The Insurance Regulatory Authority (IRA) has engaged members of the media fraternity from the greater Masaka subregion in a bid to strengthen public awareness and understanding of insurance and its contribution to sustainable development.
Speaking during the engagement, IRA Ag. Chief Executive Officer, Dr. Protazio Sande highlighted the critical role insurance plays in promoting economic stability, protecting livelihoods, and supporting national development goals.
He noted that insurance provides a safety net for individuals, businesses, and communities against unforeseen risks, enabling them to recover quickly from losses and continue contributing to economic growth.
He emphasized the importance of collaboration with the media in educating the public about the benefits of insurance and dispelling misconceptions that have hindered insurance uptake.
Journalists were encouraged to report accurately and consistently on insurance-related matters to enhance public confidence in the sector.
“We believe that informed media contributes to an informed public. The media remains one of our most important partners in reaching the public with credible information,” Dr. Sande said.
The one-day engagement held at Hotel Brovad in Masaka was held under the theme: Bridging the knowledge gap for better media reporting, and was attended by partners; the Insurance Training College (ITC), Uganda Insurers Association (UIA) and the Insurance Brokers Association of Uganda (IBAU).
Dr. Sande further underscored that a well-developed insurance industry contributes to sustainable development by fostering financial inclusion, encouraging investment, and enhancing resilience against climate-related and economic shocks.
“People look up to you for information; so, tell them that without insurance, you cannot talk about sustainable development,” he said.
He also encouraged journalists to encourage farmers to embrace agriculture insurance to safeguard against unforeseen risks which can erode their capital.
“Farmers should take advantage of the Uganda Agriculture Insurance Scheme introduced by the Government to enable them access agriculture insurance at subsidized rates. This has been in place since 2026/17 and government has been contributing Shs5billion every year to this scheme,” he said.
Opportunities
The UIA Senior Technical Officer, Mr. Martin Okwaja, urged Ugandans to embrace insurance as a financial protection tool that allows business continuity but cautioned the public against embracing insurance solely as a means of perpetrating fraud, saying they will be persecuted.
He noted that over Shs1.2 billion fraudulent claims were registered in 2024, of which Shs 862m were motor insurance related.
The ITC Academic Registrar, Mr. Sulaiman Ddumba Ibrahim explored the various training and employment opportunities in the insurance sector and urged journalists to embrace them and also share these opportunities with the general public.
“Insurance offers diverse professional training opportunities for both insurance practitioners and non-insurance professionals. Training is critical for competence, career growth and industry development,” he said.
The IBAU Business Manager, Mr. Chris Bakesiga Mugisha, highlighted that insurance brokers act as trusted intermediaries between insurance consumers and insurers, guiding them through every stage of the insurance process.
He emphasized that insurance brokers work in customers’ best interests at no additional cost, ensuring that they receive independent advice, fair guidance and optimal insurance solutions.
The IRA Legal Officer Regulation & Drafting, Ms. Gerin Magezi urged to media to encourage any member of the public with an insurance-related complaint to take advantage of the IRA’s Complaints Bureau to have their grievance resolved at no cost.
The media engagement is part of IRA’s broader strategy to increase insurance penetration across the country and ensure that more citizens appreciate the value of insurance in safeguarding their future. Participants welcomed the initiative and pledged continued partnership in promoting insurance awareness within their communities.