A model regulator of a secure and developed insurance industry

IRA, PARTNERS SUCCESSFULLY HOLD INAUGURAL INSURANCE

The Insurance Regulatory Authority of Uganda (IRA), successfully held the inaugural Insurance Week from March 7 – 11, at the Railways Grounds in Kampala.

The event sought to take insurance information closer to the people so as to enable them make informed buying decisions and increase the uptake of insurance services.

The week-long event was 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.

Several activities were held during the week including Radio and Television talk shows where the public was 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.

Additionally, 502 members of the public benefited from a free medical camp at the Railway Grounds, where IRA and partners offered free medical services including HIV testing and counseling services, Hepatitis B testing, testing for blood sugars, blood pressure and typhoid testing and treatment.

Speaking at the launch of the Insurance Week at Golf Course Hotel, the IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega said the week-long event enhanced public awareness of the importance of insurance to cushion people in case of unforeseen disasters.

The CEO 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, he said, 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 was organised under the theme: “Understanding the need for insurance.”

Build trust

The Uganda Insurers’ Association chief executive officer Mr. Paul Kavuma urged stakeholders to work towards building trust among the insuring public, saying that the lack of it has stalled industry growth.

He, however, noted that the industry is starting to register a positive trajectory in this area.

Mr. Kavuma explained that owing to the robust regulatory and supervisory regime, the industry is addressing miss-selling in the industry. He said that all insurance practitioners are required to provide adequate information to people buying insurance policies to enable them to clearly understand what they are paying for.

The Insurance Brokers Association of Uganda chairperson, Mr. Solomon Rubondo challenged industry players to sell the insurance that people need before taking them about the need for insurance.

He added that there is also need to address the affordability challenge in the industry to drive uptake and deepen insurance penetration, which currently stands below 1%.

According to Mr. Rubondo, the insurance week provided an opportunity to give back to the community and insuring public by taking insurance closer to the public.

The ITC deputy Principal Mr. Jonan Kisakye said the insurance week was an opportunity for them to educate and remind industry professionals about the importance of effective communication in order to grow and have a meaningful impact as an industry

The Hedge Digital Marketing Uganda General Manager John Babirukamu, said the week-long event provided a platform for Ugandans to interface with their insurance companies to learn about, and adopt the different digital platforms of the service providers.

A scene at the Innovation awards gala

The week-long event was crowned on Friday March 11, with the 2021 Insurance Product Innovation Awards gala held at Serena Kampala Hotel.