A model regulator of a secure and developed insurance industry

IRA LAUNCHES INAUGURAL INSURANCE WEEK

March 3, 2022. The Insurance Regulatory Authority of Uganda (IRA) has launched the inaugural Insurance Week, an event that seeks to take insurance information closer to the people so as to enable people make informed buying decisions and increase the uptake of insurance services.

Speaking at a media briefing at Golf Course Hotel on Thursday, the IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega said that the week-long event is dedicated to raising awareness of the importance of insurance and risk management in Uganda.

“This week-long event which starts on March 7 – March 11, 2022 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.

Organised by IRA in partnership with the Uganda Insurers’ Association (UIA), the Insurance Brokers Association of Uganda (IBAU), the Insurance Training College (ITC), the Uganda Bankers’ Association and the Hedge Digital Marketing Agency, the activities will be crowned on Friday march 11, with the 2021 Insurance Product Innovation Awards gala.

The activities that have been scheduled during the week-long event are Radio and Television talk shows and enhanced online engagement. Through those platforms, 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 public under insurance contracts.

Alhaj Kaddunabbi noted that while insurance remains an important service that is critical for 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 the 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.

The Insurance Week is organized under the theme: “Understanding the need for insurance.”

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.

The Uganda Insurers’ Association Public  Relations and Market Development Officer Ibrahim Kalule said the week will provide a good  platform  to build and  repair  our relationship with customers.

The Insurance Brokers Association of Uganda said their participation in the insurance week was motivated by the opportunities that are pertinent to the potential growth of the insurance industry in the country.

“The opportunity to give back to our communities and our clients over the years plays a major roles considering this is the first of its kind. It gives us immense pleasure to be part of the organising team. Our aim is to continue with this tradition for the foreseeable future,”………said.

He added that their expectations are to take insurance closer to the public, embracing the importance of insurance and create an insured generation of citizens.

The ITC deputy principal Jonan Kisakye said the insurance week is an excellent opportunity for the College to educate and remind industry professionals about the importance of effective communication in order to grow and have meaningful impact as an industry

He added that they also want the public to understand the kind of security insurance provides for families, businesses, and individuals, as well as their assets.

The Uganda Bankers’ Association Head of Communications and Corporate Affairs Patricia Amito said; “We are happy to collaborate with stakeholders to raise awareness and educate customers and the general public about the benefits and the various insurance products and services available for them to utilize.”

She added that: “The banking sector has and remains committed to contributing to penetration in the market through the Bancassurance service.”

The Hedge Digital Marketing Uganda General Manager John Babirukamu, said Ugandans will be able to interface with their insurance companies and learn about, and hopefully adopt the different digital platforms of the service providers.  He added that Ugandans will also have a chance to virtually attend the Innovation Awards through a YouTube livestream, and Via TVs in addition to receiving updates online through