Insurance Regulatory Authority-IRA has revealed that they are strategizing to
introduce a mandatory insurance cover for markets as well as high-raised buildings.
plans finalize, this policy will be added to the already compulsory insurance
policies like the motor third party, workman’s compensation, and the recently
introduced cargo insurance for goods in transit entering the country.
Obera the director for supervision at IRA, says that insurance in Uganda is
still very low, and the players in the sector have to come up with strategies
and innovations through an established think tank group, deliberately focusing
on those issues, adding that innovations must be tailor-made at the micro level to
make sure that insurance uptake in the Ugandan market increases.
detail, Obera mentioned that IRA is in discussions with the ministry of finance
for an effective implementation of insurance to cover markets as it was
introduced in Tanzania.
//Cue in; “we
have noted …….//
Cue out; ……..
we are discussing,”//
this information while officiating at the new Ayo insurance payment system, where
subscribers will be using their loyalty points known as the MTN Senkyu points
to contribute to life insurance covers using their mobile phone.
Simon Rubondo, the immediate past chairperson of the Uganda Insurance Brokers Association says
that though insurance uptake is still very low, it is the players in the sector
to identify solutions to solve this problem, mainly through demystifying the complexity
of the insurance prices.
that as insurance brokers they should, cease the unnecessary competition
among themselves. He adds that this is the only way they will focus on their individual
abilities and improve innovations, similar to what Ayo did.