What you need to know:
According to Namirembe Diocese Bishop Wilberforce Kityo Luwalira, there is need for Ugandans to understand the importance of insurance as a channel through which they can mitigate emergencies.
Namirembe Diocese Bishop Wilberforce Kityo Luwalira has said the Church must get involved in educating Ugandans about life insurance to understand how it is important to them.
Speaking at the unveiling of a partnership between Namirembe Diocese and UAP Old Mutual Life Assurance in Kampala yesterday, Rt Rev Kityo Luwalira, said many Ugandans are not aware of how important insurance is and how it saves them from spending on emergence healthcare needs.
“As a church, we have the capacity to educate our people on how to access it and benefit from it in a better way,” he said.
Insurance uptake in Uganda continues to be low with penetration standing at less than 1 percent.
However, a number of innovations have seen an increase in uptake with Insurance Regulatory Authority recently indicating that life insurance, since the emergency of Covid-19, had been registering one of the fastest growth rates.
Low insurance uptake is not unique to Uganda but affects much of Africa, which has been one of the major reasons for household poverty due to large out of pocket expenses on emergencies.
It is estimated that Africa’s out-of-pocket spend on health care is $6b, which is double that of Asia.
Mr Tonny Mudoola, the UAP Old Mutual Life Assurance acting managing director, said the partnership will leverage on UAP’s more than 177 years of experience to transform lives of specifically Namirembe Diocese members and Ugandans as a whole.
“We have come to the Church because it is a go-to-place for many believers during times of grief [this partnership] will help us to fully support members,” he said, noting that the partnership will extend a number of life covers, among which include group family protection and sure deal investment plan.