Brokers target informal, hard hit sectors to deepen insurance penetration

Some of the leadership of the insurance fraternity pose in a group picture after a news conference held ahead of the Insurance Brokers Association of Uganda (IBAU) annual conference. The upcoming annual conference and will among other things churn out industry prescriptions to the economy reeling from the Covid-19 induced shocks. PHOTO | COURTESY

What you need to know:

  • The IBAU Conference is an annual gathering of insurance players convened by the Insurance Brokers Association of Uganda to discuss issues affecting the industry and openly churn out solutions in the interests of the public and insurance sector stakeholders especially the insurance brokers.

With the economy slowly trying to get back to pre-Covid-19 levels, there has never been a better time than now to hedge businesses against uncertainty.  

As a result, insurance brokers whose work is to primarily sell insurance will in a meeting of minds planned for early next month look to find more innovative ways to penetrate the virgin insurance market with variety of useful industry solution.

With insurance penetration still hovering around one per cent, it is obvious that most businesses and entities are not taking enough cover against eventualities. For that, the Insurance Broker whose primary role is to sell all insurance types including health, homeownership, accident, life insurance, and even annuities are looking to redefine themselves to respond to the current times. 

To do this, the industry players are planning to design products that facilitate economic recovery undermined by the impact of the ongoing COVID-19 induced shocks while trying to deepen insurance penetration by tapping into informal and most hit sectors of the economy.

According to the Chairman, Insurance Brokers Association of Uganda, Mr Solomon Rubondo, the annual upcoming Insurance Brokers Association of Uganda Annual Conference will prove useful in providing recommendations to heal the sector, that is key in guaranteeing economic growth and development.

This year’s conference will be the 4th Edition of the event and what sets it apart from those from the previous years, is that it comes at a time when economic recovery is a hot topic in the agenda of the government.

Utility

The IBAU Conference is an annual gathering of insurance players convened by the Insurance Brokers Association of Uganda to discuss issues affecting the industry and openly churn out solutions in the interests of the public and insurance sector stakeholders especially the insurance brokers.


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