Thousands of Ugandans working abroad can now enjoy the needed social protection following the launch of a new insurance product dubbed the Uganda Migrant Workers Insurance Scheme (UMWIS). Launched by NIC Life Assurance, in partnership with SPADES Insurance Brokers, the product seeks to enhance the welfare and protection of Ugandans staying and working abroad. Migrant… Continue reading INSURANCE SCHEME LAUNCHED TO SAFEGUARD UGANDAN MIGRANT WORKERS
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IBAU TO HOST 7TH ANNUAL INSURANCE BROKERS CONFERENCE IN MBARARA
The Insurance Brokers Association of Uganda (IBAU) is set to hold the 7th Annual Conference starting April 23-25, 2025 at Las Vegas Hotel, Mbarara City. Themed on“A Whole New World: the deep dive into global trends as we re-imagine the world and business landscape”, the conference will explore transformative global trends and highlight the critical… Continue reading IBAU TO HOST 7TH ANNUAL INSURANCE BROKERS CONFERENCE IN MBARARA
INSURERS URGED TO INTENSIFY AWARENESS FOR SECTOR GROWTH
While Uganda’s insurance industry has been steadily growing over the past decade, the persistent low penetration rate is worrying industry captains who are now seeking a workable solution that could turn around the tables. Statistics from the Insurance Regulatory Authority of Uganda (IRA) indicate that insurance penetration stands at 0.86%, which is lower than 2.4%… Continue reading INSURERS URGED TO INTENSIFY AWARENESS FOR SECTOR GROWTH
FIRES: WHY INSURANCE SHOULD BE YOUR FRIEND INDEED
By Alhaj Kaddunabbi Ibrahim Lubega – CEO January 2, 2025 was a normal day to the traders operating at Nyumba Kubwa building, in down town Kampala until 11am. According to media reports, the fire gutted about 16 lockup shops and left over four people injured. All the joy that the owners had on ushering in… Continue reading FIRES: WHY INSURANCE SHOULD BE YOUR FRIEND INDEED
THE IRA NEWS BUZZ – LATEST EDITION. OCTOBER, NOVEMBER, DECEMBER.
In this Newsletter, we reflect on the resilience, innovation, and commitment that have defined the insurance industry in 2024. It has been a year of growth, transformation, opportunities, and togetherness. We have demonstrated the power of collaboration, compliance, and commitment to service our respective communities and stakeholders. In a rapidly changing world, whereas the benefits… Continue reading THE IRA NEWS BUZZ – LATEST EDITION. OCTOBER, NOVEMBER, DECEMBER.
143 PLAYERS AUTHORISED TO TRANSACT INSURANCE BUSINESS IN 2025
————————————————————————– The Insurance Regulatory Authority of Uganda (IRA) has authorized a total of 143 industry players to conduct insurance business, effective January 2, 2025. The players include two (2) Reinsurance companies, 20 non-life insurance companies, nine (9) life insurance companies, four (4) micro insurance companies, one (1) Health Membership Organisation (HMO), six (6) Reinsurance Brokers… Continue reading 143 PLAYERS AUTHORISED TO TRANSACT INSURANCE BUSINESS IN 2025
IRA LAUNCHES 2024 ANNUAL INSURANCE INNOVATION AWARDS
The Insurance Regulatory Authority of Uganda has launched the 2024 Annual Insurance Innovation Awards (AIIA) with a call to all licensed industry players to participate. Now in its fifth year, the AIIA seek to recognise innovators who are reshaping the role of insurance in people’s lives and businesses, embracing disruptions and transforming them into opportunities.… Continue reading IRA LAUNCHES 2024 ANNUAL INSURANCE INNOVATION AWARDS
NEW ERA FOR TRADERS: LOCAL MARINE INSURANCE AT YOUR FINGERTIPS
Maritime voyages carry significant risks, with cargo shipments often facing threats like damage, loss, accidents, or natural disasters. These risks can lead to substantial financial losses for traders. To mitigate such dangers, various parties play a role in safeguarding ships and cargo, with insurance being a key factor in managing potential risks. Back home, to… Continue reading NEW ERA FOR TRADERS: LOCAL MARINE INSURANCE AT YOUR FINGERTIPS
INSURERS TIPPED ON VALUE OF TRUST, TRANSPARENCY IN UNLOCKING GROWTH
The insurance industry has been implored to build trust, transparency and confidence if it is to maintain relevance among consumers and keep pace with the broader economic growth. Speaking during the 62nd CEO’s Breakfast meeting the Centenary Bank Managing Director, Mr. Fabia Kasi said building and maintaining trust and transparency are vital attributes insurers should… Continue reading INSURERS TIPPED ON VALUE OF TRUST, TRANSPARENCY IN UNLOCKING GROWTH
LOCAL MARINE INSURANCE PLATFORM LAUNCHED
Traders are set to enjoy easy and convenient access to insurance for their goods following the launch of the local marine insurance platform. Dubbed the Insurance Regulatory Authority (IRA)-Uganda Revenue Authority (URA) Integrated Local Marine Insurance Platform, the online-based system allows traders to buy insurance for imports and exports from insurance companies licensed to operate… Continue reading LOCAL MARINE INSURANCE PLATFORM LAUNCHED