The Insurance Regulatory Authority of Uganda (IRA) showcases at CBS PEWOSA Agribusiness Expo, under the theme: Connecting Business, Empowering Communities.
With over 100 exhibitors, including Government Agencies like Uganda Revenue Authority (URA), National Drug Authority (NDA), the Electoral Commission, and various agribusinesses, IRA engaged the communities on Agriculture insurance, a product that offers farmers with financial protection against production losses caused by natural perils such as drought, excessive rainfall, hail storms, uncontrollable pastes and diseases.
The Authority used the Expo platform to interact with other members of the public and provided insights into broader insurance-related products and concerns affecting them. The aged particularly highlighted difficulties they face in accessing life and medical insurance. While many expressed strong interest in securing insurance coverage, they noted that age-related underwriting restrictions often create barriers, with some reporting that insurers are reluctant or unwilling to provide policies because of their ages.
This feedback underscores an important opportunity for continued product innovation within the insurance sector. Insurers are encouraged to develop affordable, sustainable, and inclusive micro-insurance solutions tailored to the needs of older persons, with appropriately structured benefits, premiums, and coverage limits that reflect the unique risks associated with this demographic.
While prudent underwriting practices remain essential to maintaining the soundness and sustainability of insurance operations, innovative product design can help strike a balance between effective risk management and greater accessibility. Expanding suitable insurance options for older persons would not only promote inclusivity and financial protection for an often underserved segment of the population but also contribute to broader financial inclusion objectives and the sector’s goal of extending insurance coverage to all segments of society.
