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17 Dec 2019

PUBLIC WARNED AGAINST SIGNING UNCLEAR INSURANCE POLICIES

The Insurance Regulatory Authority of Uganda (IRA) has urged the public to desist from signing up for insurance policies that they do not understand. This means that one has to carefully read and understand all the sections of an insurance policy, with extra attention paid to terms and conditions that come with it.

The IRA Senior Communications Officer Ms. Mariam Nalunkuuma says, it is wise to always take time and consult those who are more knowledgeable about the same policy before signing up for it.

“Shop around about whatever policy you want to sign up for. Do not just end at asking one person, ask several people to confirm that your insurance needs and interests are met,” Nalunkuuma said adding that, “if you do not know how to read, ask the person selling to explain to you in a language that you understand but also consult other people with the same interests to help you in understanding the contents in the policy.”

She was speaking at the insurance awareness campaign organized by Century Bodaboda Motorcycle Association (CEBMA) held at Ovino Mall in Kisenyi, a Kampala suburb.

Representing different divisions around Kampala, the Bodaboda leaders voiced a number of challenges that they go through while trying to acquire insurance policies. Among them is lack of adequate knowledge about motor insurance and the details about the loans they acquire for the motocycles.

The leaders requested the Authority to continue with such awareness engagements to help more people appreciate and understand insurance.

Ndugwa Charles, the Central Division Vice Chairperson for CEBMA utilize the opportunity to ask fellow members to avoid betting and instead use such money and their saving to acquire insurance for their motorcycles and families.

The IRA’s Senior Inspection Officer Non-Life Kaddumukasa Stephen encouraged the Cyclists to consider acquiring Group Personal Accident Insurance policies and advised them to always secure their insurance from the rightful and licensed persons or companies to avoid cases of fraud, which have infiltrated the insurance sector.