Given the young and growing population which dominates Uganda, insurance players have been challenged to embark on coming up with innovative insurance products which respond to the needs of this current population if they are to become resilient and grow amidst the current economic challenging time.
“The world is changing and we must get new products which fit the current situation of the young people. These products must by all means be affordable”, said Emmanuel Katongole, the main speaker at the 4th Ssebaana Kizito Memorial Lecture organized by the Insurance Training College.
By being innovative and responding to the current needs of the young population, Mr Katongole believes that it is the only way businesses, insurance inclusive, can become resilient and grow.
The Ssebaana Kizito Memorial lecture is an annual insurance event organized in memory of Hon Ssebaana Kizito to remember his legacy in the insurance industry. Among other things to remember him for is the fact that he started the first ever indigenous insurance company in this country and also contributed to the professionalism of insurance by starting the Insurance Institute which has since become the Insurance training College. This year’s lecture was organized under the theme; ‘Resilience of business enterprises and households, a reflection on the insurance sector’.
The Chief Executive Officer of the Insurance Regulatory Authority of Uganda Alhaj Kaddunabbi Ibrahim Lubega used this opportunity to call upon government to consider a discussion about taxes levied on the insurance industry. To him, such taxes have in some way contributed to the low consumption of insurance services, hence low insurance penetration.
Patrick Ocailap, the Deputy Secretary to the treasury welcomed the concern but challenged insurance sector players to come up with clear proposals that can be discussed during the ongoing budgeting process.