non-life businesses, the industry has been able to put emphasis on life insurance.”