UIA, UMA enter into a partnership to scale up insurance knowledge among the public

The Uganda Insurers Association said much as the public pretends to know about insurance, the fact is they have shallow knowledge about it and this calls for concerted efforts to make them deeply understand the sector if they are to benefit from insurance services.

Speaking during the ongoing 29th Uganda Manufacturers Association International Trade Fair, Annet Katusiime, Market development manager at the Uganda Insurer Association noted that the recent research they conducted from both informed and formal sectors shows that when you ask people if they know about insurance they say yes. Still, when you ask follow-up questions about what they know about insurance, they get stuck.

 ‘’Sometimes they do not understand why one should get insurance, some people think insurance is for the rich, some people don’t know how to make claims, so we have discovered that as much we do sensitization, we still need to do more and the trade fair is one of those avenues where we will be able to continuously engage with members of the public to try and understand more what exactly insurance is’’. She noted.

According to her, the Uganda Insurers Association is participating in this trade fair as a sponsor and exhibitor.

She noted that they are participating under the sub-theme’’ Welcome to the sure side of life. ‘’ we face different types of Risks both as individuals and as businesses, and these risks when they come, they really disorganize us and most times it takes us while to recover and get back to the position we were at. So when you have insurance you don’t have to worry about that.’’ She added.

What we mean is that we give you peace of mind in the event that a loss occurs, we will come in and compensate you immediately. She added.

‘’ During these ten days we really urge the business community and the public to come over to our tent to try and understand more about insurance’’ she said.

According to her, they will be discussing different issues about insurance, what is required to get insurance, when there is a claim happens and to ensure they demystify what people call complex that is insurance so that when somebody is ready to buy insurance is well knowledgeable about what she or he expects and where to go.

She noted that currently, members under the Uganda Manufacturers Association have been very supportive, and many members are insured however the Uganda Insurers Association is planning to commission different activities to try and understand more especially for those that have not taken the insurance yet and to try to exactly understand what causes this.

This year’s international trade fair has attracted over 1000 exhibitors both local and international and expect to have at least 25000 visitors on a daily basis.

According to UMA management, the opening ceremony on 5th October will be graced by H.E Yoweri K. Museveni, the President of the Republic of Uganda and  the closing ceremony on 10th October will feature Hon. Dr. Peter Mathuki, the Secretary General of the East African Community, as the guest of honor.

Under the theme “Driving Manufacturing and Trade Efficiency through Digital Transformation and Innovation, “The 29th Uganda International Trade Fair is proud to host representatives from 30 countries, including India, South Korea, Taiwan, Ghana, Nigeria, Tanzania, UAE, Lebanon, Iran, Pakistan, China, South Africa, Rwanda, and more.

This international participation underscores the global significance of the trade fair and presents a unique opportunity for networking and collaboration on an international scale.