Insurance players take insurance service closer to people

In Summary
  • The week is dedicated to raising awareness and taking insurance information closer to the ordinary Ugandans
The new CEO for Liberty Life Assurance Mohammed Danish Eqbal and staff
Image: Courtesy photo

 The Insurance Regulatory Authority of Uganda (IRA) has opened the second edition of Insurance Week with the regulator stressing the importance of insurance and risk management in health and business management.

IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega who supervises the insurance market’s operations said the weeklong service week is dedicated to raising awareness and taking insurance information closer to the ordinary Ugandans including boda boda riders.

“This week-long event has been dedicated to sensitize the public about the relevance of insurance to cushion them, their loved ones, and property in case of unforeseen disasters,” Alhaj Kaddunabbi said.

Alhaj Kaddunabbi noted that while insurance remains an important service that is critical for the medium to long-term success of individuals, households, and businesses, awareness deficiencies continue to keep many out of the consumption loop of this important service.

It is for this reason that IRA thought it wise to hold insurance week, which will be an annual event, to take insurance closer to the people.

“We are optimistic that the various activities held this week will go a long way to reduce the existing information gap and empower the public to make more informed decisions as far as Risk Management is concerned,” Alhaj Kaddunabbi said.

During the week, the public will be educated about various topics such as Workers’ Compensation, Medical Insurance, Life Insurance, Motor Insurance, Agriculture Insurance, the Insurance claim process, and the rights and obligations of insurers and insuring the public under insurance contracts.

Mohammad Danish Eqbal, the new Chief Executive Officer & Principal Officer for Liberty Life Assurance Uganda said the service week would help the public to understand insurance dynamics including social security.

“As a society, we need to understand that insurance provides financial security and peace of mind by helping individuals transfer their risk to insurance companies incase of any devastating situation when hit. An event like this, is one way to reach out and speak and meet people at their point of need.”

Liberty Life Assurance Uganda is in a joint venture with Liberty LTD ( subsidiary of standard Bank and Muljibhai MADVANI company limited to provide a suite of products for both individual and business needs, and is working to meet the evolving customer needs.

He said insurance is very essential for the development of the people and economy of a country.

During the week, the public will benefit from a free medical camp at the Railway Grounds in Kampala, where IRA and partners will be offering free medical services including HIV testing and counseling services, Hepatitis B testing, testing for blood sugars for people aged 30 years and above, blood pressure and typhoid testing and treatment, among others.

Early this year, the sector regulator authorised a total of 134 industry players to conduct insurance business in 2023.

The authorised insurance players include two (2) reinsurers, 20 non-life insurers, eight (8) life insurers, two (2) micro insures, two (2) Health Membership Organisations (HMOs), three (3) reinsurance brokers, and 51 insurance brokers.

The others are, Nineteen (19) bancassurance agents, eight (8) loss assessors, three (3) loss adjustors, four (4) loss assessors and loss Adjustors, six (6) loss assessors and risk advisors, three (3) loss adjustors and risk advisors, two (2) risk advisor, loss adjustor and loss assessors and one (1) risk advisor.

Whereas Uganda’s insurance sector continues to experience strong growth evidenced by the increase in the Gross Written Premium (GWP) over the years from sh240b in 2010 to sh1.2 trillion in 2021, there continues to be a need for sector players to embrace innovation and adopt technology to increase market adoption of insurance solutions, creating opportunities to grow market share.