The Insurance Regulatory Authority (IRA) has urged Ugandans to take up training in insurance related courses to address the shortage of professionals in the sector.
The IRA chief executive officer Ibrahim Lubega Kaddunabi said increasing local professionals in the sector will help boost development in the sector.
Mr Kaddunabi made the remarks while officiating at the 7th graduation ceremony of the Insurance Training College (ITC) at Hotel Africana in Kampala, where over 1191 students were awarded various insurance-related disciplines.
‘’There is no sector that will develop without proper robust human resources,’’ Mr.Kaddunabi stressed.
He underscored the need for insurance operators to make partnerships to increase insurance penetration in Uganda which currently stands at less than one percent and in the process jobs will be created in the sector.
IRA’s latest third-quarter report for 2022 outlined the medical insurance business as the fastest-growing line of business in the sector, registering a growth rate ranging from 15 percent to 20 percent per year.
The report indicates that although the insurance penetration remains low, the sector grew by Shs1.08 trillion from Shs 1.06 trillion in 2020 in gross written premiums in the first nine months of the year.
However, ITC chief executive officer, Mr Soul Seremba said they are optimistic that the innovations being exhibited in the insurance sector will help increase the insurance penetration rate in the country.
‘’Some of the steps being taken to promote insurance uptake in the country include the move to incorporate Insurance teaching into the school curriculum; the sector will steadily register growth,” Mr Seremba said.
He said they have already signed a memorandum of understanding with the National Curriculum Development Center (NCDC) which indicates that in the next three years, the curriculum will be incorporated.
The president of the African Insurance Organization (AIO) Dr Ben Kajwang said there are still jobs in the field of technology before asking the graduates to be innovative and ensure that they come up with new solutions which will transform the insurance sector in the region.